- Published on 05 January 2022
The Australian manufacturer Nuheara has initiated a $7.6m capital raise to finance growth opportunities linked to US expansion with its range of hearing aid products.
Obtaining FDA (510(k)) approval for a Class II, self-fitting air conduction, wireless hearing aid is one of Nuheara's chief objectives.
The three-pronged capital raising plan involves an institutional investment, placement, and share purchase plan (SPP), the first of these coming from US-based Healthcare 2030, which has agreed to place $3 million in prepayment for subscription shares. The placement and share purchase plan will raise $1.62 million and $3 million, respectively, with shares to be priced at 1.6 cents
Dynamic twenties for Nuheara
The pandemic period of 2020/2021 saw the Perth-based firm take big strides in the market. Its IQ Buds and IQbuds2 MAX products won widespread acclaim and awards, while it announced completion of a $4.5 capital raise in June 2020. In 2021, it signed an initial three-year deal for its products to be sold through Sonova’s global Audiological Care businesses online and via clinics, while adding over 3,200 Points of Sale to its omni-channel sales strategy.
“Nuheara has experienced a significantly increased level of interest from customers and retailers in its unique hearing solutions,” said CEO and founder Justin Miller. “At the same time, market recognition of the need for these hearing solutions has materially increased with the US market now moving to a regulated self-fit solution to open the market to millions of people that previously were not able to access solutions due to affordability reasons,” Miller added.
Source: The Market Herald