Belluscura Update

RNS Number : 3497H

Tekcapital plc

03 December 2020

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

3rd December 2020

Tekcapital plc

 ("Tekcapital" or the "Company")

Portfolio Company Update: Belluscura plc

Belluscura plc announced the Filing with the US Food and Drug Administration (the "FDA") an Application Requesting Clearance for its X-PLO₂R™, Portable Oxygen Concentrator

Tekcapital plc, (AIM: TEK) the UK intellectual property investment group focused on creating marketplace value from investing in university technology, announces that its portfolio company Belluscura plc has submitted the X-PLO₂R™ portable oxygen concentrator for 510(k) clearance with the U.S. FDA.

Robert Rauker, CEO of Belluscura commented:

"Whilst we do not have a specific timetable, we have been told by the FDA that, as a COVID-19 treatment, the device will be given priority review and we are hopeful that FDA clearance will be granted this year."

Additionally, Mr. Rauker mentioned, "Using our proprietary Ultra-Rapid processing and ModulAir^TM technology, the X-PLO₂R^TM will be the smallest and lightest in its class and subject to receipt of approval,  the only modular FDA cleared oxygen concentrator. With the expected FDA 510(k) clearance in the near future, Belluscura has begun planning for the commercial launch of the X-PLO₂R^TM in 2021. To fund such a commercial launch, the Company plans to list on the AIM market of the London Stock Exchange following the 510(k) clearance."

This is a major milestone for Belluscura. Belluscura has 17 patents and pending applications covering their products. According to Global Market Insights, the medical portable O₂ market is expected to grow from $1.6bn in 2018 to US $2.4bn by 2025 with a CAGR of 8%.¹

Clifford M. Gross Ph.D., Executive Chairman of Tekcapital plc commented:

"We are very glad to see that Belluscura has filed an application with the FDA requesting clearance of their X-PLO₂R™ portable oxygen concentrator. Belluscura believes that their new device could be helpful to patients  during the COVID-19 pandemic, and for the 250 million people worldwide suffering from chronic obstructive pulmonary disease (COPD)². "

Tekcapital owns 17.8% of the share capital of Belluscura.

About Belluscura plc

Belluscura is focused on developing novel oxygen-based treatment platforms that can be adapted and applied in a wide range of markets beyond those traditionally applicable to a single product or product line. Belluscura is developing innovative enriched oxygen treatment platforms that reduce the cost of treatment and increase available treatment options. To learn more about Belluscura, please visit www.belluscura.com .

About Tekcapital plc

Tekcapital creates value from investing in new, university-developed intellectual properties and provides a range of IP investment services to make it easy for organisations to commercialise university-developed technology. Tekcapital is quoted on the AIM market of the London Stock Exchange (AIM: symbol TEK) and is headquartered in the UK. For more information, please visit www.tekcapital.com.

LEI: 213800GOJTOV19FIFZ85

For further information, please contact:

Tekcapital Plc		Via Flagstaff
Clifford M. Gross, Ph.D.
SP Angel Corporate Finance LLP (Nominated Adviser and Broker)		[phone]
Richard Morrison/Charlie Bouverat (Corporate Finance) Abigail Wayne / Rob Rees (Corporate Broking)
Flagstaff Strategic and Investor Communications		[phone]
Tim Thompson/Andrea Seymour/Fergus Mellon

This press release is for informational purposes only. The information herein does not constitute investment advice nor an offer to invest and may contain statements related to our future business and financial performance and future events or developments involving Tekcapital or Belluscura that may constitute forward-looking statements. These statements may be identified by words such as "expect," "look forward to," "anticipate" "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to customers, stakeholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements may be based on the current expectations and certain assumptions of Tekcapital or Belluscura's management. Please note that these are subject to a number of risks, uncertainties and factors, including, but not limited to those described in various disclosures. Should one or more of these risks or uncertainties materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performance or achievements of Belluscura and/or Tekcapital may vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Neither Tekcapital nor Belluscura intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.

References

1  https://www.gminsights.com/industry-analysis/medical-oxygen-concentrators-market-report

2  https://www.who.int/news-room/fact-sheets/detail/chronic-obstructive-pulmonary-disease-(copd)

 

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