ResApp Health Ltd (ASX:RAP) has received a notice of initial substantial shareholder from Ian Francis Reynolds, who now holds circa 37 million shares for a 5.6% stake.
ResApp shares are currently trading around the $0.07 range, down from above $0.30 two months ago, when it revealed some study results.
The company is working on developing a clinically-tested, regulatory-cleared respiratory disease diagnostic test and management tools for smartphones.
ResApp has a market cap in the $45 million range, and held $8.6 million in cash at the end of June 2017.