Introduction
We are all well aware that the covid pandemic has resulted in the development and growth of digital platforms, particularly those related to healthcare. Digital healthcare products are all over the market and are undoubtedly a factor in making healthcare available from the comfort of one’s own home. In this article, we will only discuss one such platform and how its services helped shape the future of digital healthcare, as well as how its funding will undoubtedly bring new opportunities in this sector.
Resapp-Digital Healthcare for Respiratory diseases:
Resapp, an Australian-based healthcare non-profit founded in 2014, develops smartphone applications for the diagnosis and management of respiratory diseases. It is a public company headquartered in Brisbane, Queensland. Resapp Health aims to expand digital healthcare solutions to help medical professionals diagnose and treat respiratory diseases, as well as to motivate patients to do so. They are in the process of developing easy-to-use, low-cost, clinically and regulatory-approved diagnostic tools that will only require a smartphone. According to the company, “Telehealth providers can easily integrate our solutions into their existing telehealth solutions. We are also developing apps to provide clinical quality respiratory disease diagnosis and management to consumers directly “.
The organisation raised a total of $17.8 M in funding over 3 rounds. Their latest funding of $5M was raised on Feb 21, 2020, from a Post – IPO Equity round to drive forward European commercialisation and also, for general working capital.
Institutional and sophisticated investors provided strong support to the placement which will result in issuing 25,000,000 new ordinary shares at an issue price of 20 cents per share.
The announcement of successful completion of functional testing of both handheld and wearable device prototypes received from UK based medical device companies, Avanti Med Limited and OSI Electronics, was yet another stepping stone by this organisation.
Another achievement of Australia’s Resapp would include, Resapp’s smartphone application, ResAppDx-EU version 2, being approved by the Australian Therapeutic Goods Administration (TGA) on the 20th of February. It was approved as a class IIa medical device and is also listed on the Australian Register of Therapeutic Goods (ARTG). The app diagnosed respiratory disease in both adults and children.
ResApp signed a non-binding Memorandum of Understanding (MoU) in November with Coviu, an Australia-based telehealth software platform startup, to integrate ResApp’s acute respiratory diagnostic test, ResAppDx-EU, into Coviu’s browser-based telehealth platform.
ResApp signed an agreement with the US Department of Defense in August 2018 to collaborate on the development of mobile applications that will aid in determining the mission readiness of American military personnel.
Conclusion:
“In response to a rapidly expanding commercial pipeline, we will now accelerate our path to revenue by rapidly expanding our team on the ground in Europe.” A stronger balance sheet also improves our negotiating position when entering into agreements with commercial partners. We are very excited by the company’s trajectory, with several major milestones expected over the next six months,” said Tony Keating, CEO & Managing Director, ResApp, in a statement.
Hence, the more funding the more growth will the organisation witness which will lead to the development of healthcare and better diagnosis of respiratory diseases in everyone.
“We are extremely pleased to have received strong demand for the placement, including from our existing major shareholders,” said Roger Aston, Chairman of ResApp. In what will be a transformative year for the company, we also welcome several new institutional investors to our share register.”
In the end, the world of digital healthcare is at the forefront in today’s world and organisations and startup’s like Resapp are contributing to maintaining it.
