- Mental health technology company Medibio (MEB) has provided its June quarterly update, announcing the company is sitting on a cash position of around $810,000
- Medibio submitted a 510K application to the U.S. food and drug administration (FDA) for its sleep staging medical software, MEBsleep
- The company says discussions are well advance to commercialise its employee mental health website- ilumen
- Additionally, this quarter Medibio resolved the legacy dispute, which begun under the previous management regime
- Medibio is down 10.7 per cent with shares trading for 1.3 cents each
Medibio (MEB) has provided its June quarterly update, announcing the company is sitting on a cash position of around $810,000.
During the quarter Medibio raised $500,000 through a placement and secured a fully underwritten entitlement offer for $1.5 million to investors for 0.6 cents per share.
In April, Medibio submitted its 510K application to the U.S. Food and Drug Administration (FDA) for its sleep staging medical software, MEBsleep.
Medibio says it’s pleased to apply after experienced distributions caused by reorganisation and lockdown measures due to Cover-19.
MEBsleep is a medical software that analyses physiological signals obtained during sleep by polysomnography (sleep study).
For the application, the company conducted a trial which was designed to evaluate the effectiveness of the MEBsleep software in the various sleep stages in adults.
The study indicated an overall percentage agreement of 84.70 per cent, which is significantly greater in accuracy than the overall percentage agreement of the predicate device of 73 per cent.
Medibo is currently awaiting FDA approval, which it expects to receive in August 2020. The company will also apply for the CE Mark approval, which will allow MEBsleep to be sold in Europe.
In May, the company commenced providing ilumen to global engineering, design and related professional services firm, Stantec Australia.
ilumen is a program that provides data feedback to help employees improve their mental well-being.
Around 1500 of Stantec employees in Australia and New Zealand will be using this program. Currently, Stantec is pleased with the positive participation in the program.
Following a positive number of paid pilot programs, discussions are well-advanced for the re-sale and implementation of ilumen both in Australia and internationally with Compass Group PLC in London and with its Australian subsidiary.
Discussions are also on-going with DXC regarding a re-seller agreement, where DXC will promote ilumen to its client base.
“These achievements were particularly pleasing given they were made during the interruption of the recent restructure and reorganisation of the company, followed shortly thereafter by the significant disruption caused by COVID-19,” Managing Director Claude Solitario said.
Additionally, this quarter the company resolved the legacy dispute, which begun under the previous management regime.
Medibio is down 10.7 per cent with shares trading for 1.3 cents each at 11:58 am AEST.