- EMVision Medical Devices (EMV) has boosted its cash reserves over the last quarter ahead of clinical trials
- The company's quarterly report for December outlined a $3.7 million increase in cash reserves to a total of $6.8 million
- This boost was mostly thanks to a $4.5 million share placement
- EMVision will soon begin a clinical development program for its portable brain scanner
- Company shares declined 5.29 per cent today and closed at 80.5 cents apiece
EMVision Medical Devices (EMV) has boosted its cash reserves over the last quarter ahead of clinical trails.
The company's quarterly report for December, which was released today, outlined a $3.7 million increase in cash reserves to bring the total reserve to $6.8 million.
Most of this came from the company's $4.5 million placement completed with the aim of securing funds to advance product development and conduct clinical trials.
The shares were issued to institutional and sophisticated investors at a price of 74 cents per share.
Also contributing to the positive cash flow was $191,000 in CRC-P grant income and $658,000 from federal government Research and Development Tax Incentive rebate for the 2019 financial year.
In December, EMVision received the go-ahead to conduct clinical trials for its portable brain scanner at Princess Alexandra Hospital. Already the company has tested the scanner on healthy volunteers ahead of the clinical trial.
Lead Investigator Dr David Cook said there has been great progress in the lead up to the clinical trial with stroke patients.
"Our vision is that timely and widespread access to portable, point-of-care scanning will improve patient survival, reducing personal disability and the community burden of stroke," Dr David said.
"While stroke is the first clinical target, electromagnetic scanning has a broad potential for diagnosing and monitoring a range of other brain disorders,” he added.
Next quarter, EMVision estimates it will spend close to $1.2 million on research and development.
Shares in EMVision declined 5.29 per cent today and closed at 80.5 cents apiece.