- PainChek (PCK) has successfully raised $10 million via a placement
- The healthcare company offered new shares to sophisticated and professional investors at a discounted price of 11 cents each
- The funds raised through the placement will be towards the international expansion plan of its PainChek product in the U.S. and U.K.
- The company has created an app which measures pain in non-verbal patients, such as those with dementia
- PainChek shares are trading for 13 cents each
Healthtech company PainChek (PCK) has successfully completed a recent capital raise, walking away with an additional $10 million in equity from the placement.
The company first announced the capital raise on August 7, revealing new shares would be offered to sophisticated and professional investors for 11 cents each.
That represents a 15.4 per cent discount to PainChek’s last closing price of 13 cents per share on August 6.
PainChek CEO, Philip Daffas, said the placement was well support by both new and existing investors.
“We are very pleased to welcome a number of high-quality institutional investors onto the register and appreciate the ongoing support from our existing shareholders,” Philip said.
The CEO also revealed the funds from the placement would be spent on progressing the company’s international expansion plan.
“With this additional funding, we will push forward with our plans to expand the PainChek dementia offering into aged care in our current and new geographies, while also developing on our significant opportunities in the home care, hospital and children’s markets,” Philip continued.
The company’s PainChek app works to measure pain by recognising facial muscle movements which indicate pain. It can be used in non-verbal patients such as those with dementia.
PainChek estimates there is potential to earn $100 million in the U.S. and U.K. markets from its aged care app, and an additional $900 million from at-home patients under a subscription model.
The company recently ended its June quarter with a total of 61,571 aged care beds licensed to use its technology, representing a 481 per cent increases year-on-year.
Shares in PainChek opened the day trading for 13 cents each on August 11.