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Total Brain (ASX:TTB) - Chairman, Evian Gordon
Chairman, Evian Gordon
Source: Total Brain
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  • Total Brain (TTB) enters a trading halt while it plans to raise some fresh capital
  • Total Brain recently signed a three-year deal with Eastman to provide its mental health platform to the US-based materials company’s employees
  • At the end of the March quarter, the company had $1.29 million in cash and 1.3 quarters left of funding, and was prepared to raise capital if it became necessary
  • The healthcare stock expects to remain in the trading halt until Wednesday, July 21, by which time the capital raise details will be released
  • Total Brain last traded at 29 cents on Thursday, July 15

Total Brain (TTB) has entered a trading halt while it plans to raise some fresh capital.

The healthcare stock expects to remain in the trading halt until Wednesday, July 21 at the latest.

It isn’t yet clear how much the company plans to raise or what the money will be used for.

At the end of last week, Total Brain signed a three-year contract with Eastman to provide the US-based specialty materials company with its mental health self-monitoring and self-care platform which is powered by a brain database.

Under the deal Total Brain will roll out its product to Eastman’s employees, which represents $250,000 in annual recurring revenue for the company.

The company claims its platform has helped more than one million registered users to date to scientifically measure and optimise their brain capacities, while managing the risk of mental health conditions.

At the end of the March quarter, Total Brain had around $1.29 million in cash and 1.3 estimated quarters left of available funding.

When asked whether it planned to take any steps to raise further cash for operations, TTB said it had received a payment from the US government and a pre-payment from another large customer. It also stated that based on its previous success it was confident it could raise required capital in the future.

Total Brain last traded at 29 cents on Thursday, July 15.

TTB by the numbers
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