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ableX Begins Capital Raise, Announces Partnership in China

Media Release: 25 October 2017

ableX Begins Capital Raise, Announces Partnership in China

Auckland based healthcare technology company, ableX has today launched its public capital offer through Snowball Effect, to raise up to $1.2m, at a pre-money valuation of $6m. Founded in 2010, ableX develops and markets an innovative cloud based “plug and play” digital rehabilitation system for recovery from stroke and other neurological disabilities.

“Globally, healthcare is being revolutionized”, said ableX CEO Elliott Kernohan. “We’re seeing rapid investment in digital health solutions, and more health services than ever are being delivered to patients in their homes and in the community - ableX is at the forefront of these two powerful trends”.

“We have had around 25% of the capital raise filled by our existing investors and so far, had over 400 potential new investors express interest through the Snowball Effect platform.”

The ableX system focuses on recovery of upper limb function and incorporates two wireless handheld devices to play a set of therapy-focussed games. This helps patients to recover physical and cognitive function faster than current therapies, with less supervision from therapists, which improves patients’ independence and quality of life.

Mr Kernohan says that with over 700 standalone device systems sold to hospitals and private patients, ableX has now diversified into cloud delivery and both Royal Melbourne Hospital and the Perron Institute in Perth are the first major institutions to contract ableX to implement this new cloud-based digital healthcare platform.

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“Having evolved our solution over a 7-year period, ableX is proven to be effective, and is ready to be deployed at scale. The capital raise will help ensure the success of the two major deployments in Australia, and provide the basis for significant growth in Australasia and then around the world.

“While the contracted roll-outs in Australia are the immediate priority, ableX has also signed a letter of intent with Hunan Zhaotai Medical Group in Hunan Province, China, which has conducted due diligence on the rehabilitation system, with a view to developing and commercialising the system in China over the next few years.”

“Each year around the world there are 15 million new stroke patients. Hospitals in NZ and Australia discharge over 50,000 stroke survivors each year, and around two-thirds of those are dependent on care services and family for basic daily activities,” said Mr Kernohan.

“Health services are struggling to keep up and the key limitation to better stroke recovery is the health system’s inability to provide enough targeted therapy over an extended period. ableX offers personalised and intensive rehabilitation which is easily accessible for both patients and healthcare professionals.”

“A programme of ableX arm, hand and cognitive therapy provides 12 – 16 times more therapy hours per dollar than today’s health system can deliver. This is one of the first examples of a digital heath technology being used to deliver an increase in essential therapy, without the therapist having to be there each time,” said Mr Kernohan.

ableX is looking to expand into other neurological conditions for which the company claims initial efficacy, in advanced dementia, lower limb disability, traumatic brain injury and multiple sclerosis.

Current investors in the company include CureKids Ventures, the NZ Venture Investment Fund and social impact investors. The company has chosen to raise capital from the public so that patients, clinicians and other interested parties can own shares in the company and share in the success of this new approach to rehabilitation. Interested parties can view an information memorandum and background information about the company, product, and investment process on the Snowball Effect website.

ENDS


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