Predictmedix Inc said it has closed the first tranche of a non-brokered private placement, issuing 8,300,000 units at a price of $0.05 per unit for gross proceeds of $415,000.
The company said net proceeds from the first tranche will be used for general operations (working capital) including business development and technology upgrades.
Each unit in the private placement consists of one common share of the company and one-half of one common share purchase warrant, whereby each whole warrant entitles the holder to purchase one additional common share for a period of two years from closing at an exercise price of $0.10 per share.
READ: Predictmedix launches Safe Entry Station as Fit for Duty screening solution at Electra Mining Africa and US NSC's Congress and Expo
All securities issued in connection with the first tranche are subject to a statutory hold period expiring four months and one day from the date of issuance of the securities.
Predictmedix also noted that it recently released its accuracy rates for identifying respiration rate, heart rate, and core body temperature as part of its Fit for Duty screening solutions which together not only identify symptoms of infectious diseases but also parameters pertaining to fatigue detection. Additionally, the company announced accuracy rates for impairment detection in January. With the exceptional results from recent clinical trials, Predictmedix is advancing towards commercialization of its Fit for Duty screening solutions.
As part of the validation process of Predictmedix's Safe Entry technology, the company said, manuscripts are being prepared and finalized for submission for peer review. The process of peer review is expected to take up to 90 days, and upon completion of review, Predictmedix is expected to have its technology and recent studies validated so that the next phase of commercialization can ensue.
As the company works to commercializing its Fit for Duty screening solutions, its resellers and partners are making significant progress in their advanced sales pipelines as well as forging partnerships with major Safety and Risk Management Corporations in North American along with several other jurisdictions.
The company is set to debut and showcase Safe Entry's Fit for Duty to key industry executives in multiple upcoming conferences. Additionally, demo units are currently being sent to large potential clients and potential partners for scaling up Predictmedix's solutions in North America as well as international jurisdictions.
In a statement, Dr Rahul Kushwah, interim chief executive officer at Predictmedix commented: "The progress that we've made with the technology of our Fit for Duty screening solutions has propelled us into solving very important issues for corporations across many industries around the world. We believe Safe Entry's Fit for Duty can transform the way companies around the world maintains its people's productivity, wellness, health, and safety in an innovative and proven way.
"Lastly, we are thankful for all parties that have been involved in our success so far - our team, our partners, and our shareholders. As we commercialize Safe Entry's Fit for Duty screening solutions, we look forward to creating long-term value for our shareholders and we hope and encourage you continue to be a part of our story."
Predictmedix is an emerging provider of rapid health screening and remote patient care solutions globally. The company's Safe Entry stations - powered by a proprietary artificial intelligence (AI) - use multispectral cameras to analyze physiological data patterns and predict a variety of health issues including infectious diseases such as COVID-19, impairment by drugs or alcohol, or various mental illnesses.
Predictmedix's proprietary remote patient care platform empowers medical professionals with a suite of AI-powered tools to improve patient health outcomes.
Contact the author at jon.hopkins@proactiveinvestors.com