Emerald Clinics Ltd (ASX:EMD) has raised $2.2 million via the placement of shares at 8 cents each to fund the expansion of its clinical services, research and development and business development opportunities.
The company’s share placement received strong demand from a combination of new and existing institutional and sophisticated investors in Australia and international markets.
Emerald is focussed on generating real-world evidence using its network of specialist medical clinics and purpose-built, remote patient monitoring software and technology.
The company believes the infusion of new capital will add momentum to its business, buoyed by record monthly sales in July and signing of a major data deal in the UK.
“New capital will add to our momentum”
Emerald CEO Michael Winlo said: “We’re appreciative of the strong response to this capital raising as investors see the recent progress the business has made and its potential.
“Coming off a record month in July and a major data deal in the UK, the injection of new capital will add to our momentum as we pursue various near-term commercial opportunities.”
Name change
Emerald has announced its intention to change its name to Emyria Limited, pending shareholder approval at a general meeting to be held on September 18, 2020.