Predictmedix Inc. (CSE:PMED, OTCQB:PMEDF) has raised C$612,500 through a placing with the proceeds set to support working capital.
The artificial intelligence-powered rapid health screener, in a statement, told investors it was issuing 12.25mln units (comprising one share and one share warrant) each priced at 5 cents.
Funds raised in the placing are expected to support business development and technology upgrades, it added.
At the same time, the company noted that its shares have now also been accepted for trading on the Frankfurt Stock Exchange under the ‘3QP’ market symbol.
"We are excited to trade on the Frankfurt Stock Exchange, offering our shareholders increased liquidity as well as enhancing our global visibility," said chief operating officer Dr Rahul Kushwah.
"The Frankfurt Stock Exchange is one of the world's largest trading centres for securities and the largest stock exchange in Germany and we look forward to introducing Predictmedix to European investors."
Kushwah added: "Last year we set out to achieve notable milestones.
“We've validated Safe Entry's technology through clinical studies and peer-reviewed publications, integral to our commercialization efforts. In addition to testing and proving the efficacy of Safe Entry, we've made significant hardware and technology upgrades that have elevated our operations and logistics on many fronts.
"Commercially, we have a strong tailwind, and our partners and resellers are in discussion with several organizations to empower their workforces with Safe Entry to ensure safety and protection.”
The Predictmedix executive also highlighted that it continuously explores opportunities where it can utilize its proprietary AI, including triage where the technology can help “reduce the strain on hospitals around the world.”
It meanwhile is focused on employee health screening applications which Kushwah describes a “dire need”.
Across all of healthcare, he highlights that AI opportunities are projected to grow to US$102.7 billion by 2028, from US$14.6 billion in 2023, which he notes would equate to a compound annualized growth rate of some 47.6%.
Supported by the injection of working capital, Kushwah looks ahead positively.
“We believe 2023 will be a pivotal year for Predictmedix and we are looking forward to sharing meaningful news in the near-term future."