EchoIQ secures $110m placement to accelerate AI cardiac diagnostics
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The news: Medical technology company EchoIQ has secured firm commitments to raise approximately $110 million through an institutional placement backed by existing shareholders and new domestic and international investors.
The context: The placement will result in the issuance of 75.9 million new shares at an offer price of $1.45, amounting to 11.5% of the company’s current issued capital.
EchoIQ stated that the proceeds will be used to strengthen its balance sheet, expand the commercial rollout of its AI-embedded cardiovascular platform EchoSolv across the US, and fund ongoing product developments.
This follows a partnership with Pro Medicus earlier last month, which included a binding agreement for a $20 million convertible note investment and positioning Pro Medicus as a primary US reseller of the EchoSolv medical image analysis platform.
What they said: “Beyond commercial execution, our strengthened balance sheet is expected to enable us to accelerate development of our broader cardiovascular AI platform,” CEO Dustin Haines said.
“We also see opportunities to leverage the clinical, technical and commercial foundations that we have established to look to expand our product portfolio and create additional long-term value,” he added.
The source: ASX
