HomeMarket NewsAustralian Medtech Company CardieX Reveals Terms for $10 Million US IPO

Australian Medtech Company CardieX Reveals Terms for $10 Million US IPO

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CardieX, a medical technology company based in Australia, has unveiled the terms for its upcoming initial public offering in the United States. The company aims to raise $10 million through the offering.

In its filing, CardieX announced its plan to offer 1.33 million American Depositary Shares (ADSs) at a price range of $7.50 to $8 per share. If priced at the midpoint, this would generate slightly over $10 million in proceeds. Additionally, underwriters will have a 30-day option to purchase up to 200,000 additional ADSs to cover over-allotments. Roth Capital Partners will serve as the lead bookrunner for the IPO.

CardieX intends to list its shares on Nasdaq under the symbol CDEX. Currently, the company’s shares are traded on the Australian Securities Exchange.

Headquartered in Sydney, CardieX specializes in the development of devices for cardiovascular health monitoring. Its flagship product, SphygmoCor XCEL, is designed for arterial pressure monitoring.

The company has recorded losses in recent years. For the fiscal year ended June 30, 2022, CardieX reported a net loss of $8.7 million on revenue of $3 million.

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