Proactive Investors - Run By Investors For Investors

Narhex Life Sciences raises $4M, to complete acquisition of ResApp Diagnostics

Narhex Life Sciences raises $4M, to complete acquisition of ResApp Diagnostics

Narhex Life Sciences (ASX:NLS) has raised $4 million through its oversubscribed prospectus raising and will now proceed to complete its acquisition of ResApp Diagnostics Pty Ltd.

The funds were raised through the offer of 200 million shares priced at $0.02 each.

ResApp has an exclusive licence from the University of Queensland (“UQ”) to develop mobile medical applications for the diagnosis and management of respiratory disease.

The technology is based on a machine learning algorithm that uses sound alone to diagnose and measure the severity of a respiratory condition.

This algorithm has been tested for pneumonia and asthma diagnosis in a clinical proof of concept study of 91 patients by UQ through funding from the Bill and Melinda Gates Foundation.

Narhex is acquiring ResApp through the issue of 250 million shares and a further 250 million performance shares that will convert into NLS shares upon ResApp achieving gross revenue of $20 million in the five years  from when the company is readmitted to quotation on the ASX.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

View full RAP profile View Profile

ResApp Health Ltd Timeline

September 22 2017

Related Articles

June 27 2018
Lancor Scientific is aiming to carry out an initial coin offering by issuing Medici, a new currency based on Ethereum to help Tumour Trace to fund further development
September 25 2018
The drug developer had originally to recruit 80 people for the second part of its phase II study of its SNG001 treatment, but it will now assess 120 patients
consumer health segment overview
September 17 2018
The company sells clinically validated anti-ageing products for hair, skin and body.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use