CurveBeam AI launches $25m IPO to advance global medical imaging opportunities
Medical imaging technologies developer CurveBeam AI is set to list on the Australian Securities Exchange as part of a $25 million initial public offering.
The company will seek to issue a total of 52.08 million new shares at a price of $0.48 per share, giving it an indicative market capitalisation of $153.7 million on the first day of trade.
Senior management has already committed to a combined investment of $1.5 million as part of the IPO.
Funds from the IPO will be used to invest in expanded sales and marketing; continued research and development into computerised tomography (CT) and artificial intelligence (AI) imaging; and clinical trials for new products.
Attracting investors
Chief executive officer Greg Brown hoped the listing process would attract significant investors.
“We believe our company holds the potential of advancing care in orthopaedics and bone health around the world and [we know] this vision is shared by a range of institutional investors who continue to back the business,” he said.
“We have first-to-market, proprietary technologies servicing a CT market estimated at approximately $10 billion and a bone health addressable market of $4 billion… we are eager to execute our business plan and deliver value back to our supportive existing and new shareholders.”
Bell Potter Securities and Lodge Corporate have been appointed joint lead managers for the IPO, which is being fully underwritten by Bell Potter Securities.
CurveBeam AI will trade under the ASX ticker code “CVB”.
Specialised scanners
Established in 2022, CurveBeam AI develops, manufactures and sells a range of specialised medical imaging scanners to support the clinical assessment and management of musculoskeletal health conditions.
The company combines market-leading, point-of-care diagnostic cone beam CT imaging solutions with AI and deep learning AI (DLAI) expertise to deliver solutions across specific markets including orthopaedic and bone health (fragility fracture prevention).
Its flagship product is the HiRise scanner, which can perform traditional CT scans (where a patient lies down) as well as weight-bearing ones (where a patient stands in a normal pose).
Weight-bearing scans are generally quicker and easier than traditional CT or MRI (magnetic resonance imaging) scans, and emit a lower dose of radiation.
They can also enable a more accurate medical diagnosis due to unique alignment data which can be derived from a scan performed under a standing load.
Regulatory clearance
HiRise has received regulatory clearance from the US Food and Drug Administration (FDA) and Australia’s Therapeutic Goods Administration (TGA), as well as CE Mark certification in the European Union.
The approvals allow CurveBeam AI to sell its hardware into these markets, although the AI components are still subject to US FDA clearance.
The company is also developing a compact imaging device known as InReach for high-resolution wrist scanning and bone microstructural assessment.
Commercialisation of the device is being targeted for 2026.
CurveBeam AI’s intellectual property portfolio includes 14 granted and six pending US patents; 12 granted and two pending Australian patents; and 11 granted and 19 pending patents in various other jurisdictions.
Co-marketing agreement
CurveBeam AI has a co-marketing and distribution agreement with medical device major Stryker Corporation, which has a market capitalisation of $160 billion and annual revenues of $28 billion.
The partnership will see HiRise become the first imaging device to be sold by Stryker’s Foot & Ankle division, pre-loading them with its Stryker Prophecy surgical planning protocols.
A total of 170 HiRise devices have been placed worldwide to date, including at well-recognised US medical institutions such as Mayo Clinic and UCLA.