Echo IQ Limited (ASX:EIQ) Raises $17.3 Million via Institutional Placement
Funding Success
Echo IQ Limited has raised A$17.3 million through an institutional placement at A$0.30 per share. The placement was strongly supported by new and existing institutional investors, including director participation, making the company fully funded.
Use of Proceeds
The funds will be allocated to the ongoing deployment of EchoSolv AS in the US, attaining Category III CPT code for EchoSolv AS reimbursement, conducting a validation study with the Mayo Clinic Platform for EchoSolv HF, launching EchoSolv HF in the US, and continuing the development of Echo IQ’s technology suite.
Executive Comments
Echo IQ Executive Chair, Andrew Grover, stated, “The timing and scale of this Placement marks a validation of both the application of our technology and the success of Echo IQ’s commercialisation initiatives in the US market to-date following FDA clearance of EchoSolv AS in October last year. With the completion of this strategic funding round, Echo IQ is now positioned with the balance sheet strength to execute on our next phase of growth and unlock the full value inherent in our technology suite.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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