Perth, Australia & Malta – 4:10pm 4 November 2016 – Developer of quality medical solutions in the neuroscience space, Neurotech International Limited (ASX:NTI), has closed its first day trading on the Australian Securities Exchange (ASX) at $0.285 per share, a 42.5% premium to its $0.20 issue price.
The price gives the company a market capitalisation of $25.1m after it raised $7m in its initial public offering (IPO) via the issue of 35m new shares at A$0.20 per share.
Neurotech provides regulated medical solutions for the management of neurological disorders including autism spectrum disorder (ASD), epilepsy, anxiety and depression.
Neurotech’s first key product is Mente Autism, a clinical-quality EEG device that uses neurofeedback technology to help children with ASD. Designed for home use, Mente Autism helps relax the minds of children on the spectrum which in turns helps them to focus better and engage positively with their environment.
Developed by Neurotech’s Malta-based subsidiary AAT Research, Mente Autism’s unique technology creates “tailor-made” sonified neurofeedback for the children who use it. It also enables authorised medical professionals to monitor progress remotely.
Mente Autism is the third iteration of the Mente system and enhances the quality and accuracy of the therapy whilst providing greater freedom of movement to the user.
In late September 2016 Neurotech received CE Marking for Mente Autism, which shows that the product complies with European health, safety and environmental protection legislation. This enables Mente Autism to be launched and marketed in Europe and other existing markets. Preparatory marketing efforts are currently underway and manufacturing has commenced on first batches.
In addition, Neurotech is progressing a clinical trial for Mente Autism in the United States, a continuation of a successfully published pilot study, following which the company would seek to apply for FDA clearance for the device. This would enable Neurotech to make further claims as to the efficacy of Mente Autism, and enable Neurotech to start the process for having Mente Autism included within US health insurance coverage.
“With the underlying platform technology Neurotech possesses we believe there is opportunity for the company to build a range of independently certified medical devices, targeting the US$169 billion medical neurotechnology and US$12 billion medical home-based device markets[1],” Neurotech’s CEO Wolfgang Storf said.
“The Mente system has proven its effectiveness in managing autism, with initial sales through Europe and the Middle East, and we look forward to building upon this success. A public listing on the Australian Securities Exchange is an outstanding achievement for Neurotech and the team at AAT Research and provides the organisation with access to a proven capital market.”
Proceeds raised in the IPO will fund sales and marketing initiatives for Mente Autism, research and development, a US clinical trial and other working capital as required. Neurotech recently established a key distribution agreement for Mente Autism in Italy for the purchase of a minimum of 8,700 units over the next three years. The product is being endorsed by ANGSA, the largest autism support group for families in Italy.
Plans are in place to extend the availability of Mente Autism through other European nations, North America and Australia over the coming two years.
In addition to Mr Storf, the board of Neurotech includes founder and key developer of the Mente technology Dr Adrian Attard Trevisan as well as former IBM executive and software expert Peter Griffiths. The board will be chaired by funds management veteran Peter O’Connor, also a non-executive director of Northern Star Resources.
Based in Malta, Neurotech was founded by Dr Attard Trevisan, who is the company’s Chief Scientific Officer. Dr Attard Trevisan holds two PhDs, one in Human Physiology and another in Neurosciences, a Masters in Engineering and Audiological Sciences and is a Research Fellow of the University of Cambridge.
Dr Attard Trevisan said: “I was inspired to use my skills as a neuroscientist and develop this technology by a friend’s child who suffered from Asperger’s syndrome, and I’m very proud to have been able to bring the company to this point in the time since. Clinical quality, home-based medical devices hold a huge opportunity both from an economic and health care perspective. This is particularly true of ASD children, given their strong preference for familiar surroundings such as the home. Neurotech is very well positioned to be a leader in this area across various neurological disorders.”
Advisory firm Azure Capital Limited was the sole lead manager for the equity raising and IPO.
For more information about Neurotech and Mente Autism please visit:
http://www.neurotechinternational.com.
http://www.mentetech.com.
About Neurotech
Neurotech International Limited is a medical device and solutions company incorporated in Australia and operating through its wholly-owned, Malta-based subsidiary AAT Research Limited. Neurotech’s primary mission is to improve the lives of people with neurological conditions, with a vision of becoming the global leader in home-use and clinical neurotechnology solutions that are both accessible and affordable. Through flagship device Mente Autism and its associated platform, Neurotech is focused on the development and commercialisation of technological solutions for the diagnosis and treatment of such conditions, starting with autism. For more information, visit: http://www.neurotechinternational.com.
