Pain assessment technology developer ePat is set to list on the Australian Stock Exchange today, providing an exit to Curtin University.
Curtin University spinout ePat Technologies, which is developing facial recognition technology, will float on the Australian Stock Exchange (ASX) today, according to Business News.
The company previously raised A$4.7m ($3.6m) from exploration comapny MinQuest in April 2016 and conducted a backdoor listing. The full flotation today provides an opportunity for Curtin to sell its 16% stake in ePat to a group of private investors.
Curtin also signed a research agreement that will result in the institution receiving A$950,000 in research funding over the next two years. As part of that agreement, Jeff Hughes and Mustafa Atee, researchers at Curtin’s School of Pharmacy, will remain with ePat.
The spinout hopes to use proceeds to continue development of its mobile medical application that relies on facial recognition technology to assess pain in patients. The application can be with patients unable to accurately communicate pain, such as small infants or patients suffering from advanced stages of dementia.
The spinout will now be headed by chairman John Murray and managing director Philip Daffas.
Patersons Securities served as lead underwriter along with RM Corporate.