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Health-Tech Company Alcidion to List on ASX in Reverse Takeover
- Published December 01, 2015 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
18th August 2015, BRW by Paul Smith
Australian healthcare informatics provider Alcidion will list on the Australian Securities Exchange later this year after agreeing to be taken over by mining shell company Naracoota Resources, in a $12 million deal to kickstart its ambitious US expansion plans.
The company, which was founded by the former chairman and CEO of the South Australian Health Commission Ray Blight and Professor Malcolm Pradhan, has just completed a $2 million capital raise, and is looking to rapidly scale up its US presence to take advantage of looming opportunities for health tech companies as a result of the ObamaCare Affordable Care Act.
The transaction is being backed by Allure Capital, the private investment vehicle of technology entrepreneur Nathan Buzza, who is also now Alcidion’s executive director, as well as BlueSky Private Equity and Patersons Securities. Mr Buzza was previously the second-largest shareholder of listed clinical tech provider Azure Healthcare, which boomed from 3.3¢ to 34¢ during his 2½-year tenure.
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