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(Alliance News) - Tekcapital PLC on Monday said investee Belluscura PLC has received US Food & Drug Administration clearance and marketing authorisation for its X-PLO2R portable oxygen concentrator.
The London-based intellectual property investment company said Belluscura developed the portable oxygen concentrator with research partner Separation Design Group, an oxygen enrichment research laboratory.
Tekcapital owns 18% of Belluscura, a total of 10.5 million shares.
Shares in Tekcapital were up 22% at 17.66 pence in London on Monday.
Tekcapital said the portable oxygen concentrator was designed to replace larger, metal oxygen tanks and heavier portable oxygen concentrator devices to help improve the quality of life for people who suffer from chronic lung diseases, such as chronic obstructive pulmonary disease and respiratory distress caused by Covid-19. The X-PLO2R is expected to be commercially launched this year.
Belluscura said it is considering the feasibility and timing of an initial public offering and the potential admission to trading on the AIM market of the London Stock Exchange, expecting investments to qualify for Enterprise Investment Scheme tax relief in the UK.
"We are excited to see that the FDA has cleared the X-PLO2R device for sale, as Tekcapital and Belluscura believe it could be helpful to patients during the Covid-19 pandemic, and for many of the 250 million people worldwide suffering from chronic obstructive pulmonary disease," said Tekcapital Executive Chair Clifford Gross.
By Zoe Wickens; zoewickens@alliancenews.com
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