The developer of digital healthcare solutions, ResApp Health Limited (ASX: RAP) has notified the market that it had obtained approval from AusIndustry regarding its application, for an Advanced/Overseas Finding in connection with clinical study expenses. It is related to the company’s US-based paediatric, and adult clinical studies for the diagnosis of respiratory disease using cough sounds.
The finding extends over financial years 2017/18, 2018/19 and 2019/20 and means that eligible overseas research and development expenses, additionally to Australian expenses, will obtain 43% cash rebate under the Australian Federal Government’s R&D Tax Incentive Program. RAP is currently, estimating that it would obtain an R&D rebate of circa $1,700,000 for the financial year ending 30 June 2018.
Mr Tony Keating, CEO and Managing Director, ResApp stated that the advanced /Overseas Finding would give the company a cash rebate from the SMARTCOUGH-C-2 study expenses. He further added that the company’s robust balance sheet had received a boost by the finding.
The company has recently released its consolidated interim financial report for the half-year ending 31 December 2018. The total comprehensive loss after tax of the Group, for the half- year period, ended 31 December 2018 stood at $3,330,307 from (31 December 2017: loss $3,186,761). In September 2018, RAP raised $7.5 through a placement from institutional and sophisticated investors. Within the placement, ResApp issued 34,090,910 new ordinary shares at an issue price of 22 cents per share.
On 3 September 2018, ResApp had declared, paediatric results from its Australian Breathe Easy study. In October 2018, RAP updated the market, about the outcomes from its US SMARTCOUGH-C-2 study. In December 2018, ResApp submitted its CE Mark Technical File for ResAppDx-EU as a Class IIa medical device.
In the half-year period, ResApp continued to work with a German private hospital network on a pilot study planned to begin this European winter. The finalisation of a study protocol, consisting measures of success such as a decrease in time to diagnosis, enhanced patient flow and lessened diagnostic testing costs, was underway.
In the half-year duration, RAP obtained a Notice of Acceptance from IP Australia, for its Australian patent application 2013239327, and a Notice of Allowance from the Japanese Patent Office for its Japanese patent application 2015- 502020. These patents, in addition to the United States patent granted in June 2018, cover the use of a cough sound-based audio processing pipeline for diagnosing respiratory disease and protect a key component of ResApp’s smartphone applications for diagnosing acute respiratory disease.
On 15 November 2018, RAP published its performance update from multiple studies.
By the end of the trading session, the stock of the company stood at A$0.088 (as on 13 March 2019), down by 1.124% from its previous close. The company has a market capitalization of A$70.03 million, and circa 786.88 million shares outstanding. Its 52-week high was noted at A$0.280, and its 52-week low was noted at A$0.085. In the last 5 years, the company has generated a return of 1171.43%. In the last one year, RAP had given a negative return of 28.80%.
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