Background
- Ellex Medical Lasers Limited (Ellex or the Company) is an Australian-based medical technology company that develops, manufactures, and sells a portfolio of proprietary ophthalmic treatment technologies and devices
- Ellex focuses on producing ophthalmic lasers and devices that treat glaucoma, secondary cataract and vitreous opacities, as well as age-related macular degeneration
- Ellex engaged AE as an independent corporate advisor for a placement to accelerate the growth of Ellex iTrack into the fast-growing MIGS (minimally invasive glaucoma surgery) market
Our role
- Maximising competitive tension around the commercial parameters within which the company would be prepared to pursue a capital raise
- Review and assess all relevant regulatory framework and decide the most appropriate deal structure to ensure the Company can successfully raise capital without pushback from regulators
- Assisting the company with preparation and marketing of investor roadshows, briefings, presentations and public announcement
- Discussions with existing shareholders and outreach to AE’s extensive institutional investor network to determine willingness to partake in chosen structure
- Advised on the most appropriate method of funding including valuation, structure, and amount to be raised
Outcomes
- Ellex successfully secured A$23 million in capital through a private placement in November 2017, including participation from new and existing institutional and sophisticated investors from United States and Australia
- The placement will be completed in two Tranches, with Tranche 1 consisting of approximately 10.1 million shares and Tranche 2 consisting of approximately 11.1 million shares
- The funds raised from the placement will allow the company to drive the growth of Ellex iTrack, one of Ellex’s primary product offerings, in several key ways:
- Expansion of sales and marketing of Ellex iTrack in the USA and in strategic markets outside the USA
- Production capacity expansion
- Product Development