EMVision’s ground-breaking product developments continue as cash reserves rise
EMVision brain scans in a clinical trial on stroke patients have shown a strong correlation to ground truth scans using MRI and CT.
EMVision Medical Devices (ASX: EMV) has announced its device development and multi-centre clinical trial preparation is progressing positively, with the company capping off its latest quarter being well funded.
The company, as at 31 March 2022, holds cash reserves of $8.5 million, with it significantly benefiting from substantial non-dilutive cash funding during the financial year to date, totalling $3.61 million.
EMVision boasts a history of prudently managing its cash reserves with its research and development program in FY2022 only deducting $1.2 million from the cash reserves for the financial year to date.
During the quarter, the chief executive officer and founder of American multinational technology company NVIDIA, Jensen Huang, presented a keynote speech at NVIDIA’s GTC 2022 conference.
The annual conference featured EMVision’s first generation device as Mr Huang praised the exciting future of artificial intelligence-powered medical devices.
In-hospital and pre-hospital development progress continues
Despite global supply challenges having halted the delivery of required components for the product development during the third quarter of FY2022, EMVision has still made significant progress.
Q3 FY2022 has seen a focus on technical file development and the required documentation for the Human Research Ethics Committee (HREC) submission to enable the next stage of clinical trials.
The application is expected to be lodged within the coming weeks.
After numerous site visits, EMVision now looks forward to setting up site contracts with clinical sites in New South Wales, Victoria and Queensland.
Development on EMVision’s second generation pre-hospital, road and air ambulance device, was also positive during Q3 FY2022.
Space, size, weight, occupational health and safety (OH&S), vehicle types and fit out, to feed requirements and product design have been addressed through site visits in NSW.
The next step for second generation development is to draw on valuable input from the Australian Stroke Alliance guiding clinical utility in regards to focusing on employment, speed of scanning and clinical relevance.
Internationally recognised leaders added to Clinical Advisory Board
EMVision has strengthened its clinical advisory board after securing a number of internationally recognised leaders in stroke care in “ex-officio capacity”.
Additions to the team included Professors Geoffrey Donnan and Stephen Davis, eminent neurologists and co-chairs of the Australian Stroke Alliance.
In a bid to “bring significant stroke care experience and international connectivity”, EMVision also won the services of Dr Dos Santos in an “ex-officio” capacity.
The company hopes the acquisitions will help advance the development of its products, shortening the road to the finished product.
EMVision hopes to develop commercial relationships with companies across the globe as interest continues to mount, especially in the European Union, Unites States, China and Japan.
Non-dilutive funding assisting developments
EMVision held cash reserves of $8.5 million at the end of the quarter following net operating cash outflows of $2 million.
Operating cash flows including expenditure on research and development totalled $493,000 in the March 2022 quarter, compared to $585,000 in the December 2021 quarter.
The company has benefited from significant non-dilutive cash funding during the financial year to date, totalling $3.6 million.
EMVision has been a recipient of several grants in the past, which contribute to its product development and other business activities, including the award of a $2.6 million CRC-P grant from the Australian Government in late 2017, which also included cash contributions totalling $900,000.
Also, under a project agreement with the Australian Stroke Association, EMVision will continue to receive a total of $8 million of non-dilutive cash funding in staged payments over its five-year project, holding the company in a strong position to continue to succeed in product development.