New AIM medical float mooted
Article Date: Feb 23 2005Australian publishing and investment group Aspermont is considering a £6 million AIM flotation later this year for Primedical, which has the rights to distribute a new blood pressure monitoring device and an ECG (electrocardiogram) monitor, both of which, claim fans, could transform these two fast-growing markets. Robert Tyerman reports.
Using technology invented by chief executive officer Harry Platt, Primedical has US Food and Drug Administration approval for both its products. The blood pressure monitor is based on a battery chip, which can be fitted to a user's clothes, watch, shoes or jewellery and can be adjusted for different reading intervals.
According to advisers, the monitor not only reads blood pressure but can identify the most appropriate course of drugs which a user's blood pressure may necessitate. It allows for home monitoring, cutting out the costly and prolonged conventional procedure.
Primedical has been talking to the National Health Service about its blood pressure monitor and to US medical insurers, who hold the key to the take-up of medical devices in the USA. ECG monitor is claimed to offer some equivalent benefits, retailing at less than £10, and has already achieved an 87 per cent successful conversion rate from traditional devices in tests in America.
The company plans to raise £1 million soon in a pre-float placing. In a few months' time, Platt and his team hope to tap AIM investors for £6 million, to put a value of £20 million on Primedical.
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