AAC firm Control Bionics to list on the ASX through a $15 million raise
Australian assistive technology firm Control Bionics is preparing to list on the Australian Stock Exchange (ASX) with the hope of raising $15 million capital at $0.60 a share. The $15 million IPO embarks the next progressive step in the company’s journey after it entered the AAC landscape with its groundbreaking prototype, NeuroSwitch.
The augmentative and alternative communications, or AAC firm focuses on creating innovative portable devices that allows individuals to communicate and operate through computers using their neural signals. Over the last 15 years, Control Bionics has concentrated its efforts on developing its Electromyography or EMG-based technology, resulting in the creation of its NeuroNode range.
Control Bionics to get listed on the ASX
Having a word with The Australian Financial Review, Control Bionics CEO, Rob Wong said this was the perfect time as its products have received all the regulatory approvals in the key international markets. The company and its products have successfully obtained registrations of the NeuroNode technology in Australia (TGA), Canada (Ontario Ministry of Health), USA (FDA) and Europe (CE Mark).
After the completion of its IPO, the AAC firm plans to maximize its market penetration across Australia and North America in the first instance. In the next stage of expansion, it will target Japan.
Control Bionics – an AAC tech firm
Control Bionics, an assistive technology company was founded by Peter Ford. According to the company website, the research and development for the products of Control Bionics began with the help of Professor Stephen Hawking and other partners. In the year 2006, the AAC company developed and launched NeuroEDUCATOR 4, a pocket-sized EGM monitoring system designed for assistive technology and rehabilitation.
The company’s funding for NeuroSwitch is approved by the USE Department of Veterans Affairs. In 2013, the NeuroSwitch was introduced by adding wireless and portable EMG monitoring.
Using EMG, NeuroModes are placed on the skin over the muscles chosen to be the switch. When someone attempts to move that particular muscle, the NeuroMode detects the EMG signals, even when there’s no visible muscle movement. These signals are used to enable the individual to control the NuroMode System.
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