EMvision Medical Devices Limited (ASX: EMV) (EMvision) began trading on the ASX on Thursday 13 December 2018 after successfully raising $6m in its IPO.
The company issued 24,000,000 shares at $0.25 each and raised $6m with strong support from institutional investors, clinicians and family offices.
Formed in July 2017, Brisbane-based EMvision develops medical imaging technology that utilises electromagnetic microwave energy to create images of the human brain and other organs.
Using 10 years of research from the University of Queensland, EMvision is developing a portable, cost effective, non-invasive brain scanner that uses low-power electromagnetic signals and artificial intelligence to create 3D images of the brain to monitor and help diagnosis of brain injuries and stroke.
EMvision has been awarded a $2.6 million Cooperative Research Centre project grant from the federal government to advance its technology. Through the grant process, the company has established key academic, clinical and industry relationships with the University of Queensland, GE Healthcare and the Princess Alexandra Hospital that will assist in the advancement and commercialisation of its brain scanner program. These partners have also committed to provide a further $910,000 in grant funds to EMvision.
The funds from the IPO will be used to advance and accelerate the company’s brain scanner program for the rapid diagnosis of stroke, and demonstrate the device’s performance and safety through clinical trials. Healthy human trials are currently underway to evaluate how the clinical prototype and algorithms perform in a real-world environment, with results expected to be completed in early 2019.
EMvision’s CEO Dr Ron Weinberger said: “Demand for the IPO was extremely encouraging, and we’re pleased to say we gained strong support from institutional investors, clinicians and family offices and closed the book very quickly. We’re offering a significant opportunity to have a powerful impact on improving stroke care throughout the world, and investors are clearly recognising this.”
Read the ASX Announcement.
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