BlinkLab (ASX:BB1) has traded up as much as 50 per cent on listing on the ASX this morning, breaking the ASX IPO drought.
BlinkLab is developing Princeton University-originated technology that uses an AI-driven smartphone app to screen for autism and ADHD.
The company raised $7 million with 20 cent shares through the IPO process.
BlinkLab’s development is being led by chair Brian Leedman – a founder of ResApp Health – the cough analysis app sold to Pfizer two years ago for $179 million.
He said he was happy to see the stock trading up on debut.
“It’s always good to be in the black on day one,” he said.
“This is just day one of a journey that we’re looking forward to going along with our shareholders.”
The BlinkLab technology now needs US Food and Drug Administration approval. There are no safety concerns to worry about, so the company it just has to prove the app’s efficacy.
There have been eight trials to date, including as far away as Morocco and Ecuador, and demonstrated sensitivity of 85% and specificity of 84%, suggesting higher accuracy than with existing FDA-approved products.
Mr Leedman said the tech could vastly improve patient outcomes because it could fast-track detection of Autism and ADHD in children as young as 18 months. Traditional diagnosis often only begins at age 5.
BlinkLab’s FDA trial will recruit up to 500 people. It plans to complete the study by mid-next year with the aim of gaining FDA approvals by 2026. The neurometric testing technology is also being developed and studied for its efficacy in screening for schizophrenia and forms of dementia.
BB1 was last trading at 25 cents.