- ResApp Health (RAP) will raise $5 million to accelerate European commercialisation and generate working capital
- ResApp is a health care company that develops digital solutions for the diagnosis and management of respiratory diseases
- In August last year, the company first received European approval for its ResAppDx-EU smartphone app
- This app monitors a child’s coughing sounds to diagnose respiratory problems like the common cold or flu
- Just yesterday, ResApp received TGA approval for version two of the software, which diagnoses adults
- ResApp is down 2.08 per cent, with shares trading at 23.5 cents each
ResApp Health (RAP) will raise $5 million to accelerate its European commercialisation and generate working capital.
The placement received strong support from institutional and sophisticated investors. ResApp will issue 25,000,000 new ordinary shares at an issue price of 20 cents per share.
“We are extremely pleased to have received strong demand for the placement, including from our existing major shareholders,” Chairman Roger Aston said.
“We also welcome a number of new institutional investors to our share register in what will be a transformative year for the company,” Roger added.
ResApp is a digital health company that develops solutions for the diagnosis and management of respiratory disease.
Just yesterday, the company announced received Australian Therapeutic Good Administration (TGA) approval for its ResAppDx-EU version 2 smartphone app.
This is an extension of the company’s ResAppDx-EU which was formerly only available to children and infants.
The technology uses machine learning algorithms that analyse a patient’s cough to diagnose diseases and provide accurate information.
In August last year, ResApp first received CE mark approval for its smartphone device to be used in Europe.
“This is our biggest achievement yet and results from many years of hard work by our dedicated team,” CEO and Managing Director Tony Keating said at the time.
Since then, the company has been preparing to expand its presence in Europe.
“In response to a rapidly growing commercial pipeline, we will now accelerate our path to revenue by expanding our team on the ground in Europe at a greater pace,” Tony said.
“A stronger balance sheet also strengthens our negotiating position as we enter into deals with commercial partners,” Tony added.
The company believes the next six months will be a transformative period.
ResApp is down 2.08 per cent, with shares trading at 23.5 cents each at 11:15 am AEDT.