More from the Company Monthly Newsletter August 2018
During the month of August, we met potential distributors for another four markets, worked with the replacement of the flow sensor to an ultra sound solution, and participated in The International Hypothermia and Temperature Management Symposium in Sydney, Australia.
We would like to clarify our financing solution with European High Growth Opportunities Securitization Fund (EHGO). QuickCool is entitled to call off 2 MSEK at seven different times and thus be able to receive a total of 14 MSEK. QuickCool issues convertible bonds with warrants attached for each call-off of 2 MSEK. The convertible bonds are converted to shares in QuickCool at a pre-determined conversion rate which is based on 90% of the lowest share price at closing during the 15 trading days prior to each call-off. Within one year, EHGO has the right to convert these convertible bonds to shares in QuickCool at its own discretion. Repayment of the convertible bonds are done through the sales of QuickCool shares on the Spotlight Stock Market. This is a common modus operandi among many listed companies on the stock market that wish to raise capital over time, at a potentially higher share price, compared with a more traditional rights issue. The warrants is an incentive for EHGO to ensure as high share price as possible.
We believe in the physical meetings when choosing our distributors. It is a long process to find the most suitable distributor for each market. Since we rely on our partner to succeed in each market, we choose the most optimal partner based on a number of criteria. After having communicated over e-mail, responded to questions, exchanged information, established telephone conferences, we choose one, two or three potential candidates for each market. Finally, we choose the partner after our face-to-face meetings. It is well invested time and we are looking forward to signing a number of distribution agreements during the autumn and winter.
Our priority during the summer has been to replace the flow sensor and to minimize any impact on the CE-mark process. After a few hectic weeks we are now able to announce that we have started to implement the new ultra sound solution. We are pleased with the result.
The 7th International Hypothermia and Temperature Management Symposium (IHTMS) was held in Sydney, Australia. A total of 138 delegates from around the world participated in the presentations, panel discussions and related talks during three days. The use of mild hypothermia (i.e. cooling between 32˚ and 35.9˚C) and normothermia (i.e. prevention of fever, since the body core temperature normally ranges between 36.4˚ and 37.5˚C) were discussed for a multitude of indications such as asphyxia, cardiac arrest, traumatic brain injury, ischemic stroke, meningitis, septic shock, to mention a few. It is apparent that the research within the field as well as the global trend show that fever management is becoming an increasingly important form of treatment. We feel that our QuickCool© SYSTEM-solution is in the forefront since intranasal cooling enables fever management of conscious patients.
On http://www.quickcool.se/en/home.html you may find more information about QuickCool and our solution in English.
Quickcool is a Swedish medical technology company, whose business concept is to save lives and prevent brain damage in acute ischemia (Inadequate blood supply to the brain) by developing and providing a unique and globally patented cooling system, the Quickcool SYSTEM. Quickcool is active in the fast-growing market, Targeted Temperature Management (TTM), for brain-protective cooling treatment of patients with e.g. acute cardiac arrest and stroke. QuickCool’s solution protects the brain by cooling in the nasal cavity and thus takes advantage of the innate heat exchanger in the nose. QuickCool’s Intranasal method offers gentle and uninterrupted cooling treatment for sedated patients. Quickcool is listed on Spotlight Stock Market and conducts its business at Ideon Science Park in Lund. For more Information, please refer to www.quickcool.se