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Monday 13 November 2017

Investors back Concepta in £2m equity fundraising

Concepta logoAIM-listed UK start-up Concepta came a step closer to realising its ambitions in the personalised mobile health market today, raising £2m through an over-subscribed equity fundraising and announcing formal confirmation of a £600k order from China.

Founded in 2013 and listed on AIM in July 2016, Concepta’s primary focus is on women’s fertility and specifically unexplained infertility. It has developed a platform and suite of products to address this issue, including a fertility tracking app and the myLotus device for home self-testing that helps women with unexplained infertility to conceive.  

The net proceeds from the £2m share placing will be used to expedite the geographical expansion of Concepta’s myLotus fertility product in China (where it already has regulatory approval and three distribution agreements in place) and to advance its launch in Europe, where it has applied for CE Marking with approval expected in H1 2018. Some of the funds will also be used for R&D into further applications of the myLotus product, which could, for example, potentially also be used to diagnose different forms of stress or detect inflammation issues.

Confirmation of the £600k order, which was first announced earlier this month, is also welcome news. ShanDong WeiHai HaiChen Pharmaceutical Co in China has ordered 5,200 myLotus meters, meaning Concepta’s first revenues will be realised in Q4 2017.

Personalised mobile health is a hot area in the tech market at the moment and a popular one with investors. It hasn’t been a completely smooth journey for Concepta to date – the SME lowered revenue expectations earlier this month when it suffered third party supply issues – but given the size of the infertility market, which is estimated at £600m p.a. in China and the EU, it’s easy to see why investors, including Mercia, are backing the start-up.

Posted by Tola Sargeant at '09:11' - Tagged: contract   healthcare   fundraising   healthtech  

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