Investment in Fertiligent
April 11 2007 - 3:01AM
UK Regulatory
RNS Number:6496U
Healthcare Enterprise Group PLC
11 April 2007
11 April 2007
Healthcare Enterprise Group plc
Further investment in Fertiligent
Healthcare Enterprise Group plc (AIM: HCEG, "HCEG", or "the Group") is investing
a further $50,000 in Fertiligent. The investment is being made in addition to
$100,000 being invested by PIHL Equity LLP ("PIHL") and Nigel Wray. PIHL will
also acquire 20% of HCEG's option to acquire Fertiligent.
The funds are being used to perform an initial 50 patient pre-marketing trial at
a fertility centre in Turkey with Dogan Medikal, a leading Turkish provider of
fertility products (www.doganmedikal.com.tr), with a further potential trial in
the Czech Republic. These trials are intended to demonstrate the significant
increase in pregnancy rates with the Fertiligent IQI. The first trial data will
be used to support market entry for Fertiligent in Europe.
Fertiligent is a unique, high quality, low cost intrauterine sperm pump to help
assist infertile couples conceive in a more effective, natural, less invasive
manner than other more costly, conventional fertility treatments. Fertiligent's
first product, the IQI-100, is a disposable, slow-release insemination device
that extends the "window of opportunity" for ovum fertilisation by emulating the
natural insemination process. Fertiligent IQI-100 has already been successful
in trials in Israel and Germany, achieving success rates up to three times
greater than those of traditional intra-uterine inseminations (IUIs).
As a result of further investment in Fertiligent, HCEG now holds an effective
19.81% stake in the business, and has an option to acquire 80% of the remaining
outstanding shares in the company at a US$2 million valuation until after the
next trials, and thereafter at a $4 million valuation.
Lyndon Gaborit, Executive Deputy Chairman, said:
"Exciting progress has been made with Fertiligent. These funds will support
trial work which will open the way for commercialisation in Europe, and can be
used in preparation for the US regulatory approval process and in Asian markets.
"
Enquiries:
Healthcare Enterprise Group PLC 020 7351 7500
Lyndon Gaborit, Executive Deputy Chairman
Numis 020 7260 1000
David Poutney/ Emma Tod
College Hill 020 7457 2020
Adrian Duffield / Corinna Dorward
This information is provided by RNS
The company news service from the London Stock Exchange
END
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