Brain scanner EMvision Medical Devices joins the ASX today after a $6m IPO
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Medtech company EMvision Medical Devices will list on the ASX today after it successfully raised $6 million in its initial public offering.
EMvision (ASX:EMV) is developing medical imaging technology that utilises electromagnetic microwave energy to create images of the human brain and other organs.
It is acquiring the intellectual property to develop and commercialise the technology. The company’s initial focus is neurological conditions, specifically stroke care due to the clinical need and potentially large commercial opportunity.
The ASX released a market announcement on Tuesday saying that EMvision’s shares will commence trading at 2pm on Thursday December 13. It will have a market cap of around $14.4 million, with 57.6 million shares on issue.
EMvision is the latest of many companies to develop medical devices technology through a listing on the ASX.
Back in July, Stockhead took a look at more than 50 ASX-listed small cap stocks attempting to commercialise high-tech medical devices.
EMvision is led by Dr Ronald Weinberger, who has spent the last 14 years working at disinfection tech company Nanosonics (ASX:NAN), which has a market cap of $888 million.
He’ll be paid $260,000 a year in his role as CEO.
The company was founded in July last year by directors Scott Kirkland and Ryan Laws to commercialise technology that was the product of more than a decade of development at the University of Queensland.
It made a $404,765 loss between its incorporation date and April 30 this year. At the end of April it had $1.3 million cash in the bank.
You can view the company’s prospectus here.