Assistive tech company set to launch IPO this year on the Australian Stock Exchange
Australian-based Control Bionics will list on the Australian Stock Exchange (ASX) on 7 December with the aim to raise $15m (£11m) at $0.60 (£0.45) a share.
The augmentative and alternative communication (AAC) specialist creates innovative, portable devices that enable people to operate and communicate via computer by using their neural signals.
Incorporated in 2005, the IPO marks the next step in the company’s journey since it first entered the AAC space with its NeuroSwitch prototype. Over the past 15 years, the company has further developed its EMG (electromyography)-based technology, creating its NeuroNode range.
Using EMG, the NeuroNode is placed on the skin over the muscle chosen to be the switch. When an individual attempts to move that muscle, the NeuroNode detects their EMG signals, even if there is no visible muscle movement. It uses these signals to allow the person to control the NeuroNode System.
In FY20, Control Bionics generated $3.1m (£2.3m) in product revenue, a growth of 297 per cent on FY19. It also reported achieving unaudited revenue growth of approximately 41 per cent in Q1 FY21 against the previous period.
Discussing the decision to go public with The Australian Financial Review, Rob Wong, CEO of Control Bionics, said the time was right as its products have received the necessary regulatory approvals in key markets globally.
It has obtained registrations of the NeuroNode technology in Australia (TGA), USA (FDA), Canada (Ontario Ministry of Health), and Europe (CE Mark).
Post-IPO, Control Bionics confirmed plans to maximise its market penetration across North America and Australia in the first instance. It will then enter new markets, with Japan set as its next target.
