MELBOURNE, Australia and SEVERNA PARK, Md., Aug. 31, 2012 /PRNewswire/ -- Medical technology company iSonea Ltd (ASX: ISN; OTCQX: ISOAD) has raised $1.05 million via a private placement of shares to Investment Holdings Pty Ltd, an entity owned and controlled by prominent Australian businessman Bruce Mathieson.
The share placement means Mathieson is now a cornerstone investor of the company, with a 15 percent ownership position. The placement covers the company's entire 15 percent issuance capacity and will be followed by an entitlement issue to all shareholders.
Announcing the placement, iSonea Chief Executive Officer Michael Thomas said the investment recognizes the pioneering nature of iSonea's asthma and acoustic respiratory monitoring (ARM™) technologies, as the company sets itself to lead in the global explosion of mobile health disease management.
Thomas continued: "iSonea is committed to developing innovative, non-invasive devices and mobile health applications to improve the management of chronic and costly respiratory disorders such as asthma and COPD. After the successful launch of our AsthmaSense™ mobile smartphone app this summer, the company is now focused on integrating our existing proprietary ARM sensors and analytical software with the AsthmaSense mobile smartphone app to develop an app based wheeze monitor known as AirSonea™."
AirSonea will run on smartphone (iPhone and Android) platforms, enabling anyone, anywhere, at any time to conveniently monitor asthma events and take appropriate action to control the condition.
Mathieson has held a passionate interest in the IT revolution and the impact of mobile technology on the future of healthcare. He was attracted to the iSonea business model, leadership team and the company's strong patent position in the respiratory device space.
He commented: "iSonea is strongly positioned in the new area of digital health. The asthma monitoring device they are developing to operate with smart phones has enormous potential to help asthmatics worldwide and generate impressive recurring revenue."
"As the late Steve Jobs said in 2010, 'one of the biggest innovations of the 21st Century will be the intersection of biology and technology. A new era is beginning, just like the digital one when I was my son's age.' I believe iSonea's products are ahead of the curve and representative of the future of health management."
iSonea's Chairman Dr. Stewart Washer commented: "We welcome Bruce's vision and investment as an opportunity to pioneer the development of innovative digital health technologies which promise to change the way millions of asthma sufferers around the world can manage their conditions."
Mathieson is a respected member of the Australian business community, having built the Bruce Mathieson Group into a significant operation in the hospitality industry. A joint venture with Woolworths led to the establishment of Australian Leisure and Hospitality Group Pty Ltd (The ALH Group). Mathieson is a director and holds a 25 percent stake in ALH Group, having previously served as chief executive officer. Successfully operating in the hospitality and leisure industry since 1974, Mathieson has management experience across several industries and is currently a non-executive director of Mayne Pharma Group Ltd. He is also owner/director of Payment Network International (PNI). He has served as a director of the Carlton Football Club.
Patersons Securities acted as lead manager to the placement. The placement will be followed by an entitlement issue to all shareholders. Details of the entitlement issue will follow. Mathieson also intends to participate in the entitlement issue.
About iSonea Limited
iSonea Limited (ASX:ISN; OTCQX:ISOAY) is an emerging medical technology company developing innovative, non-invasive devices and mobile health apps to improve the management of chronic, costly respiratory disorders such as asthma and COPD. By leveraging iSonea's proprietary Acoustic Respiratory Monitoring™ (ARM) technology with its AsthmaSense™ mobile applications, iSonea is turning smart phones into medical devices--enabling anyone, anywhere, at any time to monitor breathing distress symptoms, in order to take action. iSonea's ARM devices have been cleared for use by the U.S. Food and Drug Administration, the Australian TGA and the European Union CE.
For more information, please visit www.iSoneaMed.com.
Forward Looking Statements
Certain statements made in this announcement are forward-looking statements. These forward looking statements are not historical facts but rather are based on iSonea's current expectations, estimates and projections about the industry in which iSonea operates, and its beliefs and assumptions. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "guidance" and similar expressions are intended to identify forward-looking statements and should be considered an at-risk statement. Such statements are subject to certain risks and uncertainties, particularly those risks or uncertainties inherent in the process of developing technology and in the endeavour of building a business around such products and services. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the control of iSonea, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. iSonea cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of iSonea only as of the date of this release. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. iSonea will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.
SOURCE iSonea Ltd.