TrivarX (ASX:TRI) has halted its Australian shares ahead of a share placement moments after announcing a deal with the US Dept of Veterans Affairs (VA) working towards an “innovative” mental health clinical trial.
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That trial will use TrivarX’s “mental health screening algorithm which uses only heart rate” in a bid to identify major depressive episodes while trial participants are sleeping.
The ‘algorithm’ in question is applied to typical ECG machines which monitor heart rate. In essence, TrivarX is a software company.
The 12-week trial will cover 60 participants with approval from VA co-regulators expected in the “upcoming weeks.” TrivarX reported on Thursday that its algorithm “showed sensitivity of 87%.”
The Greater L.A. Research and Education Foundation will also be instrumental. But more to the point: At the end of the December quarter, TrivarX only had $808,000 in cash.
Given it’s really a software company, it’s probably not facing any huge costs from the trial, but clearly is gearing up to prepare for that exercise – and likely hoping the prominence of a trial with the USA’s VA might drive some interest.
Of some obstacle might be the illiquidity the stock struggles with.
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“Working at trial sites with an industry leader in Dr Jennifer Martin as lead investigator, we look forward to initiating patient recruitment and advancing the clinical pathway for what is an exciting new application of the Company’s technology,” TrivarX non-executive Chair David Trimboli said.
“We are pleased to confirm this partnership with an organisation of the calibre of the US Department of Veterans Affairs.” No kidding.
TRI last traded at 1.5cps.
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