iSonea raises $13.5m to fund AirSonea launch

iSonea (ASX:ISN) has completed a $13.5 million placement to help raise funds for the market launch of its AirSonea mobile wheeze-monitoring device.

The company placed 38.6 million shares with clients of Patersons Securities at $0.35 per share. The allocation represents around 17.5% of the company’s share capital.

iSonea CEO Michael Thomas said the additional cash will be used to fund the Australian launch of AirSonea later this year and its debut in the US in early 2014.

“This key fundraising enables [us] to focus on ensuring the AirSonea product commercialisation is properly funded across every aspect of the launch, from product manufacturing and distribution channel management, right through to ... marketing and sales,” he said.

The company last month selected a manufacturing partner for the device. Hong Kong-based Refined Manufacturing, which produced several prototype AirSonea units, has secured the contract.

iSonea has also been conducting market research in the lead-up to the Australian launch.

iSonea shares were trading 2.04% lower at $0.48 as of around 12.30 pm on Tuesday.