Medical device company focused on the development and commercialisation of medical imaging technology EMVision Medical Devices Limited (ASX:EMV) has signed the binding Funding Agreement with the Department of Industry, Science and Resources for EMVision’s previously announced Modern Manufacturing Initiative (MMI) grant award.
EMVision was awarded $5 million in non-dilutive funding under the Federal Government’s Modern Manufacturing Initiative Medical Products Manufacturing Translation Stream to establish commercial production of EMVision’s 1st Gen portable brain scanner product.
This includes supporting quality systems, engineering personnel, equipment, tooling, production line fit out for in-house manufacture and other relevant eligible expenditure planned to transition to commercial production. Additional project expenditure will be funded by EMVision’s current and future cash reserves.
An initial upfront $2 million payment has been triggered with execution of the Funding Agreement. The grant will facilitate the verification and manufacture of EMVision’s 1st Generation portable, non-invasive, and non- ionising Brain Scanner.
Payments are subject to satisfactory progress on the project and compliance with EMVision’s obligations under the Agreement.
We are grateful for the support of the Department of Industry, Science and Resources to enable EMVision to manufacture our world-first product locally. This grant will support the commercialisation of our 1st Gen brain scanner and is consistent with our non-dilutive funding strategy,” CEO, Dr Ron Weinberger, said.