Mobile health dev G Medical Innovations said today it raised $10.3 million (AUSD $13.5 million) to support commercialization of its Prizma medical smartphone accessory and case.
The Australian company said the round was “substantially oversubscribed,” with funds raised through the sale of 31.4 million shares at 33¢ (AUSD 43¢) per share.
G Medical’s Prizma medical smartphone case is designed to allow users to use their smartphone as a mobile medical monitor to measure a wide range of vital signs and record the data into a cloud-based storage solution. Data collected from the Prizma can then be shared with other parties including healthcare professionals and caretakers.
“I am extremely pleased to welcome our new institutional partners as shareholders to the Company, as well as receiving additional support from our existing and some new sophisticated and strategic shareholders. We are moving to commercialisation of our medical devices and ancillary support service offerings at a rapid pace, and this expansion capital allows us the flexibility to capitalise on our opportunities at hand,” CEO Dr. Yacov Geva said in a press release.
The company won CE Mark approval in the European Union for the Prizma case in mid-September, having won FDA clearance earlier in the same month.