Investors warm to tech firms

10/11/2015 - 15:02

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Shares in recently listed companies Norwood Systems and ResApp Health have surged in recent weeks as investors warm to the wave of tech companies completing reverse takeovers.

Investors warm to tech firms
Norwood Systems chief executive Paul Ostergaard.

Shares in recently listed companies Norwood Systems and ResApp Health have surged in recent weeks as investors warm to the wave of tech companies completing reverse takeovers.

Norwood shares closed 25 per cent higher at 11.5 cents per share today, which is about 167 per cent higher than trades just a week ago.

ResApp shares were 15.3 per cent higher to 9 cents each, about 181 per cent better than where they were trading in mid-October.

Both companies completed capital raisings at 2 cents per share prior to listing on the ASX this year.

Norwood announced last week it had significant revenues flowing from developed markets, with 60 per cent in the past week of October coming from Eurpean and North American iTunes account holders.

The telecommunications company said revenues from its ‘world phone’ technology were equivalent to a run-rate of over $900,000 per annum.

Founder and chief executive Paul Ostergaard said it was a massive achievement.

“We have launched a brand new global voice service and in just three months have scaled it up reliably and cost-effectively, gaining strong traction across all geographies, and have done so using a highly efficient marketing strategy,” he said.

Meanwhile, smartphone medical applications company ResApp announced today that its paediatric clinical study under way at Joondalup Health Campus and Princess Margaret Hospital had delivered positive preliminary results.

The results expand the ResApp platform, which uses smartphone technology to diagnose and manage respiratory disease, to diagnose bronchiolitis, croup and upper respiratory tract infection at high levels of accuracy.

Paediatric emergency physician at Princess Margaret Hospital and clinical adviser to ResApp, Paul Porter, said the results demonstrated the potential to accurately differentially diagnose respiratory disease in children in a novel way with meaningful consequences for selecting the right treatment option.

ResApp managing director Tony Keating said the data represented a significant step forward in the development of a complete respiratory disease diagnostic tool.

“These results demonstrate the power of the platform,” he said.

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