Visiomed to sell Funhaler in UK pharmacies

Nedlands-based Visiomed Group Ltd has signed an agrement worth around $3 million with UK medical distributor Clinisupplies Ltd to supply its Funhaler paediatric asthma spacer to major pharmacy chains Boots and Lloyds, among other outlets.

The medical device manufacturer will supply 112,000 units to be distributed over two years, bringing its current overseas sales commitment to more than $7.1 million.

Visiomed also announced a share placement to sophisticated investors of 60 million shares at 1.7 cents, to raise $1 million (net of costs), including 1:3 attaching unlisted options at 2.5 cents, expiring in 18 months.

The placement will supplement existing working capital and support further distribution of the Funhaler spacer in the United States and Europe.

In March this year, the company signed a $175,000 distribution agreement with Israeli medical equipment provider Rimipharm Medical Products Ltd.

It also has distribution deals in Brazil, Italy and France.

Last month, Visiomed reappointed its chief executive officer and executive director, Dr William Dolphin, for a further two-year period.