Health: PainChek reveals exactly how much its grown in 2019; and says there’s more to come next year
Health & Biotech
Health & Biotech
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It’s fair to assume PainChek (ASX:PCK) shareholders are a happy bunch with a 12-month share price rise of 413 per cent.
The rise of the pain-detection app company began in late April thanks to a $5m investment from the Morrison government. The surge continued for several months as the company’s roll out and revenue generation accelerated.
This morning the company listed off its achievements in 2019:
But PainChek told shareholders it was just scratching the surface. It had only reached 14 per cent of the total Australian aged care market.
It is also seeking to enter the hospital market, telling shareholders it was a broad opportunity with potential for a similar impact.
To that effect, it has spent the last quarter as part of a Philips Healthcare collaboration program with early stage companies. The company said the program was highly constructive and it was investigating next steps with Phillips.
PainChek has also been trialling a version of its app for infants with Murdoch Children’s Research Institute. It is extending collaboration into next year and anticipates a major study to be completed in the June quarter 2020.
Stockhead has contacted PainChek for comment.
Shares rose 5 per cent this morning and are up 413 per cent in 2019, although are off their all time highs.
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