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EMvision Medical Devices lists on ASX to develop portable brain scanner technology

Last updated: 02:24 14 Dec 2018 GMT, First published: 10:24 13 Dec 2018 GMT

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EMvision shares reached as high as 35 cents in early morning trade

EMvision Medical Devices Ltd (ASX:EMV) successfully listed on the ASX this week after raising $6 million in an oversubscribed initial public offering (IPO).

The company issued 24 million shares at 25 cents each, capitalising the Brisbane-based biotech at $14.4 million.

In a partnership with the University of Queensland, EMvision is developing a portable, cost-effective and non-invasive brain scanner to monitor and help diagnose brain injuries and stroke by creating 3D images of the brain.

Along with obtaining the ISO 13485 regulatory approval, the company has begun healthy human trials which are expected to be completed in early 2019.

Portability a unique advantage

Speaking about the IPO, EMvision chief executive officer Dr Ron Weinberger said the funding would allow the company to develop its device and conduct hospital trials.

The proposed device has potential for use in stroke wards, intensive care units, ambulances and remote locations providing decision support and monitoring to patients.

It is a novel advancement over stationary and complex stroke imaging technologies such as CT and MRI which are reliant on the patient being physically relocated to radiology departments.

‘Attractive proposition for the healthcare industry’

Weinberger said: “Device safety and efficacy will be demonstrated in a clinical environment.

“Despite recent advances in life-saving treatments for acute stroke, only a fraction of stroke patients qualify for intervention because they do not present and have their condition diagnosed early enough.

“This is why reducing the time of diagnosis and treatment makes our brain scanner an attractive proposition for the healthcare industry.”

Key relationships

EMvision was awarded a $2.6 million Cooperative Research Centre project grant from the Australian Federal Government in late 2017.

Through the grant process, the company has established key academic, clinical and industry relationships that will assist in the development and commercialisation of the scanning technology.

The relationships include GE Healthcare, the US$19 billion healthcare business of GE (NYSE:GE), the University of Queensland and the Queensland Government Metro South Hospital and Health Service, operating out of Princess Alexandra Hospital.

These partners have committed to provide a further $910,000 in grant funding to EMvision.

Weinberger added: “We are excited to be working closely with these groups who share our passion and commitment to developing a ground-breaking solution for medical professionals.

“We aim to quickly identify and monitor stroke and reduce hospital costs and strain stroke causes on our healthcare system.”

Pilot clinical trial

Following receipt of positive safety data from the ongoing healthy human trials, EMvision will run a pilot clinical trial at Princess Alexandra Hospital to collect data from patients with diagnosed ischaemic and haemorrhagic stroke, with confirmatory CT or MIRI images.

The pilot clinical trial is anticipated to start in the second half of next year.

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