TIDMTEK
RNS Number : 4099R
Tekcapital plc
08 March 2021
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
8 March 2021
Tekcapital plc
("Tekcapital" or the "Company")
Portfolio Company Update
Belluscura plc announced the receipt of 510(k) Clearance from
the US Food and Drug Administration (the "FDA") for its X-PLO(2)
R(TM), Portable Oxygen Concentrator
Tekcapital plc, (AIM: TEK), (OTCQB: TEKCF) the UK intellectual
property investment group focused on creating valuable products
from investing in university technology, announces that its
portfolio company Belluscura plc has been granted 510(k) clearance
and marketing authorisation by the U.S. Food and Drug
Administration (FDA) for the X-PLO(2) R POC portable oxygen
concentrator (POC). Belluscura developed the X-PLO(2) R POC with
their research partner, Separation Design Group, an award-winning
oxygen enrichment research laboratory.
The X-PLO2R POC has patented technology that can deliver up to
95% pure oxygen to patients 24 hours a day, 7 days a week. Weighing
less than 3.25 lbs. (1.5 kg), the lightweight X-PLO(2) R POC is
designed to replace larger, metal oxygen tanks and heavier portable
oxygen concentrator devices to help improve the quality of life for
millions of people worldwide who suffer from chronic lung diseases,
such as the Chronic Obstructive Pulmonary Disease (COPD) and
respiratory distress caused by COVID-19. The X-PLO(2) R is expected
to be commercially launched in 2021.
This is a transformative development for Belluscura. Belluscura
has exclusively licensed, acquired or jointly invented 18 patents
and applications in the field of concentrated oxygen generation.
According to Global Market Insights, the medical portable O(2)
market is expected to grow from $1.6bn in 2018 to US $2.4bn by 2025
with a CAGR of 8%.(1)
Belluscura also confirms that it is considering the feasibility
and timing of an initial public offering (IPO), and the potential
admission to trading on the AIM Market of the London Stock Exchange
(or other recognised stock exchange) and expects investments should
qualify for Enterprise Investment Scheme (EIS) relief.
Tekcapital owns approximately 17.8% (10.5m shares) of
Belluscura.
From previous investments made by Tekcapital in Belluscura,
Tekcapital holds warrants to purchase 1,273,078 shares at 13p and
600,000 shares at 15p. Additionally, concomitant with Belluscura's
receipt of FDA Clearance, Tekcapital has 30 days to exercise an
option to purchase up to approximately 4.8m Belluscura shares
between 21p - 23p depending upon amount invested. If all warrants
and options are exercised, than Tekcapital would hold approximately
17.1m shares in Belluscura.
Clifford M. Gross Ph.D., Executive Chairman of Tekcapital plc
commented:
"We are excited to see that the FDA has cleared the X-PLO(2) R
device for sale, as Tekcapital and Belluscura believe it could be
helpful to patients during the COVID-19 pandemic, and for many of
the 250 million people worldwide suffering from chronic obstructive
pulmonary disease (COPD)(2) . Our congratulations to Robert Rauker
and his capable team at Belluscura for a job well done! "
About Belluscura plc
Belluscura ( www.belluscura.com ) is a UK medical device company
focused on developing oxygen enrichment technology spanning broad
industries and therapies. Our innovative oxygen technologies are
designed with a global purpose: to create improved health and
economic outcomes for the patients, healthcare providers and
insurance organizations.
For further information, please contact:
Tekcapital Plc Via Flagstaff
Clifford M. Gross, Ph.D.
SP Angel Corporate Finance LLP
(Nominated Adviser and Broker) +44 (0) 20 3470 0470
Richard Morrison/Charlie Bouverat (Corporate
Finance)
Abigail Wayne / Rob Rees (Corporate Broking)
Flagstaff Strategic and Investor Communications +44 (0) 20 7129 1474
Tim Thompson/Andrea Seymour/Fergus Mellon
About Tekcapital plc
Tekcapital creates value from investing in new,
university-developed discoveries that can enhance people's lives
and provides a range of technology transfer services to help
organisations evaluate and commercialise new technologies.
Tekcapital is quoted on the AIM market of the London Stock Exchange
(AIM: symbol TEK) and is headquartered in the UK. For more
information, please visit www.tekcapital.com
LEI: 213800GOJTOV19FIFZ85
This press release is for informational purposes only. The
information herein does not constitute investment advice nor an
offer to invest and may contain statements related to our future
business and financial performance and future events or
developments involving Tekcapital that may constitute
forward-looking statements. These statements may be identified by
words such as "expect," "look forward to," "anticipate" "intend,"
"plan," "believe," "seek," "estimate," "will," "project" or words
of similar meaning. We may also make forward-looking statements in
other reports, in presentations, on social media, in material
delivered to customers, stakeholders and in press releases. In
addition, our representatives may from time to time make oral
forward-looking statements. Such statements may be based on the
current expectations and certain assumptions of Tekcapital's
management. Please note that these are subject to a number of
risks, uncertainties and factors, including, but not limited to
those described in various disclosures. Should one or more of these
risks or uncertainties materialize, or should underlying
expectations not occur or assumptions prove incorrect, actual
results, performance or achievements of Tekcapital may vary
materially from those described explicitly or implicitly in the
relevant forward-looking statement. Forward-looking statements
express, as at the date of this release, the Company's plans,
estimates, valuations, forecasts, projections, opinions,
expectations or beliefs as to future events, results or
performance. Forward-looking statements involve a number of risks
and uncertainties, many of which are beyond the Company's control,
including those associated with COVID-19, and there can be no
assurance that such statements will prove to be accurate. No
assurance is given that such forward looking statements or views
are correct or that the objectives of the Company will be achieved.
Further, valuations of Company's portfolio investments and net
asset value can and will fluctuate over time due to a variety of
factors and this could have a material negative impact on the
Company's financial performance. Tekcapital neither intends, nor
assumes any obligation, to update or revise these forward-looking
statements in light of developments which may differ from those
anticipated.
References
1 https://www.gminsights.com/industry-analysis/medical-oxygen-concentrators-market-report
2 https://www.who.int/news-room/fact-sheets/detail/chronic-obstructive-pulmonary-disease-(copd)
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