PainChek (ASX:PCK) taps investors for $3.55m

• PainChek (PCK) secures firm commitments to raise $3.55 million through a share placement
• The company will issue 131.5 million fully paid ordinary shares at 27 cents each, a 3.6 per cent discount to the company’s last traded price on Monday
• The funding will support product commercialisation and US FDA submission of the company’s De Novo regulatory clearance application
• Funds will also support future operations and working capital requirements
• PCK shares are up 12.5 per cent, trading at 3.2 cents at 1:24 pm AEST

PainChek (PCK), the world’s first smartphone-based pain assessment developer, has secured firm commitments to raise $3.55 million through a share placement.

The company announced the issuance of 131.5 million fully paid ordinary shares at 27 cents each, representing a 3.6 per cent discount to the company’s last traded price on Monday.

The fresh funds are intended to support the ongoing international commercialisation of PainChek’s adult aged care app for the hospital and homecare sector, as well as to commercialise its Infant app, which includes novel vocalisation technology.

The placement will also facilitate submission to the US Food and Drug Administration (FDA) for the company’s De Novo regulatory clearance application, allowing it to complete core technology upgrades and obtain ISO27001 certification.

These funds will support future operations, working capital requirements, and the company’s commercialisation strategies.

The placement shares will be issued in two tranches, with the first offering 105 million shares to raise $2.83 million, and the second tranche issuing 26.5 million new shares for $720,000.

The remaining funds have been covered by $500,000 worth of contractual commitments and commitments from company Directors, totalling approximately $216,000.

The director placement is part of tranche two and is subject to shareholder approval at the upcoming AGM.

PCK shares were up 12.5 per cent, trading at 3.2 cents at 1:24 pm AEST.