Health: G Medical is close to listing on the NASDAQ and Hong Kong exchanges
Health & Biotech
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After several months of talk, Medtech play G Medical Innovations (ASX: GMV) is almost ready to list itself on the NASDAQ and its Chinese subsidiary on the Hong Kong Exchange.
In its quarterly report, the company confirmed it had nearly completed the F1 submission with the Securities and Exchange Commission. This is a mandatory part of the listing process, required by foreign companies seeking to list on Wall Street.
Shareholders gave the listing the thumbs up at their general meeting last week and they anticipate launching the offer in the weeks ahead.
G Medical has also prepared the Hong Kong listing form (an A1 submission) for its Chinese manufacturing subsidiary Guangzhou Yimei Innovative Medical Science and Technology.
Last year it hired Singaporean-based bank UOB to lead the offer and is looking for additional underwriters.
Despite losing $2.4 million this quarter the company was optimistic about the future, reminding shareholders that once its smartphone-based patient monitor was launched throughout the network of strategic partner Hygea Holdings, 250 cardiologists caring for 400,000 patients would have access to the technology.
And it could gain access to over 2,500 physicians once its pilot program within Hygea owned Independent Group Practices (IPG) was fully implemented.
The stock has been volatile in the last 12 months but is currently 13 per cent higher than it was at the start of 2019.
Affinity Health and Energy (ASX: AEB) is still trying to commercialise algae. Yes, you read that correct – the slimy green stuff you find in ponds and fish tanks. It is used in the aqua feed and nutraceutical (food nutrient) markets.
But Affinity don’t have a sub-licence or the money to do it. The company suspended itself on January 31 to announce a capital raising but has extended the suspension several times. The latest deadline is May 7. It admitted the sale of its plant was a possible way to raise cash.
With a backlog of 17,000kg, it has suspended production at its Atlanta facility and has $14,185 left while anticipating $370,000 in outflows next quarter.
Another health-tech player, Adherium (ASX: ADR), its starting to sell its asthma medications, making $405,000 in customer receipts. This was because 6,700 sensors were delivered, mostly to multinational biotech AstraZeneca. However, Adherium still burnt $2.1 million in cash.
Hearing solution provider Nuheara (ASX: NUH) also announced quarterly results, making $641,000 but losing $1.57 million. But the company believes it has an ideal formula for making sales. In North America and Australia, sell online; in Europe sell at brick and mortar stores dedicated to hearing products, and in the Asia Pacific region sell in consumer electronic stores. CEO Justin Miller confirmed this strategy and told investors the company had been “relentless in repositioning our sales strategy”. Nuheara’s products allow people to self-assess hearing problems.
Brain biotech Neurotech (ASX: NTI) made just $8,000 last quarter. While clinical results have shown its device can help children with autism, it has yet to turn those results into sales.
To be fair, the company has not yet launched its product – it’s hoping to do so in the middle of this year. Nevertheless, it has had to delay launches due to “PR issues” – specifically the company’s strategic advisor who a Maltese newspaper found had lied about his qualification.