Nigel Wray-backed Belluscura to raise £15 million for oxygen concentrator rollout

A medical devices business backed by former Saracens rugby club chairman Nigel Wray is set to raise £15 million after revealing plans for a stock market listing.

Belluscura will use the funds for the roll out of its lightweight and portable oxygen concentrators that can replace cumbersome metal cylinders in treating lung diseases.

Its X-PLO2R device, which received approval from US regulators in March, is able to deliver up to 95% pure oxygen to patients 24 hours a day to help improve quality of life.

The London and Texas-based company will also look to progress other patents relating to oxygen enrichment devices and treatments.

Belluscura is expected to be valued at between £50 million and £55 million on AIM following the placing of shares with institutions later this month. Wray holds a 17% stake.

SPARK Advisory Partners is acting as adviser, while Dowgate Capital is sole broker and bookrunner on the placing.