Neurotech raises $4m for medical device

Medical technology company Neurotech International has tapped investors for $4 million to fund further development of its Mente Autism device.

Perth-based Neurotech, which listed on the ASX last year through a $7 million IPO, raised the funds through the placement of 20 million shares at 20 cents each, representing a 10.5 per cent discount to its five-day volume-weighted average price.

The proceeds will be used to further develop and enhance its Mente Autism product, which uses neurofeedback technology to help children with autism spectrum disorder.

Designed for home use, Mente Autism helps relax the minds of children on the spectrum, which in turn helps them focus better and engage positively with their environment.

“We are entering what we expect to be a pivotal time for Neurotech and the Mente Autism device,” Neurotech chief executive Wolfgang Storf said.

“This will include pursuit of further distributorships, completing of the trial as well as ongoing improvements to the Mente Autism device.”

Neurotech was founded by Adrian Trevisan, who serves as the company’s chief scientific officer.

He is the cousin of Perth-based Simon Trevisan, who is a non-executive director of Neurotech and whose family company, Transcontinental Investments, holds a 6.1 per cent shareholding.

Azure Capital acted as lead manager to the raising.

Shares in Neurotech were 2.3 per cent lower to 21 cents each at 1pm.