News blog
LiDCO Group
- BY: Andrew Hore |
- POSTED: 29/07/2009 |
LiDCO Group has signed up Aspect Medical Systems as the exclusive US distributor of its LiDCOrapid Monitor.
LiDCO develops and manufactures minimally invasive monitoring technology, which monitors the amount of blood flowing round the body. Aspect will help it break into the US anaesthesia and surgery markets. Aspect also has the non-exclusive right to distribute the LiDCOplus. Aspect will employ the company’s US sales team, thereby saving LiDCO $850,000 a year.
Aspect will pay an upfront fee of $1.15m. Aspect receives warrants over 8% of LiDCO’s share capital. These are exercisable at a 20% premium to an average share price over a period before and after the announcement of the deal. This is subject to minimum sales volumes.
LiDCO recently raised £3.19m from a share placing at 10p a share. The Aspect cash will boost the cash balance but there is a continued outflow of cash from trading.
Shares in LiDCO rose 2.25p to 13p each, which values the company at £18.7m.
House broker FinnCap forecasts a £400,000 loss in the year to January 2010 and a profit of £1.1m in 2010-11. These forecasts will be updated following the Aspect distribution deal.
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