Tekcapital (LON: TEK) shares are rising on Friday after the company noted that its investee, Belluscura, announced its intentions to float on the AIM.
Investment firm Tekcapital holds 17.1 million shares of Belluscura or over 17%.
Belluscura is a medical device developer focused on lightweight and portable oxygen enrichment technology. They expect to raise £15 million through a conditional placing with institutional investors at between 42-48p per new share.
The company said the proceeds will be used to widen staffing resources, market its range of products, provide funding towards the FDA Medical Device Compliance, IT & Data Compliance and CE mark clearance, research and develop new products, and fund overheads.
Robert Rauker, CEO of Belluscura, said: “These additional funds will allow us to accelerate our sales effort and the commercial roll-out of the first of our portfolio of oxygen concentrators under development.
“Our patented oxygen enrichment technology is designed to positively impact millions of people across the globe suffering from serious respiratory diseases.
“Our debut on the AIM market will see us well-positioned for commercial growth and well-financed to support the launch of our FDA cleared X-PLOâ‚‚R portable oxygen concentrator as well as advancing the other products within our portfolio to commercial launch.”
Tekcapital's share price is up over 19.2% at 15.5p, following the news.
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