11/05/2015 - 14:12

Narhex asks investors to cough up $4m

11/05/2015 - 14:12

Bookmark

Upgrade your subscription to use this feature.

Narhex Life Sciences has launched a $4 million capital raising to support development of a phone app that can diagnose illness by analysing the sound of a cough.

Narhex asks investors to cough up $4m
ResApp has developed an app that can diagnose what's causing a cough.

Narhex Life Sciences has launched a $4 million capital raising to support development of a phone app that can diagnose illness by analysing the sound of a cough.

Director of Perth-based biotech company ResApp Diagnostics, Brian Leedman, told Business News the capital raising, if fully subscribed, would value ResApp at $11 million through a backdoor listing with Narhex Life Sciences.

Narhex, which is chaired by Trident Capital director Adam Sierakowski, has released a prospectus offering 200 million shares on a post-consolidation basis at 2 cents each.

It needs to raise at least $2.5 million and is seeking to raise up to $4 million.

The public offer has not been underwritten.

ResApp has established clinical proof-of-concept for the app through a trial on 91 people carried out at the University of Queensland using funding from the Bill and Melinda Gates Foundation.

That trial resulted in a 96 per cent accuracy rate in diagnosing pneumonia based on the smartphone analysis of coughs. ResApp intends to expand further trials to include bronchitis, chronic obstructive pulmonary disease (including emphysema) and asthma.

A new trial of 150 people is being carried out at the Joondalup Heath Campus. 

Mr Leedman, who attended a recent road show in which ResApp visited about 15 stockbroking firms on the east coast, said he expected high net worth individuals and stockbroking firms would invest. 

“It’s a tech play but also health care, so it’s in the right place,” he said.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options