Developers of the world’s first smart phone pain assessment and monitoring device, PainChek, have completed a capital raise to the tune of $4.15 million to accelerate international expansion plans.
PainChek has received firm commitments for approximately 28.6 million shares priced at 14.5 cents per share and 14 million free-attaching options exercisable at 25 cents each and expiring on 30th June 2022.
The technology innovator has confirmed the placement was well supported by a range of current sophisticated PainChek shareholders, including two major shareholders.
The funds prepare PainChek for rapid acceleration, with the group in the initial stages of entering the UK market via a distribution agreement for its Adult App with a leading aged care provider.
Commenting on the cash injection, PainChek CEO Philip Daffas said:
“We are delighted to have secured significant funding from our existing shareholders to support the rapid international expansion of the PainChek business.
“The PainChek® Adult App has evolved from a concept to a clinically validated and regulatory cleared technology that is under annual contract to more than 80 Australian Residential Aged Care Facilities (RAC’s) with more than 30,000 clinical assessments conducted over the past 18 months.”
The additional cash will see PainChek eye further European markets for the Adult App under the CE mark clearance. It will also look to attract new customer segments, including hospitals and direct-to-consumer sales.
Over the next two years the company has said it will also be looking to receive FDA approval for the Adult App to tap the massive US market, as well as complete clinical studies and regulatory clearances for the Children’s App.
The placement closely follows a $5 million grant from the Australian Federal Government, which ensures PainChek is well capitalised into the future.