Cypriot healthcare firm prepares for IPO, NASDAQ listing

Cypriot company Davion Healthcare Plc, a leading medical device manufacturer, has announced that it has entered into an agreement with the Bank of New York Mellon, a renowned financial institution, to launch an American depositary receipts programme (ADR).

According to the announcement, as part of the ADR programme, Davion will be conducting an IPO fundraising round of $30 million US dollars, equivalent to 7.5 per cent of the company’s issued share capital, in preparation for the listing of its depositary receipts on the NASDAQ Stock Exchange.

The company explained that the collaboration with BNY Mellon and an ADR programme represents a significant milestone.

The strategic relationship, the announcement continued, will enable the company to broaden its investor base, enhance global visibility, and pave the way for future opportunities.

In addition, the company noted that the ADR issuance will enable investors to easily invest in Davion through the US securities market, providing them with increased accessibility and liquidity.

“We are thrilled to be working with The Bank of New York Mellon on this exciting endeavour,” said Jack Kaye, the CEO of Davion Healthcare.

“Their extensive experience and unrivalled expertise in managing ADR programmes makes them an ideal partner for us,” he added.

Moreover, Kaye said “we greatly value their contribution to our fundraising efforts and their commitment to our future success”.

The company mentioned that the $30 million IPO fundraising round represents a vital step towards achieving Davion’s strategic goals.

The funds raised will be allocated towards expanding operations, investing in product research and development, as well as strengthening sales and marketing efforts internationally.

Furthermore, the announcement noted that the successful completion of this fundraising round will position Davion one step closer to its anticipated listing on the prestigious NASDAQ Stock Exchange.

“We are enthusiastic about the prospects of this fundraising round and subsequent listing,” Kaye said.

“This will not only fuel our growth but also provide an attractive investment opportunity for potential investors,” he added, noting that “we are confident that with the support of The Bank of New York Mellon and the robust ecosystem of the NASDAQ stock exchange, we will achieve meaningful milestones in the upcoming months”.

Davion stated that it looks forward to a successful fundraising round and subsequent listing on the NASDAQ stock exchange, which it anticipates will take place in the first quarter of 2024, although this is subject to market forces.

“The company remains committed to delivering exceptional value to its shareholders whilst driving innovation within the medical sector,” the announcement concluded.

Meanwhile, in a separate statement, Davion Healthcare announced that it has granted a global manufacturing and distribution licence for Davion’s non-invasive BreastCheck home test for Breast Anomalies including Breast Cancer, to Rhode Island (USA) based NeuRX Health Inc.

The announcement noted that both parties have signed binding headline terms with the completion of the full licence to be filed in early January 2024.

The agreement sees NeuRX paying Davion the sum of $120 million for the licence, together with ongoing royalty payments on global sales of BreastCheck.

BreastCheck is a non-invasive home test for breast anomalies, including breast cancer.

The company explained that the home test takes just fifteen minutes, and the results are immediate.

It added that the test is registered as a Class 1 Medical Device with regulatory authorities in the USA (FDA), Europe (CE) and the United Kingdom (UKCA).

Moreover, BreastCheck is expected to become available towards the end of the first quarter of 2024 internationally, from pharmacies, larger retail outlets and online.

“We are thrilled to appoint NeuRX Health Inc. as our global manufacturer and distributor for this important product” Kaye stated.

“The team at NeuRX have extensive experience and expertise in both manufacturing and distribution internationally of medical products,” he added.

On his part, NeuRX Health Inc. CEO Robert Hainey said “we are enthusiastic about the prospects this global licencing agreement gives us”.

“Davion’s BreastCheck product is a global first, for which we expect there will be great demand internationally,” he concluded.

Davion Healthcare was originally registered in the United Kingdom but relocated to Cyprus earlier this year.

The company told the Cyprus Mail at the time that its relocation to Cyprus opened up new opportunities and strengthened its position in the global healthcare market, allowing it to take advantage of the island’s comparative advantages, including its access to the single market, among others.