Portfolio Company Update
Belluscura plc announced the receipt of 510(k) Clearance from the US Food and Drug Administration (the “FDA”) for its X-PLO2R™, Portable Oxygen Concentrator
Tekcapital plc, (AIM: TEK), (OTCQB: TEKCF) the UK intellectual property investment group focused on creating valuable products from investing in university technology, announces that its portfolio company Belluscura plc has been granted 510(k) clearance and marketing authorisation by the U.S. Food and Drug Administration (FDA) for the X-PLO2R POC portable oxygen concentrator (POC). Belluscura developed the X-PLO2R POC with their research partner, Separation Design Group, an award-winning oxygen enrichment research laboratory.
The X-PLO2R POC has patented technology that can deliver up to 95% pure oxygen to patients 24 hours a day, 7 days a week. Weighing less than 3.25 lbs. (1.5 kg), the lightweight X-PLO2R POC is designed to replace larger, metal oxygen tanks and heavier portable oxygen concentrator devices to help improve the quality of life for millions of people worldwide who suffer from chronic lung diseases, such as the Chronic Obstructive Pulmonary Disease (COPD) and respiratory distress caused by COVID-19. The X-PLO2R is expected to be commercially launched in 2021.
This is a transformative development for Belluscura. Belluscura has exclusively licensed, acquired or jointly invented 18 patents and applications in the field of concentrated oxygen generation. 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
Belluscura also confirms that it is considering the feasibility and timing of an initial public offering (IPO), and the potential admission to trading on the AIM Market of the London Stock Exchange (or other recognised stock exchange) and expects investments should qualify for Enterprise Investment Scheme (EIS) relief.
Tekcapital owns approximately 17.8% (10.5m shares) of Belluscura.
From previous investments made by Tekcapital in Belluscura, Tekcapital holds warrants to purchase 1,273,078 shares at 13p and 600,000 shares at 15p. Additionally, concomitant with Belluscura’s receipt of FDA Clearance, Tekcapital has 30 days to exercise an option to purchase up to approximately 4.8m Belluscura shares between 21p – 23p depending upon amount invested. If all warrants and options are exercised, than Tekcapital would hold approximately 17.1m shares in Belluscura.
Clifford M. Gross Ph.D., Executive Chairman of Tekcapital plc commented:
“We are excited to see that the FDA has cleared the X-PLO2R device for sale, as Tekcapital and Belluscura believe it could be helpful to patients during the COVID-19 pandemic, and for many of the 250 million people worldwide suffering from chronic obstructive pulmonary disease (COPD)2. Our congratulations to Robert Rauker and his capable team at Belluscura for a job well done! ”
About Belluscura plc
Belluscura ( www.belluscura.com ) is a UK medical device company focused on developing oxygen enrichment technology spanning broad industries and therapies. Our innovative oxygen technologies are designed with a global purpose: to create improved health and economic outcomes for the patients, healthcare providers and insurance organizations.
About Tekcapital plc
Tekcapital creates value from investing in new, university-developed discoveries that can enhance people’s lives and provides a range of technology transfer services to help organisations evaluate and commercialise new technologies. 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
