Simavita raises $14m in Canadian IPO

Australian medical device start-up Simavita has raised $14 million through a fully subscribed IPO, and won court approval to list on the Toronto Stock Exchange Ventures market (TSXV).

Simavita has developed and commercialised a dedicated wireless sensor technology for the assessment and management of urinary incontinence.

The device, SIM, is designed to remotely detect incontinent episodes during a 72-hour assessment period. Caregivers can use the data to help develop personalised incontinence plans.

Simavita is marketing the SIM sensor device in Australia and has marketing approval for the device in the US and Europe. The company recently entered a distribution agreement in the US with Medline.

Simavita plans to use the proceeds from the IPO to build inventory for the US launch, to expand into the markets of Canada and Europe, and to help develop new products.

Addressing the decision to list on an overseas exchange, Simavita CEO Philippa Lewis said a Canadian listing “gives us important access to North American opportunities and investors but also allows us to remain in Australia where our technology was developed and commercialised”.

She added that a number of Australian institutional investors had participated in the IPO, and that the company is considering pursuing a secondary listing on the ASX.