08. april, 2020
MedTrace Pharma A/S has received new capital to advance its preparations for the upcoming Phase III clinical study. Three new investors, together with existing investors, have added fresh capital into MedTrace and at the same time converted loans into new share capital.
The proceeds extend the company's 'runway' well into 2021 and will furthermore finance the completion of the application to the US Health Authorities (FDA) to initiate the Phase III cardiology study, which will pave the way for clinical use approval in the United States.
MedTrace has already entered two commercial agreements on the use of its prototype equipment and expects to sign three more contracts this year. A total of seven fully functional prototypes have been produced, two of which are installed in Denmark, two in the US, one in Japan, while the last two will be installed in the Netherlands and Sweden within the next 3-6 months.
„With new capital and more reputable investors on board MedTrace are proving once again that their technology has the potential to revolutionize the way we scan heart patients today"- Lene Gerlach, Investment Manager i Vaekstfonden
With the capital raising, MedTrace expects to position themselves even stronger for the upcoming capital raising, which will fund the completion of the Phase III clinical study.
CEO Martin Stenfeldt says:
"Capital raising is a strong reinforcement of the belief in MedTrace's technology and we look forward to continue our development with the new co-owners. We have many exciting initiatives in the pipeline and the new financing will enable the success of some very valuable goals for the company's future."
Chairman of MedTrace Pharma A/S's Board of Directors Ulrik Spork comments:
"It is a great pleasure for the company to be able to welcome new investors on board and to see that existing investors also continue to support the company with fresh capital, especially during a time where other matters takes a lot of attention."
Lene Gerlach Investment Manager i Vaekstfonden:
"MedTrace is a very promising company. With new capital and more reputable investors on board MedTrace are proving once again that their technology has the potential to revolutionize the way we scan heart patients today. I look forward to following MedTrace's development - particularly in the US market"