Melbourne, Australia-based Respiri Ltd. issued 40 million new shares in a private placement to investors to raise A$3.2 million.

The medical device company sold the shares at 8 Australian cents per share.

Respiri said the capital raising provides the company with financial capability to produce and launch its wheezo product in early 2019. Wheezo is a device for managing asthma that also comes with a companion mobile application.

Meanwhile, Respiri also plans to undertake a share purchase plan to eligible existing stockholders to raise up to an additional A$1 million. The record date for eligible shareholders to participate in the plan will be Dec. 17.