Respiri (ASX: RSH) has topped up its cash reserves with $3.14 million after receiving “significant oversubscriptions” in a recent share purchase plan.
The company launched the share purchase plan last month, with the original offer to raise $1 million by issuing shares at $0.055.
However, after receiving heavy support from eligible shareholders, Respiri upped it to the $3.14 million maximum after issuing a supplementary prospectus this week.
Respiri described the strong shareholder support as an “outstanding result” that reflects the company’s positive outlook.
With a $2 million share placement also completed in March, Respiri is now well-capitalised with $5.1 million to implement its growth plans.
“The company would like to express its deep appreciation to all eligible shareholders who participated in the share purchase plan offer and thanks shareholders for this vote of confidence and continued support,” Respiri stated.
Wheezo asthma diagnostic and monitoring technology
Respiri has developed its wheezo device and eHealth software as a service technology to support the management of respiratory health.
Machine learning is employed to detect wheeze via the wheezo device and app. Wheeze is a typical asthma symptom and is common in other respiratory disorders.
The technology is then able to provide personalised feedback and education based on a user’s personal health data, which is also correlated with environmental factors.
If necessary, the data can be shared with health professionals.
The technology has secured both CE Mark and Therapeutic Goods Administration approval for use in the EU and Australia with US Food and Drug Administration clearance anticipated before the end of the year.
Additionally, Respiri has received requests to trial its technology on COVID-19 patients in China.
Respiri noted the device was delivered to China for “humanitarian reasons” and there was no formal trial.