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Emerald Clinics raises $2.2 million to continue expansion of clinical services

The company achieved a record month in July and closed a major data deal in the UK.

Emerald Clinics Ltd - Emerald Clinics raises $2.2 million as it pursues near-term commercial opportunities
Emerald is planning to change its name to Emyria

Emerald Clinics Ltd (ASX:EMD) has raised $2.2 million via the placement of shares at 8 cents each to fund the expansion of its clinical services, research and development and business development opportunities.

The company’s share placement received strong demand from a combination of new and existing institutional and sophisticated investors in Australia and international markets.

Emerald is focussed on generating real-world evidence using its network of specialist medical clinics and purpose-built, remote patient monitoring software and technology.

The company believes the infusion of new capital will add momentum to its business, buoyed by record monthly sales in July and signing of a major data deal in the UK.

“New capital will add to our momentum”

Emerald CEO Michael Winlo said: “We’re appreciative of the strong response to this capital raising as investors see the recent progress the business has made and its potential.

“Coming off a record month in July and a major data deal in the UK, the injection of new capital will add to our momentum as we pursue various near-term commercial opportunities.”

Name change

Emerald has announced its intention to change its name to Emyria Limited, pending shareholder approval at a general meeting to be held on September 18, 2020.

Quick facts: Emyria Ltd

Price: 0.079 AUD

ASX:EMD
Market: ASX
Market Cap: $16.7 m
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