REDWOOD CITY, Calif., Jan. 07, 2020 (GLOBE NEWSWIRE) -- Biotricity Inc. (OTCQB: BTCY), a medical diagnostic and consumer healthcare technology company, announced today that it has converted approximately $1.8 million in debt investment from long-term private investors into its recent Preferred Equity transaction, bringing the cumulative total sold in this round to $7.8 million. This conversion further expands the company’s runway.
The conversion comes at an important time and is structured to reduce Biotricity’s short-term cash flow obligations, expand its runway, and benefit its execution strategy. This investment is another step for the company’s broader goal to gain a listing on a senior stock market exchange.
Biotricity is focused on growth and the expansion of its product portfolio. The capital raised, alongside with the revenues that the company currently generates, provides Biotricity with working capital to accomplish its goals for the coming year. Among other important initiatives, this capital infusion will be used to engage on the following priorities:
Growth and doubling of the company’s sales force;
FDA filing for Biotres patch solution within the first 6 months of 2020, which will be a novel product in the field of Holter monitoring;
FDA filing for Bioflux 2.0, the next generation of our award winning Bioflux® device.
“By converting this obligation, we are continuing to strengthen the financial position of the Company,” said Dr. Waqaas Al-Siddiq, Founder and CEO of Biotricity. “By structuring and implementing this conversion, we focused on reducing our shorter-term obligations in order to establish a stronger foundation for growth. We look forward to 2020 and our continued pursuit and execution of sales and technology milestones. We are grateful to our long-term investors for their support in Biotricity’s mission and the value it brings to the future of healthcare.
