- Echo IQ (EIQ) is selected as one of five for inclusion in the 2022 HeartX Accelerator program which helps fast-track the deployment of new cardiovascular innovations
- Participation in HeartX will provide Echo IQ with guaranteed hospital pilot projects and clinical trials within an established network of seven of the largest healthcare providers
- According to Echo IQ, the ability to rapidly engage gives the company the opportunity to accelerate US commercialisation
- Further, securing a place also provided the company with an additional US$150,000 (A$240,000) in equity funding
- Shares in Echo IQ end the day in the grey with shares trading at 16.5 cents
Echo IQ (EIQ) has been selected as one of five for inclusion in the 2022 HeartX Accelerator Program which helps fast-track the deployment of new cardiovascular innovations.
The company will be joining innovators in cardiac technology from Sweden, South Korea and the US in its maiden participation in a US accelerator.
Participation in HeartX will provide Echo IQ with guaranteed hospital pilot projects and clinical trials within an established network of seven of the largest healthcare providers in the state.
Further, securing a place also provided the company with an additional US$150,000 (A$240,000) in equity funding.
According to Echo IQ, the ability to rapidly engage gives it the opportunity to accelerate US commercialisation in a collaborative yet cost-effective manner and add greater support to the company’s equity funding.
Executive Chair Andrew Grover said being selected is an “enormous vote of confidence” in the potential of the company’s technology and lends further validation to their approach.
“Our strategic intent is clear, and the additional capital funding we are announcing is designed to ensure Echo IQ is able to deploy at pace,” he said.
“We see significant opportunities to deliver life-enhancing solutions to the healthcare sector in this dynamic space and thank HeartX for the opportunity to participate in this important innovation initiative.”
Echo IQ confirmed commercial momentum is gathering pace and funding for the accelerated US expansion is substantially supported by a $3.5 million capital fundraising where it secured around 23 million shares at 15 cents a share.
Shares in Echo IQ ended the day in the grey to close at 16.5 cents.