- PainChek (PCK) is set to receive a $1.25 million cash injection from the Department of Health after reaching a quota of approved dementia category beds
- The payment has been triggered as part of a Federal Government grant, with PCK reporting 82,982 dementia-specific beds
- The ASX-lister says its agreements cover roughly 60 per cent of the Australian aged care bed market
- The payment is set to be receivable as of June 2021 and recognised as Government-funded revenue in FY22
- PainChek shares are trading in the grey at 6 cents per share
PainChek (PCK) is set to receive a $1.25 million cash injection from the Department of Health after reaching a quota of approved dementia category beds.
The company announced 82,982 of its 27,000 licensed Australian Residential Aged Care approved beds qualified for the dementia-specific category, triggering funding as part of a Federal Government grant.
PainChek said dementia-specific bed numbers are projected to result in a $1.25 million payment, which entails full payment of the third tranche of the grant and partial payment of the fourth tranche.
The payment is set to be receivable as of June 2021 and recognised as Government-funded revenue in FY22.
Broadly, the company said its licensed agreements now cover more than 435 Residential Aged Care providers that operate 1601 Residential Aged care facilities, representing 60 per cent of the Australian aged care bed market.
PainChek Chief Executive Officer Philip Dafa said a number of Australian aged care providers and facilities were reporting positive clinical benefits of PainChek.
“We set out to accelerate PainChek’s application into Residential Aged Care and to help improve the care for those people living with dementia – both goals are on track to be achieved,” he said.
“We take this opportunity to thank the Federal Government and Department of Health for their support in this process.”
PainChek shares are trading in the grey at 6 cents per share at 10:56 am AEST.