Strongly Supported A$7.5m Placement to Drive Int. Growth
| Stock | Painchek Ltd (PCK.ASX) |
|---|---|
| Release Time | 28 Jul 2025, 9:58 a.m. |
| Price Sensitive | Yes |
PainChek Raises A$7.5m to Drive Int'l Growth
- Firm commitments received to raise A$7.5m from institutional, high net worth and sophisticated investors
- Funding to support continued rapid growth of PainChek's AI-enabled pain assessment device
- US FDA clearance for PainChek App expected in late September/early October, opening up $582m US long-term care market
PainChek Ltd has received binding and firm commitments from institutional, professional and sophisticated investors to raise A$7.5 million (before costs) through a placement. The raise will see PainChek issue approximately 220 million new fully paid ordinary shares at an issue price of A$0.034 per share, representing a 15% discount to the last traded price. Funds raised will be used for PainChek's US commercialization and market penetration following expected FDA de Novo clearance in September/October 2025, establishment of operations in Canada and the US, further market penetration of the PainChek Infant product in Australia/New Zealand and overseas, ongoing product development and research, and general working capital. PainChek CEO Philip Daffas stated that the placement will enable the company to push ahead with a major international expansion, with sales expected to commence in the US upon FDA clearance, which would open up a $582 million per annum market. PainChek has already established strong partnerships with PointClickCare and ElderMark, which provide access to over 1 million beds in the US. The placement is also expected to support the continued growth of PainChek's existing business, which has seen over 12 million pain assessments conducted to date, net contracted licenses increase to 110,000, and contracted Annual Recurring Revenue (ARR) rise 10% to A$5.4 million.
PainChek expects US FDA de Novo clearance for its pain assessment app in late September/early October 2025, which could open up the significant $582 million per annum US long-term care market.
With the A$7.5 million placement, PainChek is well-positioned to drive its international expansion, including the anticipated US market entry following FDA clearance, as well as continued growth of its PainChek Infant product in Australia/New Zealand and expansion of its UK market share.