EMVision (ASX:EMV) backed by NSW Medical Devices Fund with $2.5m grant

• EMVision Medical Devices (EMV) is set to pocket a $2.5 million grant from the New South Wales Medical Devices Fund
• The fund supports the development of innovations to market and increases the uptake of NSW medical devices by the health system
• EMV will receive the funds in a lump sum, with the money to go towards clinical studies, and repay the grant upon reaching a positive EBITDA
• CEO Ron Weinberger says the grant is a recognition of EMV’s unique technology and the potential to revolutionise stroke imaging and treatment
• Company shares are up 6.6 per cent and trading at $1.70 at 10:22 am AEDT

EMVision Medical Devices (EMV) has been awarded a $2.5 million grant from the New South Wales Medical Devices Fund.

The Fund was established in 2012 to provide support to individuals, companies, hospitals, medical research institutes and universities to take innovations to market and increase the uptake of locally-developed medical devices by the health system.

Moreover, the support from the NSW Medical Devices Fund includes connectivity and access to the broader healthcare system in the state.

This year’s grant recipients were selected by an independent expert panel, chaired by Chief Scientist and Engineer Professor Durrant-Whyte.

EMVision will receive the funds in one lump sum this financial year, with the money to go towards clinical studies.

CEO Ron Weinberger said it was an “honour” to receive the grant given its large number of applicants.

“I believe it is recognition of our unique technology, but more importantly, the understanding by the selection panel of the potential to revolutionise stroke imaging and treatment at the Point-of-Care,” Dr Weinberger said.

EMV said the repayment of the grant will begin upon the company reaching commercial success, defined by a positive earnings before interest, tax, depreciation and amortisation (EBITDA).

The funding documentation is being finalised by EMVision and the NSW Office for Health and Medical Research.

It follows $1.2 million in payments from the Australian Stroke Alliance Medical Research Future Fund grant program, an initial $2 million grant under the $5 million Modern Manufacturing Initiative, and a $2.5 million research and development tax rebate expected this quarter.

All up, EMV anticipates non-dilutive cash funding of at least $8.2 million this quarter.

Company shares are up 6.6 per cent and trading at $1.70 at 10:22 am AEDT.