CardieX Limited Successfully Completed A$5.5mn Oversubscribed Capital Raising

  • Dec 06, 2018 AEDT
  • Team Kalkine
CardieX Limited Successfully Completed A$5.5mn Oversubscribed Capital Raising

CardieX Limited (ASX: CDX) is a global health technology company which is a provider of digital and device-based solutions for large scale population health disorders with significant market scale. On 6 December 2018, CardieX Limited announced that it has successfully completed an oversubscribed capital raising of AUD$5.5 million through a share placement of 183.3 million fully paid ordinary shares at $0.03 per share. Following the release of this news, the share price of the company decreased by 3.03 percent as on 6 December 2018 post it emerged from the trading halt.

The funds raised under the Placement will be utilized for the acquisition and growth of inHealth which is involved in the business of providing digital patient coaching and telehealth services. The acquisition of inHealth will provide CardieX a direct to consumer and direct to practitioner channel for its existing products and services and new healthcare initiatives.

Currently, CardieX Limited is rapidly progressing with a number of high-value digital, device, and mobile health initiatives and it is expected that the funds from the placement will further support the company’s progress.

While commenting on the strong support received for the placement, CardieX’s CEO, Mr. Craig Cooper, said he was very pleased to see such a strong support from leading institutional investors and fund managers as well as existing major shareholders.

Recently, the company reported that its US group company, inHealth has joined hands with Kaiser Permanente and CSULB in one of the broadest diabetes lifestyle intervention studies undertaken to date using inHealth’s telehealth services and patient lifestyle programs. The study is on the ongoing role of patient lifestyle intervention on diabetes management in the study group and its data will be used to refine and validate inHealth’s existing diabetes healthcare programs on an ongoing basis, further placing inHealth at the leading edge of diabetes healthcare management.

Earlier in the month of November, the company announced the initiation of clinical study at the US-based Deborah Heart and Lung Center by its strategic partner Blumio, Inc. This clinical study will focus on refining the accuracy of Blumio’s non-invasive wearable blood pressure sensor which will be integrated with the company’s world-leading blood pressure analytics technology.

In the October month of 2018, CardieX announced regarding the execution of a new contract by its AtCor Medical subsidiary to supply SphygmoCor® systems and clinical trial support services in a multinational clinical study that will assess the central hemodynamic effects of a novel compound for the treatment of heart failure.

During 2018, the company executed an agreement with Blumio, Inc for an investment in Blumio, Inc of US$600K which will allow the Company to obtain up to a 7.5 percent Equity shareholding in Blumio, Inc. At the end of the financial year 2018, the company was having total current assets of $6.114 million. Net cash used in operating activities was $2.03 million in FY18.

In the financial year 2018, the company generated a total revenue of $4.022 million in FY 2018 which was $4.33 million in the previous year. The company reported a loss after income tax of $2.96 million and basic and diluted loss per share of 0.1 cents per share in FY 2018.

In the last six months, the share price of the company increased by 17.86 percent as on 3 December 2018. CDX’s shares traded at $0.032 with a market capitalization of circa of $17.58 million as on 6 December 2018 (AEST 2:50 PM).


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