Observe Medical – DOC (Declaration of Conformity) signed for UnoMeter[TM ]Safeti[TM] Plus and subscription form for equity investment received from industrial partner
Oslo, November 12th, 2024 - Observe Medical ("the Company" or "Observe Medical") has today signed the DOC (Declaration of Conformity). This marks the final step for the establishment of a high-volume manufacturing platform for the UnoMeter™ product portfolio, consisting of UnoMeter™ 500 and UnoMeter™ Safeti™ Plus. The DOC is the final regulatory documentation that needs to be approved for the Observe Medical group to be able to accept and receive orders for UnoMeter™ Safeti™ Plus from customers and also accept other relevant commercial and financial commitments related thereto.
The Company further announces that Jiangsu Hongxin Medical Technology Co., Ltd (“JHMT”), which is the Company's largest industrial partner within manufacturing and supply, has signed a binding subscription form to subscribe for shares in the Company for an amount of NOK 3,300,000 at a subscription price of NOK 0.40 per share. The subscription is conditional upon the board of directors of the Company resolving to issue the new shares based on the board authorisation granted by the Company's extraordinary general meeting on 17 July 2024, which resolution is intended to be passed as soon as JHMT has been able to establish a securities account in which the new shares can be held. JHMT is currently working with the Company's registrar to open such securities account. The proceeds from the potential share issue will be used to contribute to the Company's working capital requirements. In addition, the Company is in dialogue with strategic and financial partners to evaluate options to further strengthen its working capital situation.
Jørgen Mann, CEO of Observe Medical, commented, "With the re-introduction of UnoMeterTM SafetiTM Plus we now have all the products that are part of the agreement with Convatec/Unomedical back on the market and thereby we have the means to accelerate our commercial journey further. Our organization has been fighting hard to get to this point as fast as possible without leaving any space to compromise on the superior product quality of the UnoMeters which have been the foundation of their market leading position for the last several decades”.
For further information, please contact:
Jørgen Mann, CEO Observe Medical
Mobile: +45 408 67 558
E-mail: jorgen.mann@observemedical.com
Johan Fagerli, CFO Observe Medical
Mobile: +47 958 12 765
E-mail: johan.fagerli@observemedical.com
About Observe Medical
Observe Medical is a Nordic medtech company that develops, markets and sells innovative medtech products for the global market. The Company is committed to improving patient welfare and patient outcomes, improving clinical data accuracy and promoting positive health economics.
The Company seeks to drive growth by leveraging its expertise in sales and commercialization of its broad portfolio of medical technology products, mainly in urine measurement and ultrasound, in combination with targeted M&A and distribution. Observe Medical is working with a network of leading distributors to provide outstanding solutions for healthcare professionals globally.
The Company is headquartered in Oslo, Norway.
Further information is available at www.observemedical.com.