EMVision (ASX:EMV) receives AU$5M grant, shares gain 5%

Be the First to Comment Read

EMVision (ASX:EMV) receives AU$5M grant, shares gain 5%

EMVision Medical Devices Limited (ASX:EMV) shares
Image source: © Robeo | Megapixl.com

Highlights

  • EMVision stock soared today after the company received confirmation on its grant application.
  • The company's share price reached an intraday high of AU$1.92 apiece, up 10.98% from its previous close.
  • EMVision has not supplied any information about how the funds would be used.

Shares of medical imaging technology company EMVision Medical Devices Limited (ASX:EMV) closed at 1.82 each, up 5.20% on ASX today (18 May 2022).

EMVision stock soared today after the company received confirmation that its grant application had been approved.

Post the news, the company's share price reached an intraday high of AU$1.92 apiece, up 10.98% from its previous close. This outperformed the All Ordinaries Index (ASX: XAO), which closed at 7,426.60 points, up 1.03%.

EMVision gets Modern Manufacturing Initiative Grant

EMVision has received a Modern Manufacturing Initiative (MMI) grant from the Department of Industry, Science, Energy, and Resources.

The company will get an AU$5 million in non-dilutive cash funding through the MMI Manufacturing Translation Stream initiative.

This programme provides money to enterprises to help them fund initiatives, implement new technology, and enhance industrial processes. The grant, according to EMVision, is a matched funding programme that is subject to documentation and requirements being agreed upon.

EMVision has not supplied any information about how the funds would be used. The details will be announced later, according to management.

Stock performance: Although the share price of EMVision increased today, it has been on a downward trend. The shares have fallen more than 30% in the last one year.

Source: © Haak78 | Megapixl.com

About EMVision

EMVision Medical Devices Limited focuses on medical imaging technology research and commercialisation. The company is working on creating and commercialising portable medical imaging equipment that uses electromagnetic microwave imaging to diagnose and monitor strokes and other medical conditions.

EMVision’s recent development

EMVision announced recently that it had signed a strategic original equipment manufacturer (OEM) agreement with Keysight Technologies Australia Pty Ltd.

In radiofrequency (RF) test and measurement technology, Keysight is the world leader. Customers of Keysight come from various industries, including 5G/6G, aerospace, defence, automotive, and now healthcare.

Image Source: © 2022 Kalkine Media ®

Data Source- Company announcement dated 04 May 2022

EMVision and Keysight formed a strategic partnership in April 2019 to develop the specialised healthcare focused VNA solutions that are the focus of this agreement. The 12-month VNA volume commitment is to provide VNA units for planned clinical trials. The agreement is for a 12-month term and can be renewed if both parties agree before it expires.

Also Read: EMVision (ASX:EMV) signs A$8M funding deal with Australian Stroke Alliance

Disclaimer

Speak your Mind

Featured Articles

Ad
kalkine logo

GET A FREE STOCK REPORT

Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK