Following a long-standing relationship,
Keysight Technologies has acquired a strategic equity stake in
EMVision, providing the Aussie Medtech with a fully funded path to
market
EMVision, an Australian medical device company focused on
developing innovative portable brain imaging technology, has
announced a US$10 million (~A$15.28m) strategic investment from
Keysight Technologies, a global leader in test and measurement
technology.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240229013803/en/
EMVision from L to R: Robert Tiller -
Head of Design, Scott Kirkland - CEO and Managing Director holding
the next-Gen first-responder concept, Forough Khandan – Chief
Technology Officer and Christian Wight - Head of Regulatory
Affairs, with emu™ brain scanner (center). (Photo: Business
Wire)
The investment provides EMVision with a fully funded commercial
runway for its emu™ device. It accelerates clinical trials,
generating essential data supporting the upcoming regulatory
approval pathway and adoption in the world’s largest healthcare
market. The new capital will also increase the company's production
capacity for additional emu™ devices to be used in expanded
clinical trials, including leading stroke centres in the United
States.
With a market capitalisation of approximately US$26 billion, the
deal marks Keysight’s first investment globally in enabling
innovation in point-of-care medical imaging, demonstrating its
strong support for the clinical and commercial value of EMVision's
innovative neuroimaging technology.
Portable brain imaging for improved patient care
EMVision's emu™ brain scanner is a pioneering advancement in
stroke care, intended to provide rapid diagnostic imaging to
accelerate the delivery of urgent, life-saving care, particularly
in settings where traditional imaging modalities such as CT and MRI
are not readily available.
The device is operated at the point of care, with a simple cap
placed on the patient's head for quick scans and image generation.
It couples safe, ultra-high frequency radio signals with powerful
Artificial Intelligence to produce rapid insights directly at the
patient’s bedside.
emu™ can be operated by any healthcare professional with minimal
training. Targeted for use in intensive care units, stroke and
neurology wards, and rural emergency departments, emu™ has the
potential to improve survival rates and quality of life after
stroke and other neurological events requiring urgent
intervention.
The investment follows an original equipment manufacturer (OEM)
supply partnership entered into by both companies in 2022, whereby
EMVision secured exclusivity in the neuroimaging field for the VNA
“fast sweep” feature. This component acts as the ‘brain’ of all
EMVision devices, giving the company a substantial competitive
advantage.
Scott Kirkland, Founder and CEO at EMVision, said,
“Keysight's investment is an endorsement of our mission to improve
global stroke outcomes and we're thrilled to embark on this next
phase of growth together. Their commitment to being at the
frontline of innovation aligns perfectly with EMVision's progress
towards making ubiquitous portable brain imaging a reality.”
Huei Sin, Keysight Technologies President, Electronic
Industrial Solutions Group, said, “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.”
EMVision is also developing a first responder device. The
backpack-sized scanners will weigh less than 10 kilograms and are
intended for deployment via road and air ambulances. It would allow
paramedics to scan and send images to specialists from the site of
a suspected stroke, meaning patients could be diagnosed and treated
more quickly than has previously been possible. Market entry for
the emu™ device is planned for next year, with the first responder
device to follow.
Under the agreement, Keysight will be issued 7,454,231 new
ordinary shares in EMVision at A$2.05 per share to acquire an 8.73%
shareholding in EMVision. The agreement and issue of shares to
Keysight, which will occur with EMVision's existing Listing Rule
7.1 headroom without the need for shareholder approval, is expected
to be completed in the next two days.
The emu™️ and the first responder device are neither available
for sale nor evaluated by the FDA or other global regulators. The
devices may only be used by authorized sites in controlled clinical
investigations.
Full details of the announcement can be found at
https://emvision.com.au/investors/
About EMVision
EMVision Medical Devices Limited (ASX:EMV) is an innovative
Australian medical device company developing a novel approach to
looking inside the human body. Our product pipeline includes
portable, non-invasive, affordable and safe neuroimaging devices.
Our vision is to help transform and improve the timely diagnosis
and treatment of stroke and other time-sensitive medical
emergencies at the point of care. EMVision has offices in Sydney
and Brisbane www.emvisionmedical.com
About Keysight Technologies
At Keysight (NYSE: KEYS), we inspire and empower innovators to
bring world-changing technologies to life. As an S&P 500
company, we're delivering market-leading design, emulation, and
test solutions to help engineers develop and deploy faster, with
less risk, throughout the entire product lifecycle. We're a global
innovation leader enabling customers in communications, industrial
automation, aerospace and defence, automotive, semiconductor, and
general electronics markets to accelerate innovation to connect and
secure the world. Learn more at Keysight Newsroom and
www.keysight.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240229013803/en/
For further information, media or investor enquiries:
Dejan Toracki Head of Investor Relations +61 409 340 641
dtoracki@emvision.com.au
Sling & Stone Media and Communications +61 2 8073 5390
emvision@slingstone.com
Scott Kirkland CEO and Managing Director +61 2 8667 5337
skirkland@emvision.com.au
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