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Healthcare Enterprise Group plc (AIM: HCEG, “HCEG”, or “the Group”) is investing a further $50,000 in Fertiligent. The investment is being made in addition to $100,000 being invested by PIHL Equity LLP (“PIHL”) and Nigel Wray. PIHL will also acquire 20% of HCEG’s option to acquire Fertiligent.
The funds are being used to perform an initial 50 patient pre-marketing trial at a fertility centre in Turkey with Dogan Medikal, a leading Turkish provider of fertility products ( www.doganmedikal.com.tr), with a further potential trial in the Czech Republic. These trials are intended to demonstrate the significant increase in pregnancy rates with the Fertiligent IQI. The first trial data will be used to support market entry for Fertiligent in Europe.
Fertiligent is a unique, high quality, low cost intrauterine sperm pump to help assist infertile couples conceive in a more effective, natural, less invasive manner than other more costly, conventional fertility treatments. Fertiligent’s first product, the IQI-100, is a disposable, slow-release insemination device that extends the “window of opportunity” for ovum fertilisation by emulating the natural insemination process. Fertiligent IQI-100 has already been successful in trials in Israel and Germany, achieving success rates up to three times greater than those of traditional intra-uterine inseminations (IUIs).
As a result of further investment in Fertiligent, HCEG now holds an effective 19.81% stake in the business, and has an option to acquire 80% of the remaining outstanding shares in the company at a US$2 million valuation until after the next trials, and thereafter at a $4 million valuation.
Lyndon Gaborit, Executive Deputy Chairman, said:
“Exciting progress has been made with Fertiligent. These funds will support trial work which will open the way for commercialisation in Europe, and can be used in preparation for the US regulatory approval process and in Asian markets.”
Enquiries:
Healthcare Enterprise Group PLC
Lyndon Gaborit
Executive Deputy Chairman
020 7351 7500
Numis
David Poutney
Emma Tod
020 7260 1000
College Hill
Adrian Duffield
Corinna Dorward
020 7457 2020
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