29/04/2021 - 16:43

InteliCare cashes up to affect national roll-out

29/04/2021 - 16:43

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ASX-listed health care company, InteliCare is topping up its coffers to the tune of $2.5 million through a recent placement with the funds set to be put to work to accelerate the roll out of its range of innovative healthcare products across the country. The company has received firm commitments from a slew of investors and will boast an enviable cash balance of more than $4.3 million once its placement is completed.

InteliCare’s flagship product line. Credit: File

ASX-listed health care company, InteliCare is topping up its coffers to the tune of $2.5 million through a recent placement with the funds set to be put to work to accelerate the roll out of its range of innovative healthcare products across the country. The company has received firm commitments from a slew of investors and will boast an enviable cash balance of more than $4.3 million once its placement is completed, which it will utilise to ramp up the promotion of its technology.

The company will place 9,615,385 shares to a cohort of new and existing sophisticated and institutional investors, with the stock being issued at $0.26 per share, representing a 7 per cent discount to yesterdays closing price of $0.28. The new InteliCare stock will also come with a free attaching option for every two shares purchased through the placement. The option is valid for three years and is exercisable at $0.50, potentially delivering an additional $2.45 million into the company’s back-pocket in the years ahead.

InteliCare Managing Director, Jason Waller said:  “The Company is encouraged by the strong demand from new and existing sophisticated and institutional investors, demonstrating the market’s belief in InteliCare’s journey to date and the exciting new phase in our commercialisation. This raising along with existing cash reserves, place the Company in a solid position to expand national consumer campaigns and commercial sales teams. We are positioning to capture the growing tailwinds arising from the Aged Care Royal Commission and expected flow-on to federal budgets. This is a pivotal time in Australia’s aged/disability care evolution."

The company has earmarked the new funding to ramp up its national marketing campaign, which includes television, radio and digital advertising in addition to expanding its national sales team and implementing an aggressive growth strategy.

InteliCare’s product range is based around a technology platform that utilises artificial intelligence to allow seniors and people with disabilities to continue to live at home independently.

The company’s flagship InteliLiving hardware uses movement sensors around the home to monitor a resident’s activity, effectively learning the individual’s daily routine. If the system deems the resident’s activity to be normal, the individual’s carer receives a message to that effect. In the event that these “smart sensors” detect irregular movements, or a lack of activity, an alert is immediately sent to the carer’s smartphone, or another device, allowing them to take the appropriate action.

The InteliCare Pro system is an expansion of the InteliLiving product and uses a dashboard system to monitor multiple patients – a product that is particularly useful in hospitals, clinics and aged care facilities. The networked system allows the user to deploy the appropriate services to various individuals, providing targeted care and assisting to those that need it most. InteliCare Pro is designed to assist in preventing the unnecessary duplication of services and call-outs,  reducing costs and improving the health and welfare of residents and patients.

Tech companies that need scale to be successful have to spend money on marketing – whether it is through the employment of sales teams of mainstream media advertising.

Well-funded and well-constructed campaigns can make a material difference to the fundamentals of a tech company looking to scale up and the market will no doubt be watching closely to monitor the impact of InteliCare’s impending and sizeable marketing spend.

 

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au

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