Medical technology developer ImpediMed has raised $75 million from a private placement of new shares.
The company will use the funds to support the marketing of its L-Dex bioimpedance spectroscopy (BIS) device and pursue opportunities in the area of chronic heart failure.
ImpediMed says it has received commitments from sophisticated and professional investors to subscribe for around 79 million new shares at 95 cents per share.
"This is an exciting time for ImpediMed," chief executive Richard Carreon said on Tuesday.
"With our US national launch of L-Dex successfully underway and our compelling opportunity in chronic heart failure rapidly evolving, we are delighted to have received such strong support and endorsement for this capital raising from existing and new institutional and sophisticated shareholders."
Bioimpedance technology involves the application of a very mild electrical current to the body, with the body's resistance to the current measured by sophisticated electronics.
The measurements can provide useful information on a patient's fat mass, fat-free mass and fluid levels.
Detailed knowledge of fluid levels is useful in the treatment of heart failure, cardiovascular complications, potential adverse events in dialysis patients, chronic swelling and lymphoedema (localised fluid retention).
Shares in ImpediMed were 11 cents lower at 93 cents at 1333 AEDT.
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