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Ellex Medical Lasers bags $10.3M to further glaucoma surgery devices

Ellex Medical Lasers (ASX:ELX) has raised $10.3 million from a placement of shares with Australian and New Zealand investors at $1.46 per share.
Ellex Medical Lasers bags $10.3M to further glaucoma surgery devices
Ellex Medical Lasers bags $10.3M to further glaucoma surgery devices

The funds will be used to accelerate the development of Ellex’s minimally invasive glaucoma surgery device (MIGS) business focussed on the U.S. and Chinese markets.

In the U.S., this will include building a sales force of at least 15 people over the next six to nine months, up from six at the moment.

Ellex is also developing a pipeline of products to underpin its role as an emerging leader in the MIGS device market.

Furthermore, the funds will be utilised to increase surgeon engagement through clinical training and key opinion leader development across the Ellex product ranges to advance sales.

The company’s iTrack is an illuminated, micron-scale microcatheter, which enables ophthalmologists to perform canaloplasty for glaucoma patients.

The latest capital raising puts Ellex in a position to capitalise on growth opportunities for iTrack in the U.S. and Chinese markets.

Ellex’s revenue for the year ended 30 June 2016 was $73 million, a $10.1 million (16%) increase compared to the prior corresponding period.

Significantly, profit before tax for FY2016 was $4.2 million, a 61% increase from $2.6 million in FY2015.

Ellex’s share price has increased by about 56% since June 2016, last trading at $1.54.

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Ellex Medical Lasers Timeline

November 30 2016

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