EMVision Medical Devices secures strategic investment from US-based Keysight Technologies

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Australian company EMVision Medical Devices (ASX:EMV) has secured a strategic $15.28 million investment via a placement to the long-standing investor in the company, Keysight Technologies.

The company said the placement would involve the issue of 7,454,231 new fully paid ordinary shares at an issue price of $2.05 per share, equal to the volume-weighted average market price of the company’s shares during the 15 trading days up to and including 27 February.

Following the placement, Keysight will hold 8.73 per cent of the company.

US-based Keysight has a market capitalisation of approximately US$26 billion. It is a recognised global leader in radiofrequency test and measurement technology. The placement represents its first significant investment in enabling innovation in the international medical device manufacturing and imaging sector.

EMVision’s portable brain-scanning technology seeks to improve stroke and other neurological disorder diagnosis and treatment outcomes by introducing a new imaging modality at the point of care, using innovative, ultra-high frequency radio signals. Keysight’s offerings include a portfolio of Vector Network Analyzers (VNA), core to the sensors in EMVision's portable brain scanner.

In April 2019, EMVision and Keysight signed a memorandum of understanding to collaborate on a new generation of VNAs for the healthcare market. This collaboration resulted in the development of a miniaturised and high-performance VNA which power EMVision’s emu device.

Following the Placement, EMVision said its proforma cash balance as at 31 December 2023 will be $23.73 million.

EMVision CEO and managing director Scott Kirkland said, “We are delighted to welcome Keysight as a major strategic investor, building on our long-term relationship and successful joint showcase at RSNA 2023. Keysight is a significant player in the VNA space globally and a highly respected leader in test and measurement solutions.

"As such, it is a major endorsement of our technology and innovation to have their backing. This investment reflects Keysight’s increasing commitment to helping drive breakthroughs in digital healthcare and emerging point-of-care imaging.

"It further supports our vision to revolutionise stroke diagnosis and monitoring in a multi-billion-dollar market and allows us to do so more quickly through expanded trials and data inputs. It will also raise our profile in the US, our key target market, providing future growth and commercial opportunities.”

The president of Keysight's electronic industrial solutions group Huei Sin added, “We are delighted to strengthen our relationship with EMVision as we forge ahead in pioneering ground-breaking advancements in medical imaging technology. Keysight's technology leadership, particularly our industry-leading data acquisition speeds, alongside EMVision's brain scanning innovation, strategically positions our companies to spearhead significant developments in cutting-edge imaging solutions.”