CurveBeam AI to list on the ASX in fully underwritten IPO raising $25 million

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CurveBeam AI is set to list on the Australian Securities Exchange (ASX) as part of an initial public offering (IPO) to raise $25 million.

The company is a fully integrated developer and manufacturer of specialised medical imaging (CT) equipment and supports AI SaaS-based clinical assessment solutions.

It plans to issue a total of 52.08 million new shares under the IPO at a price of $0.48 per share, giving the company an indicative market capitalisation of $153.7 million upon listing. The expected ASX listing date is 23 August 2023, under ticker code CVB.

CurveBeam AI develops, manufactures and sells a range of specialised medical imaging (CT) scanners that are designed to support medical practitioners in the clinical assessment and management of musculoskeletal health conditions.

This is combined with future image analysis, AI, and deep learning AI (DLAI) SaaS-based reports to automate the analysis of the high-quality images generated on its CT platform, assessing, for example, a patient’s bone mineral density to assist in the clinical assessment of fracture risk.

The company’s flagship product is the HiRise CT scanner, which has the ability to perform weight-bearing CT scans and more traditional non-weight-bearing CT scans.

CurveBeam AI said its weight-bearing CT scans have several advantages, including being quicker and easier than traditional CT or MRI devices, lower dose radiation than traditional CT, and a more accurate doctor diagnosis due to the unique alignment data that can be derived from the scan being performed under a standing load.

HiRise has FDA clearance, TGA approval and CE Mark to sell the hardware into these major markets, with the AI components subject to FDA clearance. The company is also developing the InReach device for high-resolution wrist scanning for bone microstructural assessment, targeted for commercialisation in FY26.

CurveBeam AI has a co-marketing and distribution agreement with medical devices multinational Stryker Corporation (NYSE:SYK). Under the partnership, HiRise as the first imaging device to be sold by Stryker’s Foot and Ankle division. Stryker has launched promotion, distribution and a financing program associated with the HiRise product.

CurveBeam AI said it is forecast to generate $11 million in revenue in the 12 months to 30 June 2023, driven by sales of HiRise.

It said funds from the IPO will be used to invest in expanded sales and marketing, continued R&D, new product development and further clinical trials.

“We believe this company holds the potential of advancing care in orthopaedics and bone health around the world, and as we reach this critical juncture of an IPO, the vision is shared by a range of institutional investors who continue to back the business,” said CurveBeam AI CEO and managing director Greg Brown.

Bell Potter Securities and Lodge Corporate are JLMs to the Offer, which is fully underwritten by Bell Potter Securities.