EMVision shares soar on $15m investment from Keysight Technologies
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The news: Australian medical device company EMVision has announced it has secured a USD10 million ($15.28 million) strategic investment from Keysight Technologies to expand clinical trials and grow its US presence.
The numbers: Under the agreement, NYSE-listed Keysight will be issued 7,454,231 new ordinary shares in ASX-listed EMVision at $2.05 per share to acquire an 8.73% shareholding in EMVision.
The agreement and issue of shares to Keysight — an S&P 500 company and global leader in test and measurement technology — is expected to be completed in the next two days.
EMVision shares rose 11.11% on the ASX in early trading, following the announcement.
The context: EMVision said Keysight's investment provides it with a "fully funded commercial runway" for its emu™ brain scanner, which provides rapid diagnostic imaging to intervene earlier and improve outcomes for stroke patients.
The device, which is slated for release next year, is operated with a cap placed on the patient's head for quick scans and image generation. It pairs ultra-high frequency radio signals with artificial intelligence to produce rapid insights directly at the patient’s bedside.
Keysight's investment is expected to accelerate clinical trials, generate data to support the device's upcoming regulatory approval pathway and adoption in the world’s largest healthcare market. The new capital will also increase the company's production capacity for additional devices to be used in expanded clinical trials, including stroke centres in the US.
The deal marks Keysight's first investment globally in enabling point-of-care medical imaging, and follows a supply partnership entered into by both companies in 2022, whereby EMVision secured exclusivity in the neuroimaging field for the VNA "fast sweep" feature, which acts as the "brain" of all EMVision devices.
What they said: EMVision's founder and CEO Scott Kirkland said: “Keysight's investment is an endorsement of our mission to improve global stroke outcomes and we're thrilled to embark on this next phase of growth together," he said.
"Their commitment to being at the frontline of innovation aligns perfectly with EMVision's progress towards making ubiquitous portable brain imaging a reality.”
The source: EMVision media release
