3 Apr 2013 07:01
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3 April 2013
EGI commences trading on AIM
Electrical Geodesics, Inc. ("EGI" or the "Company"), a leading neurodiagnostic company, announces that trading will commence today on the AIM market of the London Stock Exchange at 8:00am under the ticker symbol EGI.L with ISIN number USU2830P2021.
The commencement of trading follows the placing of 6,666,667 Common Stock at 120p per Common Stock raising gross proceeds for the Company of £8.0 million (£6.9 million, net of expenses). A total of 24,448,786 Common Stock will be in issue on admission, giving a market capitalisation of £29.3 million.
Highlights
·; EGI designs, develops and commercialises a range of non-invasive neurodiagnostic products used to monitor and interpret brain activity based on its proprietary dense array electroencephalography ("dEEG") platform technology.
·; EGI's products are focused on the neuroscience research, clinical neurology and neurosurgery markets.
·; EGI has sold over 700 systems to over 500 customer sites in more than 30 countries.
·; EGI has achieved rapid growth in recent years with revenues of $12.5 million for the year ended 31 December 2012 (over 17% CAGR since 2010).
·; EGI's product and technology pipeline has been developed primarily through its commercial revenues together with the support of over $25 million of US government grant funding.
·; EGI estimates the current market for its existing products to be in excess of $500 million.
The Company intends to use the net proceeds of the IPO primarily to support an increase in sales and marketing activities to establish further its products in its key markets. Additionally, the net proceeds will be used to continue the development and commercialisation of next generation products, further develop the manufacturing and support infrastructure to service its international customer base and for general working capital needs.
Peel Hunt LLP is acting as nominated adviser and broker in relation to the Admission.
The Company is pleased to announce the appointment of Dr John Brown, CBE, as Senior Non-Executive Director who joins the Board which comprises the company's founders, Dr Don Tucker, Chairman and CEO, Dr Ann Bunnenberg, President and COO and Christine Soden who joined the Board as CFO immediately before Admission.
Each of John and Christine brings extensive experience in the life sciences sector.
John is the Chairman of Cell Therapy Catapult Centre and Mode Diagnostics Ltd, and a non-executive Director of Vectura Group plc. Previously, he was the Chairman of BTG plc, Axis-Shield plc and CXR Biosciences Ltd, CEO of Acambis plc and was a Director of Cambridge Antibody Technology plc until its acquisition by AstraZeneca. John also Chairs the Roslin Foundation, co-Chairs the Life Sciences Industry Advisory Board for the Scottish Government and is a Non-Executive Director of the Technology Strategy Board.
Christine, a chartered accountant, is a non-executive director of Fertility Focus Limited and was previously CFO of Optos plc, BTG plc, Celltech-Chiroscience plc and held senior financial positions in a number of other public and private life sciences businesses.
The information required in accordance with Schedule 2 paragraph (g) of the AIM Rules is contained in the Company's AIM Admission Document dated 27 March 2013, a copy of which can be obtained from the Company's web site www.egi.com.
Dr Don Tucker, EGI's Chairman and Chief Executive Officer, said:
"We are very pleased to have completed our IPO on AIM. Our journey as a public company begins today. With the proceeds from the flotation, we now look forward to increasing our geographic reach, and continuing to develop and commercialise cutting edge products, further cementing our position as a leading neurodiagnostic company.
"John's appointment, alongside that of Christine, our CFO, provides additional international depth to the Board. Their extensive experience and expertise of working with UK listed life science companies will be invaluable to EGI as it begins its public life."
Ends
For more information on EGI, please visit www.egi.com, or contact:
Electrical Geodesic Inc | Tel: +1 (541) 687 7962 |
Dr Don Tucker, Chief Executive Officer | |
Ann Bunnenberg, Chief Operating Officer & President | |
Christine Soden, Chief Financial Officer | |
Peel Hunt LLP | Tel: +44 (0) 20 7418 8900 |
James Steel | |
Dr. Vijay Barathan | |
Harry Florry | |
FTI Consulting | Tel: +44 (0)20 7831 3113 |
Ben Atwell | |
Simon Conway | |
Mo Noonan |
NOTES TO EDITORS
Electrical Geodesics, Inc.
Based in Eugene, Oregon, USA and founded by CEO and Chairman, Don Tucker in 1992, EGI is a medical device company that designs, develops and commercialises a range of non-invasive neurodiagnostic products used to monitor and interpret brain activity. A key component of these products is EGI's proprietary dense array electroencephalography ("dEEG") platform technology. The dense array method gathers brain activity data from many more electrodes than conventional EEG products (up to 256), generating significantly higher quality and more precise levels of information. With regulatory clearance in the US, EU and a number of other major international regulatory bodies, the Company's technology has been increasingly adopted as a powerful research tool and more recently as a cost effective and patient friendly clinical neurodiagnostic platform. EGI has over 500 customers including leading researchers and clinical opinion leaders in a broad range of applications, including epilepsy, autism, stroke, traumatic brain injury and sleep disorders.