AOTI raises GBP35 million as debuts on AIM market

(Alliance News) - AOTI Inc started trading on the AIM market in London on Tuesday as it aims to secure expanded market access for its oxygen therapy.

The Oceanside, California-based medical technology firm said it raised GBP35.1 million via its initial public offering. AOTI raised GBP19.5 million via placing 14.8 million newly issued shares at a placing price of 132 pence each, and GBP15.6 million via placing 11.8 million existing shares at the same price.

AOTI shares were 3.8% higher at 136.99p each in early trade on Tuesday morning.

It debuted with a GBP140 million market capitalisation. Both the market cap and the raise were in line with what AOTI predicted in early June.

AOTI said in 2023 it had a revenue of USD43.9 million, with a compounded annual revenue growth of 38% from 2021 to 2023, all via its multi-modality Topical Wound Oxygen Therapy. It added that it has been profitable at the adjusted earnings before interest, tax, depreciation and amortisation

level since 2017, excluding IPO-related costs.

The company's Chief Executive Officer is Co-Founder Mike Griffiths. Chief Financial Officer is Jayesh Pankhania, the former CFO of Cambridge, England-based gene-editing company Horizon Discovery Ltd, which used to be AIM-listed until it was bought by Massachusetts-based life-sciences firm PerkinElmer Inc.

CEO Griffiths said: "The board believes that AOTI has all of the building blocks in place to secure expanded market access and commercialisation of our TWO2 therapy and to continue the staged roll out of the NEXA NPWT System, the company's independently differentiated wound care platforms."

By Tom Budszus, Alliance News slot editor

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