ResApp Health Ltd (ASX:RAP) has been awarded Asia Pacific’s ‘Best Tech IPO/Venture Capital Raising’ at the global grand finals of the 2016 Talent Unleashed Awards held in Sydney.
The awards were judged by an esteemed panel of international judges including Apple cofounder, Steve Wozniak and Virgin Group founder, Sir Richard Branson.
The recognition as the best tech IPO is not surprising given that ResApp’s share price has been consistently increasing since its $12.5 million capital raising in April 2016.
ResApp’s mobile app essentially uses the smartphone microphone as a stethoscope to listen to a patient’s breathing.
But instead of relying solely on a doctor’s ears to form a diagnosis from those sounds, ResApp has developed machine-learning algorithms that will automatically determine which respiratory condition a patient might have, including pneumonia, asthma and bronchiolitis.
It was found that ResApp’s algorithms were able to correctly detect lower respiratory tract disease in up to 97% of patients who were initially diagnosed as clear by experienced clinicians using stethoscopes.
Respiratory diseases present a big market opportunity, with over 700 million doctor visits per annum globally and US$ 10.5 billion in annual U.S. hospital costs for pneumonia.
ResApp has already held a successful pre-submission meeting with U.S. FDA, targeting U.S. approval in early 2017.
A clinical study in the U.S. is set to begin soon, with Massachusetts General Hospital announced as first site.
The company is cashed up with $13.7 million as at 30 June 2016.
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