Mach7 (SX:M7T) has closed Friday a $2.52M capital raising at $0.06 per share, a 9% discount from the last closing price. The placement went very well with institutional investors. Ot will assist the Group in transitioning towards profitability. Following the raising, total number of shares outstanding is 950M, for a market cap at $60M. The group led by Albert Liong will use the proceeds for new product development, core platform technology enhancements and to increase the sales and marketing capabilities.
Mach7 and 3D Medical merger – April 2016
Mach7 Technologies Limited, formerly 3D Medical Limited, provides a suite of 3D printing, medical imaging and data integration tools to the healthcare industry. In April 2016, as 3D Medical Limited, the Company completed an all scrip merger with privately-owned, United States-based global medical software developer, Mach7 Technologies to leverage its suite of existing products into the Australian and US domestic healthcare sector and internationally.
Following completion of the merger 3D Medical changed its name to Mach7 Technologies Limited. The merged entity will remain listed on the ASX (code: M7T). Mach7 has developed a Vendor Neutral Archive (VNA) digital image management system that gives medical practitioners the ability to offer a more tailored patient care program by having all of their medical records – regardless of source format – accessible through a single non- proprietary user interface.
3D Medical Printing
Mach7 (3D Medical)’s printing service allows medical and healthcare practitioners to 3D print physical patient-specific anatomical parts as functional and visual aids utilising the images and data already captured by conventional diagnostic imaging tools. These printed objects are particularly relevant in complex pre-surgical planning and are extremely beneficial in patient engagement and communication.
Capitol Health utilises the 3D Medical’s 3D anatomical printing services and currently generates more than 1 million scans per annum that are capable of being transformed into 3D models. In 2015 3D Medical and Capitol Health signed a 5-year Exclusive Supply Agreement to supply three-dimensional printing of its diagnostic imaging data.