Artificial intelligence medical technology company Artrya has lodged a prospectus with the Australian Securities and Investments Commission (ASIC), with a view to listing on the ASX in late November 2021.
The move to float comes after material progress has been made by the company in meeting key milestones of its commercialisation strategy. Under the terms of the initial public offer (IPO) prospectus, the company is aiming to raise a total of $40 million – valuing the company at up to $105.45 million. The IPO has been particularly well supported by a number of existing and new investors.
Artrya Managing Director and Co-founder, John Barrington, said the company is offering investors an exciting opportunity to invest in an innovative business with a mission to save lives through better detection of a major world-wide disease.
“There is a large and growing need for better diagnostics around coronary artery disease. With nine million people dying from the disease each year globally, the pressure on health systems is already substantial, and it’s only going to increase over the next few decades with ageing populations. This float will assist the company in its next stage in expansion.”
The AI medical technology start-up has received considerable private and government support enabling rapid commercialisation of its technology.
Over a two-year period Artrya has received $19 million start-up funding to develop, test and commercialise its software. Early support was received from highly respected angel investors and the Australian Government’s premier Medical Research Future Fund, BioMedTech Horizons program.
In May this year, a private placement investment round was oversubscribed with quality investors.
The additional capital will be used for investment in research and development, and will assist the company with expansion into targeted international markets in 2022, once international regulatory approvals have been acquired. An unrestricted launch across Australia is planned for early 2022.
Commencing operations in Perth in early 2019, Australian AI medical technology company Artrya is changing how the world sees coronary heart disease. In approximately 15 minutes, from one scan at the point of care, Artrya’s novel technology Salix detects and assesses the presence of vulnerable plaque in a patient’s arteries – vulnerable plaque is prone to rupture and is a leading cause of heart attack.
The non-invasive treatment has been developed by Artrya’s world-class team of cardiology and technology experts, and through collaboration with the University of Western Australia, the Harry Perkins Institute of Medical Research, and the Ottawa Heart Institute.