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."
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For further information please contact:
| Belluscura plc | Tel: +44 (0)20 3128 8100 |
| Adam Reynolds, Chairman Robert Rauker, CEO Simon Neicheril, Chief Financial Officer
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| SPARK Advisory Partners Limited Nominated Adviser | Tel: +44 (0)20 3368 3550 |
| Neil Baldwin / Jade Bayat |
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| Dowgate Capital Limited Broker | Tel: +44 (0)20 3903 7715 |
| Russell Cook / Nicholas Chambers |
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| MHP Financial PR & Investor Relations | Tel: +44 (0)20 3128 8100 email: Belluscura@mhpgroup.com |
| Katie Hunt/Matthew Taylor |
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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.
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