4DMedical Limited (ASX:4DX), a leader in respiratory imaging technology, has successfully raised $5.5 million through a share placement to institutional and sophisticated investors. The company is also launching a $7 million underwritten Share Purchase Plan (SPP), giving eligible shareholders the opportunity to participate in its next phase of growth.
Strong Investor Support for Growth Strategy
The placement was well supported by both new and existing institutional investors in Australia and offshore, highlighting confidence in 4DMedical’s vision and commercial potential. Shares were issued at $0.425 per share, representing a 22.7% discount to the last closing price before the announcement.
Proceeds from the placement will be used to support commercialisation efforts and general working capital, ensuring the company remains on track to expand its market presence and accelerate revenue growth.
Share Purchase Plan (SPP) Details
In addition to the placement, 4DMedical is inviting eligible shareholders in Australia and New Zealand to participate in a Share Purchase Plan (SPP). Eligible shareholders—those registered by 5:00 PM AEDT on 20 February 2025—will have the opportunity to apply for up to $30,000 worth of new shares.
The SPP will aim to raise $7 million, with the company reserving the right to accept oversubscriptions. Shares under the SPP will be priced at the lower of:
- $0.425 per share, or
- A 2.5% discount to the volume-weighted average price (VWAP) of shares traded over the five days leading up to the closing date of the SPP.
The SPP will open on 25 February 2025 and close on 18 March 2025.
Attaching Options to Enhance Shareholder Value
As part of the offer, each share issued under both the Placement and SPP will include a free unlisted attaching option (New Option). These options will have an exercise price of $0.55 per share and an expiry date set for the earlier of 28 February 2026 or 30 days after the company announces FDA clearance for its ventilation and perfusion technology, CT:VQ™.
Additionally, upon exercising a New Option, investors will receive a piggyback option at no extra cost, which will be exercisable at $0.75 per share and expire on the earlier of 29 February 2028 or two years from the FDA clearance announcement.
The issuance of the New Options and Piggyback Options will be subject to shareholder approval at an Extraordinary General Meeting (EGM), which the company plans to convene on 1 May 2025.
CEO Commentary
4DMedical Founder and CEO Andreas Fouras commented on the company’s progress:
“Following the FDA clearance of XV LVAS® four and a half years ago, we have worked tirelessly to bring that product to market. Over the past two years, we’ve refined our strategy—expanding our product portfolio, simplifying reporting, and streamlining integration with healthcare IT systems. These efforts are paying off, as we now see strong growth in the number of sites using our technology, the number of scans performed, and revenue generated per scan.”
“Our SaaS revenue has scaled from zero to over $6 million in just two years, and with the additional firepower of Philips’ sales team, we expect this momentum to accelerate. The launch of CT:VQ™ later this year represents another major milestone, positioning us to disrupt the respiratory diagnostics market in a significant way.”
“We are excited about the future and look forward to keeping our investors updated as we continue this transformational year for 4DMedical.”
Key Dates for Capital Raising
| Event | Date (AEDT) |
|---|---|
| SPP Record Date | 20 February 2025 |
| Announcement of Placement & SPP | 21 February 2025 |
| SPP Offer Opens | 25 February 2025 |
| Settlement of Placement | 27 February 2025 |
| Allotment of Placement Shares | 28 February 2025 |
| SPP Offer Closes | 18 March 2025 |
| Announcement of SPP Results | 25 March 2025 |
| Allotment of SPP Shares | 25 March 2025 |
| Lodgement of Prospectus for Options | 25 March 2025 |
| Quotation of SPP Shares | 26 March 2025 |
| Options Offer Opens | 1 April 2025 |
| Notice of EGM Lodged | 1 April 2025 |
| Extraordinary General Meeting (EGM) | 1 May 2025 |
| Issue of Options | 2 May 2025 |
This timetable is indicative only and subject to change. The company reserves the right to amend dates at its discretion, in accordance with ASX Listing Rules and the Corporations Act 2001.
4DMedical has appointed Bell Potter Securities Limited as the Lead Manager and Underwriter for the SPP, further reinforcing confidence in the success of this capital raise.
Investors can expect further updates as 4DMedical continues executing its ambitious growth plans, with 2025 shaping up to be a transformational year for the company.
