- ResApp Health Limited (ASX:RAP) re-commences trading on the ASX today
- Listing follows highly successful public capital raise of $4 million, previously announced on 12 June 2015
- Funds raised will be used to accelerate additional clinical trials required to bring products to commercialisation
- ResApp holds the exclusive license to develop and commercialise intellectual property developed by the University of Queensland (UQ) and funded by the Bill and Melinda Gates Foundation
- Significant progress to date with clinical study at Joondalup hospital with the full quota of 150 targeted patients now enrolled – initial results expected in Q3 2015
- Company well funded and strategically positioned to become a leading provider of respiratory disease diagnostic and management services to both telehealth services and direct to consumers, worldwide
ResApp Health Limited (‘ResApp’ or ‘the Company’), formerly named Narhex Life Sciences Limited (ASX:NLS), is pleased to announce the re-commencement of trading as a listed entity on the ASX today.
The listing follows the announcement in February 2015 by Narhex Life Sciences Limited (ASX:NLS) regarding the acquisition of 100% of the capital of ResApp. On 2 July 2015, Narhex successfully completed the acquisition of ResApp following shareholder approval obtained on 27 May 2015.
ResApp is a WA based technology development company, focused on the development of mobile applications that provide health care solutions to assist doctors and consumers diagnose respiratory disease, including pneumonia, bronchitis, chronic obstructive pulmonary disease (COPD) and asthma. The Company intends to deploy its proprietary technology on a platform that is easily accessible through telehealth services as well as directly to consumers and healthcare providers via App stores. Most importantly ResApp’s technology requires no additional hardware beyond a user’s smartphone.
ResApp holds the exclusive license to develop and commercialise intellectual property, which uses machine-learning technology and big data insights, developed by Associate Professor Udantha Abeyratne from the University of Queensland (UQ) and funded by the Bill and Melinda Gates Foundation.
Successful $4 million capital raising completed
On 2 July 2015, the Company issued 200 million shares at $0.02 per share following the successful public capital raise of $4 million in June 2015. The capital raise was oversubscribed.
With the raising complete, the Company is well positioned and fully funded to accelerate the commercialisation of its products to market.
ResApp’s path to commercialisation is significantly lower cost and time intensive compared to any of its peers due its unique software based application, which requires no hardware development or additional capital costs.
As part of the Company’s strategy it is targeting the Australian and U.S market where there are over 6 million and 101 million, respectively, annual GP visits for respiratory disease and currently no solution allowing patients to be diagnosed remotely.
Telehealth, is becoming increasingly prevalent and the preferred option for many patients for first diagnosis. Telehealth is the use of information and telecommunications to deliver healthcare and healthcare education.
A recent study by Deloitte predicts that by the end of 2014 there were over 75 million telehealth visits and the market would be worth US$25 billion by 2015.
Delivery of healthcare over the Internet and through mobile applications in the U.S has an expected growth rate of 56% providing ResApp with a significant opportunity both in the U.S and globally. In conjunction with the growth in smartphones and tablets globally the Company has identified a unique opportunity to lead the telehealth market in diagnosing respiratory diseases.
Strong activity pipeline
The primary focus for the Company going forward, is to accelerate further clinical studies in Australia and internationally and to engage with the Food and Drug Administration (FDA) and Therapeutic Goods Administration (TGA) and with strategic partners, including other teleheath providers and licensing agreements.
In addition, ResApp has made significant progress to date with its study at Joondalup hospital. The study focuses on gathering data from patients with a variety of respiratory conditions with the aim of further optimising the ResApp algorithms for pneumonia and asthma as well as broadening the validation to other common respiratory conditions.
The Company has made significant progress to date with its clinical study at Joondalup hospital, with the targeted quota of 150 patients now enrolled. The study is already in progress and the Company is now working with The University of Queensland to analyse the data and expects to receive initial preliminary results in Q3 2015.
Further commercial agreements will also form part of the Company’s strategy to trial its exclusive technology and accelerate its path to commercialisation and further clinical studies are to be announced in H2 2015.
Dr. Tony Keating, Managing Director and CEO, ResApp Health Limited commented:
“Today is an important milestone for ResApp as we commence trading as a publically listed company. Our unique and exclusive technology provides ResApp with the ability to become a leading provider of telehealth services in diagnosing respiratory conditions.
“We’re now fully funded and well positioned to accelerate our clinical trials in Australia and the U.S as we look to increase the speed towards commercialisation of the product.”
About ResApp Health Limited
Founded in 2014, ResApp Health Limited, through an exclusive license it has been granted by the University of Queensland (UQ) is developing smartphone medical application for the diagnosis and management of respiratory disease. The technology is based on a machine-learning algorithm that uses sound alone without the need for additional hardware to diagnose and measure the severity of a respiratory condition. The algorithm has been successfully tested for pneumonia and asthma diagnosis in clinical proof of concept study by UQ through funding from the Bill and Melinda Gates Foundation.