Intelligent Ultrasound and Placing and Subscription (together the “Fundraising”) have raised £5.2 million (before the deduction of fees and expenses).
The net proceeds of the Fundraising of £4.8 million will be used by the Intelligent Ultrasound to strengthen the balance sheet and provide additional working capital, including funding the ongoing development of the existing products.
Stuart Gall, CEO at Intelligent Ultrasound, said: “The Directors are very pleased with the response to the oversubscribed fundraising and are thankful to the new and existing shareholders for their continued support. The Directors consider this to have been an excellent year and the Group remains on target to meet the market expectation of £10m revenue in FY22.
“With a strong simulation portfolio for 2023 and three clinical AI (artificial intelligence)-related products launched in the market and generating early revenues, the Board is confident that this fundraising will drive growth in sales that will take the Group to profitability, as well as achieving the Group’s aspirational vision of £25m revenues by 2025, in what the directors believe is an exciting and dynamic market.”