REG - Belluscura PLC - New $4million Credit Facility

BelluscuraAnnouncement

22/11/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241122:nRSV2363Na&default-theme=true

RNS Number : 2363N  Belluscura PLC  22 November 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH
LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

22 November 2024

 

BELLUSCURA PLC

("Belluscura" or the "Company" or "Group")

 

Belluscura wholly owned subsidiary enters into

$4 Million Credit Facility with SallyPort Commercial Finance

 

Belluscura plc (AIM: BELL), a leading medical device developer focused on
lightweight and portable oxygen enrichment technology, announces that its
wholly owned subsidiary, Belluscura LLC, has entered into a credit facility of
up to four million dollar ($4 million) with Sallyport Commercial Finance
("Sallyport") of Houston, Texas. The facility is for 3 years and covers
accounts receivable, purchase order, inventory and cash flow financing.

 

The new credit facility with Sallyport is a cornerstone of the Group's
foundation for building out the manufacturing, distribution and sales of the
Company. This, combined with granting reimbursement of the purchase cost for
Medicare patients announced on 28 October, means that the Company will now
undertake a formal launch of the DISCOV-R® portable oxygen concentrator
("DISCOV-R"). The DISCOV-R is currently expected to be in full production in
early 2025. Following the successful soft launch earlier this year the
DISCOV-R is currently available only through direct-to-consumer sales
channels.

 

Sallyport is a wholly owned subsidiary of Northrim Bancorp, a $3 billion bank
headquartered in the state of Alaska.  With offices in the US, Canada and the
UK, Sallyport is ideally positioned to provide financing options to companies
like Belluscura LLC that operate in the US with a parent company located in
the UK

 

Commenting, Bob Rauker, Chief Executive said: "Since releasing the DISCOV-R
earlier this year in a limited direct-to-consumer launch, we have seen
increasing month-on-month demand for the product.  This new facility secured
from Sallyport provides the Company a platform to initiate a limited launch of
the DISCOV-R into the important B2B market."

 

 

 

-Ends-

 

 

For further information please contact:

 

 Belluscura plc                             Tel: +44 (0)20 3128 8100
 Adam Reynolds, Chairman

 Robert Rauker, CEO

 Simon Neicheril, Chief Financial Officer

 SPARK Advisory Partners Limited            Tel: +44 (0)20 3368 3550

 Nominated Adviser
 Neil Baldwin / Jade Bayat

 Dowgate Capital Limited                    Tel: +44 (0)20 3903 7715

 Broker
 Russell Cook / Nicholas Chambers

 MHP                                        Tel: +44 (0)20 3128 8100

 Financial PR & Investor Relations          email: Belluscura@mhpgroup.com (about%3Ablank)
 Katie Hunt/Matthew Taylor

 

About Belluscura plc (https://belluscura.com/)

Belluscura 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 organisations.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFEDFAFELSEDF