London Stock Exchange welcomes Electrical Geodesics, Inc. (EGI) to AIM
London Stock Exchange welcomed Electrical Geodesics, Inc. (“EGI” or the “Company”) to open its UK markets, marking the start of dealings in its shares and admission to AIM, today, 3 April 2013, under the ticker EGI.
Based in Eugene, Oregon, USA and founded by CEO and Chairman, Don Tucker in 1992, EGI is a medical device company that designs, develops and commercialises a range of non-invasive neurodiagnostic products used to monitor and interpret brain activity. A key component of these products is EGI’s proprietary dense array electroencephalography (“dEEG”) platform technology. The dense array method gathers brain activity data from many more electrodes than conventional EEG products (up to 256), generating significantly higher quality and more precise levels of information. With regulatory clearance in the US, EU and a number of other major international regulatory bodies, the Company’s technology has been increasingly adopted as a powerful research tool and more recently as a cost effective and patient friendly clinical neurodiagnostic platform. EGI has over 500 customers including leading researchers and clinical opinion leaders in a broad range of applications, including epilepsy, autism, stroke, traumatic brain injury and sleep disorders.
EGI has raised £8 million before expenses, issuing 6,666,667 Common Stock at 120 pence per share. Immediately following the Placing, the Company has 24,448,786 Common stock in issue, giving EGI a market capitalisation of approximately £29.3 million.
The Company intends to use the net proceeds of the IPO primarily to support an increase in sales and marketing activities to establish further its products in its key markets. Additionally, the net proceeds will be used to continue the development and commercialisation of next generation products, further develop the manufacturing and support infrastructure to service its international customer base and for general working capital needs.
Dr Don Tucker, EGI’s Chairman and Chief Executive Officer, said:
“We are delighted to have received such strong support from UK investors. Our journey as a public company begins today and we look forward to creating value for our shareholders. We believe that AIM provides an excellent platform for the future development of our business. The proceeds from the flotation allow us to increase our geographic reach, and continue development and commercialization of cutting edge products, further cementing our position as a leading neurodiagnostic company.”
Peel Hunt LLP is acting as nominated adviser and broker in relation to the Admission.