Overview of Nova Eye Medical's underwritten entitlement offer

Nova Eye Medical Limited (ASX: $EYE) is conducting a fully underwritten 1 for 8 pro-rata accelerated non-renounceable entitlement offer of new ordinary shares at an offer price of A$0.210 per New Share to raise up to approximately A$5 million. The Retail Entitlement Offer opens on Monday, 19 February 2024 and closes at 5.00pm (Sydney time) on Friday, 8 March 2024. The offer is not for release to US wire services or distribution in the United States or any other country outside Australia or New Zealand. The Retail Offer Booklet contains important information and must be read in its entirety before deciding whether to participate in the Retail Entitlement Offer. The offer is not a prospectus, product disclosure statement, disclosure document, or other offering document under the Corporations Act and has not been lodged with ASIC.

Executive commentary on growth and strategic initiatives

The company has experienced significant growth in its USA glaucoma sales revenue, reaching US$5.1m for 1H FY24, representing a 65% increase year-on-year. Nova Eye remains optimistic about expanding its glaucoma geographic sales footprint across the USA and strategic international markets. The capital raising of $8.0 million aims to capitalize on identified near-term growth opportunities in Glaucoma. The company emphasizes the large unmet need in the glaucoma market, with significant opportunities for growth in the surgical devices segment.

Summary of Nova Eye Medical's announcement and outlook

Nova Eye Medical Limited (EYE) is conducting a Retail Entitlement Offer, aiming to raise up to approximately A$5 million. The company has experienced significant growth in its USA glaucoma sales revenue and remains optimistic about expanding its sales footprint across the USA and strategic international markets. The capital raising of $8.0 million is intended to capitalize on identified near-term growth opportunities in Glaucoma. The company plans to allocate the proceeds from the capital raising to glaucoma surgical devices, sales growth in the USA and outside the USA, broadening the product portfolio, and other costs. Shareholders are advised to carefully review the associated risks and implications before making a decision, and the company emphasizes compliance with regulations in various jurisdictions and the importance of seeking independent professional advice.