AtCor Medical IPO closes early and oversubscribed

Sydney-based devices company AtCor Medical has closed its initial public offering (IPO) early and oversubscribed.

The company has raised AUD$15 million with the issue of 30 million new shares at an offer price of $0.50.

"We've had a great response, particularly from the institutional and sophisticated professional market," said AtCor CFO Peter Manley.

The funds will be used to expand the US marketing and sales of AtCor's cardiovascular diagnostic device, SphygmoCor, which non-invasively measures central cardiovascular function.

"We're in the research market and the funds that we're raising will be used to move that forward into the clinical practice market," said Manley. "People are seeing that we have a tool, we already have a base [in the US], and that we're already selling."

The company has sold more than 750 SphygmoCor units worldwide, with cumulative sales exceeding $14 million. "The company is further ahead than a lot in the sector," said Manley.

AtCor expects to list on the ASX in the week beginning November 7 with the ticker ACG. Upon listing, the company will have a market capitalisation of $50 million.

The IPO was underwritten by Blackwood Capital.