- Total Brain has raised $14 million through a placement to fund its sales and business development team along with its core technology
- Total Brain’s platform is designed to measure the user’s brain capacity and screens for potential common mental health conditions
- The neuro-tech company sees the platform as beneficial to employers because the higher a worker’s mental well-being is, the more productive and happy they will be
- The placement was completed at 4.6 cents per share and received significant support from new and existing investors
- Total Brain’s shares have soared 26.7 per cent, with shares trading for 5.7 cents
Total Brain has successfully completed a $14 million placement to fund its sales and business development team and its core technology and product enhancement.
The placement was completed at 4.6 cents per share which represents a 2 per cent premium to the last close of price of 4.5 cents and a 13.9 per cent discount to the 30-day volume-weighted average price.
Total Brain is a Sydney and San Francisco-based company that develops and sells “Total Brain”, its core technology and mental health and fitness platform.
The platform measures the 12 brain capacities that define mental health and screens for the risk of common mental health conditions such as ADHD, depression, addiction and anxiety.
Total Brain sees this platform as beneficial to employers and payers because the higher an employee’s mental well-being is, the more happy and productive they will be.
The capital raising, led by Bell Potter, was supported by a mix of international and Australian institutional investors.
The raising included the issue of 175 million new shares under a private placement and 129 million shares under a conditional placement.
Total Brain’s shares have soared 26.7 per cent, with shares trading for 5.7 cents at 12:45 pm AEDT.