Last checked at 7 Jun 2018 07:00
Inspiration Healthcare Group plc
("Inspiration Healthcare" or the "Company")
Statement regarding potential IPO of NeuroproteXeon Limited
Inspiration Healthcare Group plc (AIM: IHC), the global medical device company, notes this morning's press release issued by NeuroproteXeon Limited ("NPXe"), a company in which Inspiration Healthcare holds 10% of the current issued share capital, in which NPXe confirms that it is seeking to complete an IPO on AIM in the second half of 2018.
In its press release, NPXe confirms that the net proceeds of the proposed capital raise will allow it to complete a Phase III trial for XENEX™, in conjunction with targeted temperature management, to improve survival and functional capabilities of patients with Post-Cardiac Arrest Syndrome ("PCAS"). The first patient is expected to be treated this summer.
NPXe also confirmed that, subject to prevailing market conditions and investor demand, it is seeking a new money valuation significantly in excess of the $59 million achieved in its last round of financing, which completed in 2017. Since that date, and as previously announced, NPXe has entered into a licensing agreement with Linde AG (LIN.DE). Together with NPXe's existing agreement with Mallinckrodt LLC (NYSE:MNK) the combined agreements will provide it with up to £44.6 million in milestone payments. Of this amount, approximately £12.5 million has either already been earned or is anticipated in relation to the commencement of the XENEX™ Phase III study.
Shareholders should be aware that there is no guarantee that the proposed IPO of NPXe will proceed and the Company will make a further announcement in due course.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Enquiries:
Inspiration Healthcare Group plc Neil Campbell, Chief Executive Officer Mike Briant, Chief Financial Officer | Tel: 01455 840555
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Nominated Adviser & Broker Cenkos Securities plc Mark Connelly | Tel: 0207 397 8900
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Cadogan PR Alex Walters | Tel: 07771 713608 |
About Inspiration Healthcare
Inspiration Healthcare (AIM: IHC) is a global supplier of medical technology for critical care, operating theatre and other medical applications. The Company provides high quality innovative products to patients and caregivers around the world that help to improve patient outcomes and efficiencies of healthcare organisations with patient focused customer service and technical support.
The Company's own brand of critical care solutions span non-invasive respiratory management, thermoregulation and diagnostics, and patient warming for newborns through to adults in intensive care and the operating theatre, whilst the distribution business supplies solutions to support specialised surgical procedures and infusion therapies.
Present in over 50 countries worldwide, Inspiration Healthcare's success has been built on continuous innovation, excellent customer service and an inherent commitment to improving the quality of life of patients, working in close collaboration with key opinion leaders and stakeholders in the clinical and medical community across the globe.
Further information on Inspiration Healthcare can be seen at www.inspiration-healthcare.com.