26/11/2021 - 15:00

Artrya rises on ASX debut

26/11/2021 - 15:00

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Local medtech Artrya has listed on the stock exchange, having earlier raised $40 million through an IPO to help commercialise its cardiac imaging software.

Artrya rises on ASX debut
Artrya co-founders John Barrington (left) and John Konstantopoulos. Photo: Artrya

Local medtech Artrya has listed on the stock exchange, having earlier raised $40 million through an initial public offering to help commercialise its cardiac imaging software.

The Crawley-based company, which is focused on the detection and treatment of coronary artery disease, closed at $1.53 a share this afternoon, up 13 per cent on its offer price.

Bell Potter Securities was lead manager to the IPO.

The proceeds are intended to fund the commercialisation of Artyra’s software products, which aim to assist clinicians in identifying and managing patients at risk of a heart attack.

Its products are Salix Coronary Anatomy (SCA), registered with the Therapeutic Goods Administration in November last year, and Salix Coronary Flow (SCF), which is still under development.

Market pilots of the SCA software are underway in Australia, with Artrya expecting some of those programs to progress to commercial use in the first half of 2022.

The company is also working to expand into other markets, having recently been recognised as one of the UK Health Services’ preferred suppliers of AI software.

Managing director John Barrington, who co-founded in the business in 2018 with fellow director John Konstantopoulos, said Artrya received strong support during the IPO process.

“This float will assist the company in pursuing further growth in the US, UK, Canada, and Europe,” he told the market.

“We are keenly focused on product development and market entry strategies to ensure our shareholders are rewarded for their belief in an innovative Australian business.”

Mr Barrington emerged as the company's biggest shareholder, with a 9.6 per cent shareholding, followed by Mr Konstantopoulos (9 per cent).

Chairman Bernie Ridgeway owns 2 per cent of the company's issued capital.

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