19 September 2013
Ellex Completes Successful Placement to Raise $3.3 Million
Adelaide, Australia, 19 September 2013 – Ellex Medical Lasers Limited (ASX:ELX), a pioneer in medical technologies for the diagnosis and treatment of eye disease, has successfully completed a placement to institutional and sophisticated investors, raising gross proceeds of approximately A$3.3 million (Placement).
Ellex CEO, Mr Tom Spurling, said: “We are delighted with the strong support in the placement from new and existing institutional investors. We look forward to applying these funds to support a range of initiatives related to our proprietary 2RT laser in the treatment of early Age-Related Macular Degeneration (AMD). In particular, the additional funds will enable Ellex to accelerate recruitment for the 300 patient early AMD clinical trials via new sites in the USA, Europe and Australia. The placement will also assist pursuing growth initiatives and debt reduction.”
The Placement of approximately 12.7 million ordinary shares was completed at an issue price of A$0.26 per share, a 13.3% discount to the closing price of the Company’s shares on the ASX on 16 September 2013. Taylor Collison Limited was the Lead Manager for the Placement, which was oversubscribed.
The Placement raised A$3.3 million and was made within the Company’s 15% placement capacity and does not require shareholder approval.
The Placement was made to persons who qualify to participate in an excluded offer for the purpose of section 708 of the Corporations Act 2001, including professional and sophisticated investors.
It is expected that the Placement shares will be issued on Thursday, 26 September 2013. New shares issued under the Placement will rank equally with existing shares in Ellex.
Ellex Medical Lasers Limited (ASX:ELX) is a pioneer in the development of medical technologies for the diagnosis and treatment of eye disease. Since 1985, Ellex has evolved from a manufacturing company of primarily OEM products to direct marketing of its own branded products through subsidiaries in the United States, Japan, Germany and Australia, and a network of distribution partners in more than 100 countries. Today, more than 20,000 Ellex laser and imaging systems are used worldwide in the fight against blindness. In more recent times, Ellex has diversified its product range to include distribution of a number of complementary third-party ophthalmic products.