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(Sharecast News) - Belluscura, a developer of lightweight, portable oxygen enrichment devices, announced on Friday that its subsidiary Belluscura LLC has secured a $4m credit facility from Sallyport Commercial Finance.
The AIM-traded firm said the three-year facility would provide financing for accounts receivable, purchase orders, inventory, and cash flow, bolstering the company's operational and manufacturing capabilities.
It said the financing, coupled with Medicare reimbursement for the purchase cost of Belluscura's DISCOV-R portable oxygen concentrator, announced in October, laid the groundwork for the product's formal launch.
While the DISCOV-R was currently sold through direct-to-consumer channels following a successful soft launch, full-scale production was scheduled to start early next year.
"Since releasing the DISCOV-R earlier this year in a limited direct-to-consumer launch, we have seen increasing month-on-month demand for the product," said chief executive officer Bob Rauker.
"This new facility secured from Sallyport provides the company a platform to initiate a limited launch of the DISCOV-R into the important B2B market."
At 1156 GMT, shares in Belluscura were up 15.79% at 11p.
Reporting by Josh White for Sharecast.com.
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