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.
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