THE medical supplier behind a locally developed physiotherapy device is raising capital to float the business and enhance its presence in world's competitive medical arena.
Leederville-based Nubax Limited recently listed on the Australian Small Scale Offerings Board (ASSOB), sourcing investors to commercialise its traction device for relieving back pain.
Nubax managing director Ralph Moltoni hopes funds raised through ASSOB and other avenues will boost awareness of the product, the Nubax Trio, among physiotherapists worldwide.
"We were a fairly small business and it [ASSOB] gave us the opportunity to raise smaller amounts of capital initially, and still maintain a larger portion of the company," Mr Moltoni said.
"It helped prepare us in the early stages to get ready for, hopefully, a listing at a later date.
"And maybe not necessarily the ASX, but certainly one of the boards somewhere, like the FTSE."
Mr Moltoni said about$100,000 had been raised through ASSOB, and he aimed to raise more than $2 million in order to float the company.
"It's very unique in that it's portable, but it delivers a very effective form of traction," Mr Moltoni told WA Business News.
"This level of traction is not generally available to the general public and it's unique in that it can be used in conjunction with other treatments that other physios, osteos and chiros are using."
But Nubax has faced a number of obstacles.
"The biggest problem was it took a long time to get the medical people to take it on board," Mr Moltoni said.
"Clinical trials done at UWA were needed to satisfy themselves that all the anecdotal evidence we were getting could be substantiated."
The recent appointment of Tony Adcock as chairman of the Nubax board, and plans next month to attend the world's largest medical exhibition, Medica in Dusseldorf, Germany, have enhanced confidence levels among staff.
"Medical devices and companies from all round the world attend and Austrade have a stand there every year, and we're taking one of the stalls in their stand," Mr Moltoni said.
"We went last year and we got a lot of interest, but we were a private company last year.
"Following that, we realised that we needed to ramp up the company and bring in the expertise we needed and raise the capital to take advantage of what we saw as a huge opportunity."
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