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PainChek Ltd (ASX:PCK) has raised $5.1 million through a capital raising initiative aiming to boost the market footprint of its adult pain assessment and monitoring application, in addition to ensuring completion of activities to enable the launch of a similar app for infants.
The raising was completed as an Entitlement Offer, with eligible shareholders offered one new fully paid ordinary share for every eight shares held, at an issue price of 2.5 cents, together with one free attaching new option (with an exercise point of five cents) for every new share issued.
Existing shareholders took up 83,786,106 new shares and 83,786,106 new options, with these to be allotted on December 19 and commence trading a day later.
The funds raised will be plugged into the promotion of PainChek’s Adult App and the development of an Infant App. The former will include expansion into aged care and home sectors in the U.K. and Australia-New Zealand markets, and recruitment and set-up activities to enable the Adult App to enter the North American market, once it is cleared by the FDA (U.S. Food and Drug Administration).
In preparation for Infant App’s commercial launch, PainCheck is also completing an Infant Access Program and recruiting key staff for the launch.
Managing director Philip Daffas said the Entitlement Offer was an important step to enable the promotion of the smart-based pain assessment and monitoring applications.
“On behalf of the directors we thank all our existing and new shareholders who participated in the entitlement offer for their continued support,” he said.
“The funds received will enable us to commence USA market entry, commercialisation of Infant App and expansion in existing markets and planned international growth.”
PainChek last traded at 2.7 cents – a rise of 3.85% since market open.
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