The EMvision (ASX:EMV) share price is rising today, adding to significant gains on the ASX this week. Let’s take a closer look.
The post Why is the EMvision (ASX:EMV) share price surging 12% this week? appeared first on The Motley Fool Australia. –
EMvision Medical Devices Ltd (ASX: EMV) shares are rising today, adding to significant gains notched up this week. At the time of writing, the EMvision share price is trading 0.32% higher to $3.09. This puts the company’s gains this week at 11.96%.
EMvision is focused on the commercialisation of a portable medical device for stroke diagnosis and monitoring as well as other medical imaging needs.
It’s currently involved in the research and development of this medical imaging and diagnostic technology, which was previously licensed and subsequently acquired from Uniquest.
EMvision in the news this month
The only market update that EMvision has released this month was regarding the purchase of 17,200 shares at the value of $49,534 by company director Ronald Weinberger.
That took place yesterday, but EMvision was also active in March through its presentation at the ASX Small and Mid-Cap Conference. The company presented plans for its portable brain scanner technology, which it’s aiming to commercialise for use in future road/air ambulance models.
EMvision is currently in partnership with researchers at RMIT University and fellow Australian company Micro-X Ltd (ASX: MX1) to produce two prototype CT scanners, weighing 30kg to 100kg. A regular CT scanner weighs three tonnes.
Stroke is highly treatable, but time-critical with the ‘golden hour’ after onset being the key to give patients the best chance of survival. Central to the diagnosis is a brain scan.
One scanner will use CT and the other, electromagnetic radiation contained within a small helmet. Prototypes have provided quality images with enough detail to assist in diagnosis and it’s hoped paramedics will be able to travel with one of the scanners within the year, effectively helping bring the emergency department to the patient.
It’s been a big month for EMvision’s portable CT scanner development aspirations.
The Australian Stroke Alliance (ASA) announced it had been successful in its funding bid to support EMvision’s development of its first responder model for air and road ambulances.
It also acted as a confirmation of EMvision’s portable brain scanner’s diagnostic capabilities, providing the company with $8 million in non-dilutive cash funding.
EMvision share price snapshot
The EMvision share price has responded positively since March and is also up by around 310% over the past 12 months, beating the S&P/ASX 200 Index (ASX: XJO) by 280%. It has a market capitalisation of more than $220 million.
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Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of EMvision Medical Devices Limited. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.