Importantly, the issue price of $0.018 per share represents a 6% premium to Rhinomed’s last closing price of $0.017 and a 16% premium to its 20-day volume weighted average price.
The proceeds from the private placement will be used to drive Rhinomed 's strategy of expanding its retail distribution footprint and driving key strategic initiatives.
The company has developed a patented nasal technology platform that seeks to improve breathing and sleep.
Rhinomed has launched two products- Turbine, a nasal dilator designed to assist in breathing easier during aerobic exercise, and Mute, a nasal technology designed for breathing more and snoring less.
Mute is designed to fit the natural anatomy of the nose, enabling snorers or those with nasal obstruction and congestion to breathe more easily.
In Australia, the company has successfully expanded the distribution of the Mute technology with leading wholesaler Symbion’s network of pharmacies.
Rhinomed currently has a new product called INPEAP in development with a clinical program examining the impact of this new technology as a solution for patients suffering from sleep apnea.
Another development program is assessing the efficacy of Rhinomed’s technology as an intranasal delivery platform for medication.
Rhinomed’s technology platform is protected by a family of over 60 patents globally.