Advanced Human Imaging (ASX:AHI) - CEO, Vlado Bosanac
CEO, Vlado Bosanac
Source: Advanced Human Imaging
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • MyFiziq (MYQ) has entered a funding agreement with Bearn, which runs an app that allows its customers to earn money while working out
  • MYQ has agreed to lend Bearn, a previous partner, US$500,000 (around A$645,000) to help expand the app’s platform capacity
  • In return, Bearn has promised to deliver MyFiziq one million active monthly users within a year or the loan is repayable with increasing interest
  • The founder of Bearn has pledged his 88 per cent ownership in the company as security for the loan, as well as the app’s software
  • MyFiziq’s body scanning tech has already been integrated with the app, which has 56 million pre-registered users
  • Shares in MYQ are down a slight 1.26 per cent at $1.18 each

Body scanning specialist MyFiziq (MYQ) has entered a new funding agreement with U.S. app creator Bearn.

The two companies have worked together before on Bearn’s app, which essentially allows users to earn money while working out.

Under this latest funding agreement, MyFiziq has agreed to lend Bearn US$500,000 (around A$645,000).

The app founder had advised MYQ that running a campaign for the 56 million pre-registrations it’s received to date “would not be possible based on the existing specifications of the Bearn platform.”

As a result, MyFiziq has agreed to loan Bearn the cash to help it expand the app’s platform capacity.

In return, Bearn has promised to deliver MYQ one million active monthly users within a year or the loan is repayable in 15 months with increasing interest.

Under the agreement, MYQ will also receive US$2 per scan (about A$2.58) undertaken by each user or an annual fee of US$47.88 (roughly A$61.80).

The founder of Bearn, Aaron Drew, has pledged his 88 per cent ownership in the company as security for the loan, as well as the app’s software.

“Bearn is a great company, and it was roadblocked due to the U.S. COVID lockdowns and inability to roadshow and source new capital. I saw this as an opportunity to work with an already established partner and to enable Bearn to reach our joint goals,” MyFiziq CEO Vlado Bosanac said.

“The launch of new improved Bearn app has been targeted for April 2021, giving Bearn ample time to make the platform improvements and engage the marketing campaign for the onboarding process,” Vlado added.

MyFiziq’s body scanning tech has already been integrated with the Bearn app under past agreements between the two parties.

Shares in MYQ are down a slight 1.26 per cent at $1.18 each at 1:40 pm AEDT.

MYQ by the numbers
More From The Market Online

Market shrugs as Fisher & Paykel announces mass recall

Fisher & Paykel has initiated a voluntary limited recall of batches of Airvo 1 and my…
The Market Online Video

Brian Leedman’s BlinkLab to join ASX: AI-driven smartphone app screens for autism, ADHD

BlinkLab is a world-first, AI-driven digital healthcare venture, that uses a smartphone and facial recognition to…

Osteopore stock spikes 900% on Singapore and Vietnam approvals

Osteopore's (ASX:OSX) share price was up 38% after the regenerative medicine company received approval for its…

Amplia Therapeutics takes step up in pancreatic cancer treatment

Amplia Therapeutics is on to next step in its pancreatic cancer treatment research after a successful…