- Advanced Human Imaging (AHI) has completed due diligence and entered an agreement with Triage Technologies, while also announcing another deal
- The healthcare business revealed on Monday it is planning to acquire musculoskeletal assessment (MSK) company Physimax Technologies
- Under this latest deal, AHI would pay US$6 million (around A$7.75 million) in consideration for Physimax, with a letter of intent already signed
- AHI is interested in acquiring the company's technology, a video-based objective solution that tracks and improves MSK wellness and performance
- Meanwhile, under its deal with Triage, Advanced Human Imaging has also gained access to the company's dermatological technology which can identify hundreds of different skin conditions
- Shares in AHI have ended Monday's trading session down 5.61 per cent at $1.94 per share
Advanced Human Imaging (AHI) has completed due diligence and entered an agreement with Triage Technologies, while also announcing another key deal.
The medical imaging company came out of a voluntary suspension to announce today it's planning to acquire musculoskeletal assessment (MSK) company Physimax Technologies.
The Israeli-based business has developed a video-based objective solution that tracks and improves MSK wellness and performance via footage capture using a mobile phone.
AHI has signed a letter of intent ahead of the proposed acquisition, agreeing to pay US$6 million (around A$7.75 million) in consideration for Physimax as well as an additional US$2 million (about A$2.58 million) as part of an earn-in agreement.
"Physimax would be a welcome addition to the AHI MultiScan platform. The Physimax team has spent seven years developing, validating and commercializing the technology and has seen broad acceptance of the application worldwide with over 250,000 scans performed to date," AHI CEO Vlado Bosanac said.
"The technology is being used in multiple facets of care and Musculoskeletal enhancement throughout the US, Europe and Asia. The use of the platform is well documented and used by the NBA, clinicians, U.S. military and universities around the world," he added.
Now, with a binding technology licence and subscription agreement under its wing, AHI is one step closer to finalising its deal with Triage Technologies.
AHI plans to integrate Triage's advanced dermatological artificial intelligence system, which can accurately identify up to 588 skin conditions, into its own CompleteScan product.
The integration is expected to be completed sometime during the third quarter of 2021, with the ASX-lister agreeing to invest US$6 million (roughly A$7.75 million) in Triage in return.
The payment will be made in both cash and shares, with AHI already handing over US$600,000 (approximately A$775,000).
Advanced Human Imaging shares are trading down 5.61 per cent at $1.94 per share at the close of trading on Monday.