- Rhinomed has completed a $6 million placement to institutional and sophisticated investors at $0.22 per share
- Funds raised will be used to drive accelerated sales growth through current products, new product launches and significant store growth
- Rhinomed develops nasal technologies such as Pronto, Turbine and Mute, to assist with breathing and sleep
Rhinomed has completed a $6 million placement to institutional and sophisticated investors at $0.22 per share.
Rhinomed is a global leader in nasal, respiratory and breathing technologies.
It has developed various products such as Pronto, Mute and Turbine, which target the sport, sleep, wellbeing and drug delivery markets.
Funds raised will be used to drive accelerated sales growth through current products, new product launches and significant store growth.
“On behalf of the Board, we are delighted with the very positive response to this capital raising. We are pleased to welcome multiple new institutional investors onto the register and appreciate the ongoing support from existing shareholders,” Chairman Ron Dewhurst said.
“The level of support speaks to the strong commercial opportunity and global potential of our proprietary platform technology and growing global distribution network,” Ron continued.
The company’s airway technologies have sought to improve the way people breathe, sleep and medicate.
Mute is a comfortable nasal dilator that’s designed to increase airflow and improve nasal breathing by gently opening the airways during sleep. It aims to prevent snoring and give people a much better sleep.
In July this year, Mute was reported as the fastest growing product in the nasal strip category in U.S. drugstores.
Rhinomed’s Turbine product is a breathing aid geared towards people playing sports or doing physical activity. It is built differently to Mute as it needs to sit comfortably in the nose while the user is moving around.
Lastly, the Pronto technologies are broken up into Pronto Sleep and Pronto Clear.
Pronto Sleep is a unique vapour inhaler that gently opens the nose and delivers a blend of four pure essential oils which help you relax and sleep better naturally.
Pronto Clear delivers six pure essential oils that help to naturally clear a stuffy, congested nose.