EBR Systems (ASX: EBR), a developer of wireless cardiac pacing technology, has successfully completed a A$55.9 million institutional placement. The funds will be used to advance the commercialization of its WiSE® CRT system following FDA approval on April 11, 2025. The placement was well-supported by existing and new domestic and international security holders.
The company plans a Limited Market Release (LMR) through established sites, leveraging Key Opinion Leader (KOL) relationships, before expanding commercial distribution in 2026. EBR anticipates inpatient add-on payments confirmed by CMS (NTAP), with outpatient requirements also met but pending final CMS decision (TPT). Both reimbursement programs are expected to begin in October 2025.
The placement involved issuing 55.9 million new CHESS Depositary Interests (CDIs) at A$1.00 per CDI, representing a 17.7% discount to the last close and a 12.6% discount to the 10-day VWAP. Post-placement, EBR’s pro-forma cash balance will be US$84 million, expected to sustain operations into Q4 2026. Additionally, EBR intends to raise approximately A$6 million through a non-underwritten Security Purchase Plan (SPP) offered to eligible securityholders.
The funds will support scaling up manufacturing and sales force capabilities. A new manufacturing facility is in place to support commercialization objectives, with full transition expected in H1 2026. J.P. Morgan and Morgans Corporate Limited underwrote the placement, with E&P Capital and Wilsons Corporate Finance acting as joint lead managers. The SPP offer period is expected to commence on May 28, 2025, and conclude on June 12, 2025. EBR reserves the right to increase the SPP size or scale back applications based on demand.
