Capital raised for portable stroke device

A medical device company has raised $6m (Aus) for technology to help stroke victims.

EMvision Medical Devices raised the capital following an oversubscribed initial public offering (IPO) and will be listed on the Australian Stock Exchange.

The company will develop a portable, non-invasive brain scanner in partnership with the University of Queensland, with the aim of speeding up the diagnosis of brain injuries and stroke by creating 3D images of the brain, and with it not being reliant on the patient being taken to the imaging technology.

In the technology's initial application, EMvision plans to use the device to monitor victims of stroke at their bedside while recovering and detect the onset of subsequent strokes – half of which occur within a week of the first stroke.

Future versions of the device are also expected to provide rapid stroke decision support in ambulances, whereby patients having a stroke could be identified and transported directly to specialist hospitals for intervention.

Dr Ron Weinberg, CEO of EMvision said: “The brain ages about 3.6 years every hour that appropriate stroke treatment is delayed, so reducing the time of diagnosis and treatment makes our brain scanner a very attractive proposition for the healthcare industry. Our devices could become the difference between permanent disability or even death, and a positive recovery.

“I joined EMvision because it’s an outstanding opportunity to transform medical imaging. The game-changer in stroke diagnostics is taking the 3D scanner to the patient, and EMvision has a fantastic team and a very clear commercial focus to achieve this.

“Demand for the IPO was extremely encouraging, and we’re pleased to say we gained strong support from institutional investors, clinicians and family offices and closed the book very quickly. We’re offering a significant opportunity to have a powerful impact on improving stroke care throughout the world, and investors are clearly recognising this.”