The MyFiziq Ltd (ASX: MYQ) share price was a very strong performer on Tuesday before abruptly being placed into a trading halt this afternoon.
Prior to the trading halt, the healthcare technology company’s shares were up 15% to a record high of $1.33.
When the MyFiziq share price hit that level, it meant it was up a whopping 400% over the last six weeks.
Why is the MyFiziq share price in a trading halt?
This afternoon MyFiziq requested a trading halt pending the release of an announcement regarding a material commercial transaction with a sales channel partner.
No other details have been provided by the company, so investors will need to wait until Thursday to learn just what this deal is.
Why Is the MyFiziq share price up 400% in six weeks?
Investors have been fighting to get hold of shares over the last six weeks following the release of a series of announcements.
The one which appears to have got investors most excited relates to an agreement with Asia Pacific corporate wellness platform WellteQ.
That agreement will see the company integrate its newly developed CompleteScan platform into the US$10 trillion insurance, telehealth, corporate wellness and wearables market via WellteQ’s personalised digital wellness and analytics platform from January 2021.
The company describes CompleteScan as a convergence of technologies that unlock a multitude of biometric markers and risks such as CVD, obesity, heart attack, stroke, and metabolic syndrome. It uses a combination of face scans and body scans via smartphones to generate its results.
According to the release, the integrated offering will be first offered to existing corporate customers. This includes Willis Towers Watson APAC, NIB Holdings Limited (ASX: NHF), Bupa Australia, Toll Logistics, Credit Suisse, and DBS Bank.
Management notes that digital health platforms such as WellteQ are becoming a highly sought-after engagement, triage, and monitoring tool for the public healthcare, corporate, and insurance sectors during the pandemic.
Vlado Bosanac, Chief Executive Officer of MyFiziq, commented: “This will be a world first as multiple organisations worldwide are positioning themselves with offerings to the telehealth, insurance industry and the corporate wellness space. Combining our new CompleteScan technology with WellteQ will be a paradigm shift in both tracking and analytic capabilities across multiple market segments.”