Soul Patts, Waislitz-backed medtech ponders capital raise
An Australian medtech start-up with plans to launch its surgical products in the United States has come across fund managers’ radars.
Gyder Surgical is developing navigation systems for total hip replacement surgery. Nicolas Walker
Street Talk understands privately owned Gyder Surgical is considering capital raising options and has been speaking to potential advisers. E&P Corporate Financial is well-placed to nab a role, sources said, although a final decision had not been made.
Post the mooted funding round, the Melbourne company – which is backed by the likes of Soul Patts and storied stockpicker Alex Waislitz – may pursue an ASX listing. If successful, that would see Gyder join similar medtechs such as 4D Medical and ImpediMed on the local bourse.
Gyder builds surgical navigation tools for orthopaedic surgeons. Its first product, the Gyder Hip Navigation System – a computer-controlled, non-invasive surgical tool to aid navigation during hip replacement surgery, which it developed with ASX-listed engineering services company Hydrix – received Therapeutic Goods Administration in April, allowing it to be marketed and sold locally. It’s also applying for Federal Drug Administration approval in the US.
Gyder Surgical was last spotted trying to raise $5.3 million via unlisted convertible notes in December, appointing Shaw and Partners as a joint lead manager. Funds were sought for personnel hires to launch the product in the US and Australia, expected in the first half of 2023, inventory build and working capital.
The company’s shareholder register includes ASX-listed investment manager Washington H. Soul Pattinson; Waislitz via his holding in Jasforce; and Sydney medical entrepreneur Dr Glenn Haifer via his holding in Jed
Read more on afr.com
