Securing Innovation: A Medtech’s $5M Convertible Note with Breakthrough Victoria

The client provides neurotechnology device design and prototyping capability and works with both domestic and international innovators to design and develop implantable and wearable medical devices. By offering end-to-end medical device prototype development, clinical trials and initial production support, the client plays a vital role in supporting the medtech ecosystem.

In order to accelerate domestic and global growth, the client required a significant amount of capital to invest in CAPEX, key personnel and working capital.

The capital raise was secured via a $5M Convertible Note which included several complexities in relation to conversion events and conversion price. The Bio101 team worked alongside the client and Breakthrough Victoria to achieve a positive outcome for all parties.

Bio101 played a crucial role in helping the client overcome its funding challenges by providing comprehensive support throughout the process of securing a $5 million convertible note with Breakthrough Victoria.

Securing a respected institutional investor like Breakthrough Victoria was critical to the clients strategic goals and long-term success.

Hamish, acting as CFO and Co-Secretary, worked closely with the client’s CEO from the initial stages of negotiation, through due diligence, and finally to execution.

With funding secured the client was able to recruit key personnel and progress strategic objectives, ensuring that it was able to continue to contribute and support the local medtech ecosystem.