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Magnetica capital raising to support ‘next gen’ MRI systems
Thomson Geer is advising MRI manufacturer Magnetica on a capital raising that will be used to further commercialise its “next generation” systems.
Emma Musgrave
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Firm: Thomson Geer (Magnetica)
Deal: Magnetica is being advised on a capital raising with major shareholder Avingtrans.
Value: Magnetica is seeking to issue shares in the company to Avingtrans to raise $11.1 million comprising $6.75 million of additional cash and to retire $4.35 million in loans.
Area: Corporate, finance
Key players: The Thomson Geer team is led by partner Eugene Fung and includes associate Sarah Beattie.
Deal significance: Magnetica is a Brisbane-based medical technology company.
This capital raising with Avingtrans is hoped to lead to further commercialisation of its “next generation” magnetic resonance imaging (MRI) system. The raising requires shareholder approval.
“Magnetica has developed and is commercialising a compact 3T MRI system for dedicated musculoskeletal extremity imaging. The innovative system provides improved MSK imaging workflow and patient throughput; solves patient claustrophobia, comfort and noise-level concerns; and improves clinic efficiency when deployed to complement existing whole-body MRI systems,” a statement from Thomson Geer said.
“The capital raising follows Magnetica merging with Avingtrans subsidiaries Scientific Magnetics and Tecmag in January 2021. Avingtrans is a precision engineering group listed on the LSE in the UK. It is principally engaged in the provision of engineered components, systems and services to the energy, medical and traffic management industries around the world.”
Commenting further, Thomson Geer lead partner Eugene Fung said: “We’re pleased to be assisting Magnetica, an innovative company at the forefront of MRI systems technology, to bring its systems to customers and patients around the world.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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