The Company’s successful IPO in December last year was oversubscribed and raised $18 million ($16.63m net of IPO costs) and heralded dorsaVi’s listing on the Australian Securities Exchange (ASX). The IPO was well supported by existing investors including Starfish Ventures, and a number of new institutional investors.
“An IPO takes many months of planning and we were thankful to have a team of experienced advisers to navigate this process,” said dorsaVi CEO Andrew Ronchi.
“I’d like to take the opportunity to thank our lead underwriter and broker Canaccord Genuity, auditors Pitcher Partners, and lawyers Norton Gledhill.”
“It is also pleasing to see investors continuing to support the company and our share price reflects the growing awareness of our company and products. dorsaVi recently announced a number of new customers using its innovative motion analysis device technologies designed for use in elite sports, occupational health and safety, and clinical applications.”
These developments, and news relating to the IPO, attracted media coverage in leading publications for financial and mainstream audiences including Sky Business, The Australian, Business Spectator, BRW, The Australian Financial Review, The Herald Sun and Eureka Report.
dorsaVi has the funds to now rapidly expand its sales and marketing teams to drive increasing product sales in its three focus geographies – Australia, Europe and US.
In the three months since listing, dorsaVi has made significant progress in all markets.
In Australia, the company is advancing recruitment of multiple new sales and marketing positions and has successfully signed new customers including its first NRL sales with the Roosters and Cowboys, AFL premiers Hawthorn, and the demerged packaging business of Amcor, Orora. In addition, a referral from insurer Allianz has led to an exciting OH&S project with Monash Health.
Other marketing efforts have included hosting seminars with clinicians, conference presentations and marketing presence at conferences including the Allianz Health Scope day, Victorian Allied Health Research Conference, American Football Coaches Association, Professional Football Athletic Trainers Society Winter Business Meeting, and Football Medicine Strategies in Milan.
A new product ViMove Running is being launched targeting physiotherapy and sports medicine clinics which have a high volume of social and professional runners. The product has been successfully featured prior to launch at the Olympic Park Sports Medicine Centre in Victoria.
In the European market a subsidiary company dorsaVi Europe Ltd has been established, a COO recruited and three new senior sales appointments made.
In the US, the company is in the process of appointing a senior and highly credentialed medical devices sales executive and two sales people. The focus in the US is on commencing sales of ViPerform in the Elite Sports market and on obtaining Food and Drug Administration (FDA) clearance for marketing ViMove as a medical device into that region.