- Painchek (PCK) has placed its shares in a trading halt as it gets ready to announce a capital raise
- The company will release full details of the raise in the coming days, with the trading halt to be lifted by August 11
- In the meantime, PainChek ended the June quarter with almost $5.9 million in the bank after burning through over $750,000
- It also recorded strong growth quarter-on-quarter, with a 24 per cent increase in aged care beds signed up to use the company’s technology
- PainChek’s shares last traded for 13 cents per share on August 6
Healthtech company PainChek (PCK) has announced it is gearing up for a capital raise after placing its shares in a trading halt.
The company, who created an app which diagnoses pain, will release full details of the raise in the coming days, with the trading halt to be lifted on August 11.
PainChek ended the June quarter with $5.87 million cash in the bank, after burning through $754,000 in operating costs.
It estimates its cash outflow will total $1.78 million over the next quarter as it ramps up research and development, advertising and marketing, and product manufacturing.
Painchek also recorded some positive growth during the June quarter, increasing the number of beds under licence by 24 per cent quarter-on-quarter.
In total the company now has 61,571 aged care beds signed on to use its technology, representing a 481 per cent increases year-on-year.
Painchek said moving forward, it would be focused on entering the home care market, expanding into the U.S. and into other international markets.
Before today’s trading halt, shares in PainChek were trading for 13 cents per share on August 6.