Yahoo Finance EMVision Sets Sight on US With US$10M Keysight Investment
Following a long-standing relationship, Keysight Technologies has acquired a strategic equity stake in EMVision, providing the Aussie Medtech with a fully funded path to market
SYDNEY, February 28, 2024--(BUSINESS WIRE)--EMVision, an Australian medical device company focused on developing innovative portable brain imaging technology, has announced a US$10 million (~A$15.28m) strategic investment from Keysight Technologies, a global leader in test and measurement technology.
The investment provides EMVision with a fully funded commercial runway for its emu™ device. It accelerates clinical trials, generating essential data supporting the upcoming regulatory approval pathway and adoption in the world’s largest healthcare market. The new capital will also increase the company's production capacity for additional emu™ devices to be used in expanded clinical trials, including leading stroke centres in the United States.
With a market capitalisation of approximately US$26 billion, the deal marks Keysight’s first investment globally in enabling innovation in point-of-care medical imaging, demonstrating its strong support for the clinical and commercial value of EMVision's innovative neuroimaging technology.
Portable brain imaging for improved patient care
EMVision's emu™ brain scanner is a pioneering advancement in stroke care, intended to provide rapid diagnostic imaging to accelerate the delivery of urgent, life-saving care, particularly in settings where traditional imaging modalities such as CT and MRI are not readily available.
The device is operated at the point of care, with a simple cap placed on the patient's head for quick scans and image generation. It couples safe, ultra-high frequency radio signals with powerful Artificial Intelligence to produce rapid insights directly at the patient’s bedside.
emu™ can be operated by any healthcare professional with minimal training. Targeted for use in intensive care units, stroke and neurology wards, and rural emergency departments, emu™ has the potential to improve survival rates and quality of life after stroke and other neurological events requiring urgent intervention.
The investment follows an original equipment manufacturer (OEM) supply partnership entered into by both companies in 2022, whereby EMVision secured exclusivity in the neuroimaging field for the VNA "fast sweep" feature. This component acts as the ‘brain’ of all EMVision devices, giving the company a substantial competitive advantage.
Scott Kirkland, Founder and CEO at EMVision, said, "Keysight's investment is an endorsement of our mission to improve global stroke outcomes and we're thrilled to embark on this next phase of growth together. Their commitment to being at the frontline of innovation aligns perfectly with EMVision's progress towards making ubiquitous portable brain imaging a reality."
Huei Sin, Keysight Technologies President, Electronic Industrial Solutions Group, said, "We are delighted to strengthen our relationship with EMVision as we forge ahead in pioneering ground-breaking advancements in medical imaging technology. Keysight's technology leadership, particularly our industry-leading data acquisition speeds, alongside EMVision's brain scanning innovation, strategically positions our companies to spearhead significant developments in cutting-edge imaging solutions."
EMVision is also developing a first responder device. The backpack-sized scanners will weigh less than 10 kilograms and are intended for deployment via road and air ambulances. It would allow paramedics to scan and send images to specialists from the site of a suspected stroke, meaning patients could be diagnosed and treated more quickly than has previously been possible. Market entry for the emu™ device is planned for next year, with the first responder device to follow.
Under the agreement, Keysight will be issued 7,454,231 new ordinary shares in EMVision at A$2.05 per share to acquire an 8.73% shareholding in EMVision. The agreement and issue of shares to Keysight, which will occur with EMVision's existing Listing Rule 7.1 headroom without the need for shareholder approval, is expected to be completed in the next two days.
The emu™️ and the first responder device are neither available for sale nor evaluated by the FDA or other global regulators. The devices may only be used by authorized sites in controlled clinical investigations.
Full details of the announcement can be found at https://emvision.com.au/investors/
About EMVision
EMVision Medical Devices Limited (ASX:EMV) is an innovative Australian medical device company developing a novel approach to looking inside the human body. Our product pipeline includes portable, non-invasive, affordable and safe neuroimaging devices. Our vision is to help transform and improve the timely diagnosis and treatment of stroke and other time-sensitive medical emergencies at the point of care. EMVision has offices in Sydney and Brisbane www.emvisionmedical.com
About Keysight Technologies
At Keysight (NYSE: KEYS), we inspire and empower innovators to bring world-changing technologies to life. As an S&P 500 company, we're delivering market-leading design, emulation, and test solutions to help engineers develop and deploy faster, with less risk, throughout the entire product lifecycle. We're a global innovation leader enabling customers in communications, industrial automation, aerospace and defence, automotive, semiconductor, and general electronics markets to accelerate innovation to connect and secure the world. Learn more at Keysight Newsroom and www.keysight.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240229013803/en/
Contacts
For further information, media or investor enquiries:
Dejan Toracki
Head of Investor Relations
+61 409 340 641
dtoracki@emvision.com.au
Sling & Stone
Media and Communications
+61 2 8073 5390
emvision@slingstone.com
Scott Kirkland
CEO and Managing Director
+61 2 8667 5337
skirkland@emvision.com.au
