CardieX Expands: New Capital to Drive Sales, Scale Devices, and Monetise Health Data
ASX-listed health technology company CardieX (ASX: CDX) has launched a fully underwritten, non-renounceable entitlement offer to raise up to $4.1 million.
The offer is supported by the company’s largest shareholder, C2 Ventures Pty Ltd, which is jointly owned by Executive Chairman Niall Cairns and CEO Craig Cooper.
This entitlement offer follows a $2.4 million share placement completed with institutional and sophisticated investors at the same price. C2 Ventures has also committed $0.736 million to the placement (subject to shareholder approval) and will take up its $1.2 million entitlement in full, allowing it to maintain its approximate 36% holding in the company.
Use of Funds: Fueling Commercial and Operational Growth
The combined proceeds from the placement and entitlement offer are intended to support the company’s next stage of commercial rollout. Planned allocations include:
- $1 million for manufacturing and inventory build-up
- $1.5 million for marketing and sales activities, including scaling the supply chain and customer operations
- $1 million for continued R&D and product development
- $2 million for working capital and operational expenses
- $1 million for repayment of debt and offer-related costs
The capital raise will support the expansion of the CONNEQT Health platform, including the Pulse arterial health monitor and companion app, which is now cleared for sale in both the U.S. (FDA) and Australia (TGA). With a focus on arterial biomarkers and cardiovascular health insights, the platform targets both clinical and consumer markets.
Operational Milestones and Strategic Positioning
CardieX is positioning itself to scale operations across multiple fronts:
- Initial gold-standard product approvals are now in place. The CONNEQT Pulse is clinically validated and approved for use in both Australia and the U.S.
- Sales of CONNEQT home-use kits are growing monthly, with the company targeting 30 units per day by July 2025.
- Commercial targets suggest breakeven is achievable at 12,000 units/year at an average price point of $300 per unit.
- In addition to hardware, CardieX is pursuing a data-driven “Biomarker-as-a-Service” model, aiming to license its technology and extract recurring digital revenue via APIs and data analytics platforms.
Market Opportunity and Expansion
CardieX is targeting the global cardiovascular disease (CVD) market, which exceeds US$430 billion, with the number of hypertensive patients in the U.S. alone estimated at over 113 million. With global CVD costs expected to surpass US$1.1 trillion by 2035, the company’s non-invasive monitoring products and platforms are designed to meet growing demand for early detection and preventive care.
Strategic conversations are underway in multiple regions, including the U.S. and non-U.S. markets where distributors have signed Letters of Intent. In Australia, where TGA approval was granted earlier than expected, discussions with commercial partners are also in progress.
Company Background and Leadership
CardieX is headquartered in Australia with operations and key staff in the U.S., including:
- Craig Cooper (CEO) – Serial entrepreneur and co-founder of Boost Mobile (USA), with experience in tech, digital media, and health
- Niall Cairns (Chairman) – Veteran investor with a 25-year track record in business growth and exits
- Catherine Liao (Chief Strategy & Commercial Officer) – Former founder of Blumio Inc., leads CardieX’s commercial innovation
- King Nelson (NED) – U.S.-based medtech executive with 30+ years of leadership in healthcare
- Charlie Taylor (NED) – Former McKinsey partner and current director at Healius Ltd
Looking Ahead
The company expects continued updates in the weeks ahead, including:
- A shareholder webinar on Friday, 13 June
- Quarterly activities report in July
- Appendix 4E and Annual Report in August/September
- Ongoing updates on CONNEQT Pulse sales, potential new distribution agreements, and milestone achievements
CardieX also expects to receive an A$1.5 million R&D refund in October 2025, which will be used to repay its current R&D finance facility and potentially support a new facility under the FY26 incentive scheme.
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Stevo – Armchair Banker MAppFin, AdvDipFP, ADA
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