Ellex Medical Lasers Announces Equity Raising

Ellex Medical Lasers Limited (ASX: ELX) today announces that it has received commitments from US and Australian institutional and sophisticated investors to subscribe for 22.1 million fully paid ordinary shares in Ellex) at A$1.05 per Share to raise approximately A$23.2 million

Tom Spurling, CEO of Ellex, commented: “This is the largest capital raise in the Company’s history and is primarily targeted at accelerating the growth of Ellex iTrack™ into the fast growing MIGS market. We have a unique device that has some defined advantages over our competitors, as evidenced by the 71% growth achieved in the USA in the last quarter ended 30 September 2017. We are pleased with the support we have received from our existing, and new, Australian institutional shareholders. We are also delighted to add specialist US health care funds to our share register that are very familiar with the large ophthalmic markets we are addressing with our products.”

The current global spend on treatment for glaucoma is estimated at US$4.6bn per annum. Of this, approximately US$240m is currently being spent on MIGS devices and this is expected to grow to US$1.4bn by 2022.


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