G Medical Innovations (ASX: GMV) updated that regulatory audits for its facility in China are scheduled to be conducted towards the end of this month and the outcome would be released in early October. The audit would bring the company a step closer to commercializing its Prizma medical smartphone case in the mainland. Once the result is out, the company would get the certification to start the manufacturing of the units. Before the audit, these units cannot be sold in the territories that require approvals of either of the respective authorities. Once the audit is complete, G Medical would be able to crank up its production capacity to the maximum in the country.
The company has already started rolling out its Prizma Medical device in the United States. The company’s team within GMedDx would pitch the FDA approved Prizma Medical device in the United States to primary and specialty service provider. The service providers have either the option to buy the device from G Medical and issued to the patients or patients can purchase straight from the company furnishing physician prescription. The company is penetrating in the United Kingdom market as well by appointing sales manager on the commission basis to sell Prizma and GMP devices.
The company has also talked about its intentions to list on the Hong Kong exchange. Moving ahead with the plan, GMV has finalized Global Investment Bank, UOB Kay Hian Ltd. as advisors for the IPO of its Chinese subsidiary. The medical device company suggests that it is holding early-stage discussions with various organizations and would announce an update pertaining to the same in the market.
GMV was trading at $0.355, down 6.579% (AEST: 04:00 p.m.) in today’s session and has the market capitalization of circa $129.11 Mn as on 06 September 2018.
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