Cardiex announces $6.5m raise to support arterial-focused CONNEQT Health expansion

Cardiex has launched a $6.5m capital raise via a $2.4m institutional placement and $4.1m entitlement offer.

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• Cardiex is raising up to $6.5m via a $2.4m institutional placement and a $4.1m entitlement offer

• Funds will support the commercial expansion of CONNEQT Health, covering devices and digital arterial health solutions

• C2 Ventures has committed $1.94m and will sub-underwrite up to $1.2m of the entitlement shortfall, subject to approvals

Health technology company Cardiex (ASX:CDX) has announced a capital raise of up to $6.5 million through a $2.4 million share placement to institutional and sophisticated investors, and a $4.1 non-renounceable entitlement offer to eligible shareholders.

The funds will support the continued commercial rollout of the company’s CONNEQT Health business, which includes both medical devices and digital software solutions for arterial health monitoring and patient engagement.

The CONNEQT Health platform includes the FDA-cleared CONNEQT Pulse device – a home-use monitor that measures arterial stiffness and central blood pressure – as well as a connected mobile app that recently added a cardiology reporting feature to help users and clinicians interpret data.

The Pulse began shipping to the US in January and has been added to the national Blood Pressure Validated Device Listing. In May, Cardiex lodged a submission with the Therapeutic Goods Administration (TGA) to register the device for sale in Australia.

The offer price is $0.04 per share. C2 Ventures Pty Ltd, an investment vehicle jointly owned by Cardiex directors Craig Cooper and Niall Cairns, has committed to subscribe for $736,000 in the institutional placement, subject to shareholder approval.

The company has also committed to take up its full $1.2 million entitlement under the entitlement offer. In addition, C2 Ventures will sub-underwrite up to $1.2 million of any shortfall in the entitlement offer, subject to compliance with regulatory requirements.

“This capital raise is a pivotal step in our journey to scale CONNEQT Health into a category leader in arterial health solutions,” said CEO Craig Cooper.

“With strong support from new and existing shareholders, including C2 Ventures, we’re now well positioned to accelerate our commercial rollout, expand our supply chain and deliver on our vision to make arterial health monitoring accessible to millions.”

The entitlement offer will open on June 6, 2025 and close on June 20, 2025, with allotment and final settlement expected later that month. A shareholder meeting to approve the C2 Ventures placement allocation is scheduled for July.

Blackpeak Capital, Stralis Capital Partners, and Taylor Collison have been appointed as Joint Lead Managers to the raise, with Blackpeak Capital also acting as underwriter to the entitlement offer. Taylor Collison is managing both institutional and retail components.

The company is proposing a webinar to update on activities with details to be announced shortly.

This article was developed in collaboration with Cardiex, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.