Here’s why the EMVision (ASX:EMV) share price is up 9% this week

The EMVision share price is up by almost 10% this week, after the company announced a cash injection and a new chief scientific officer.

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The EMVision Medical Devices Ltd (ASX: EMV) share price has had a bumper week so far. Shares in the medical imaging company are up by 1.94% today, on the back of a week of gains. At the time of writing, the EMVision share price is up by 9.7% since the opening bell on Monday morning.

A week of good news for EMVision

EMVision’s gains this week come after the company announced on Monday that it had received a $1.28 million cash refund for the financial year ending 30 June 2020. The incentive was paid to EMVision in relation to its research and development (R&D) work.

This brings EMVision’s cash reserves to $13.1 million. Cash balance is of particular interest when looking at companies involved in R&D, where there are often gaps of time in between project developments.

On Thursday morning, EMVision announced the appointment of Professor Stuart Crozier as Chief Scientific Officer, noting that he is “globally recognised for his breakthroughs in Magnetic Resonance Imaging (MRI)”.

Professor Crozier will now lead R&D efforts of EMVision’s novel imaging products.

So what exactly does EMVision do?

Some Fools might recall us going into detail about what EMVision gets up to back in October. The company website states that EMVision “is developing a portable brain scanner for rapid, point of care, Stroke Diagnosis and Monitoring”.

If that sounds complicated, it’s probably because it is! Put simply, EMVision is working toward a solution that will support people suffering from a stroke, on-site. The company is currently developing a portable brain scanner that could save significant time diagnosing a stroke, therefore potentially lessening the impact of the stroke itself. 

According to a clinical trial result the company announced back in October, “It was observed that the EMVision device was able to classify stroke type (haemorrhagic or ischaemic) with an overall accuracy of between 93.3% and 96%.”

More on the EMVision share price

EMVision shares have had an impressive 12 months. Year-over-year, the share price has rocketed over 300%. During its December 2018 IPO, EMVision’s price was 25 cents a share. Lately, EMVision shares are trading in the $3 range, sitting at $3.16 at the time of writing.

With a market cap of around $213 million, EMVision certainly isn’t the biggest player on the field, but it seems to be garnering plenty of attention since joining the game. 

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Gretchen Kennedy 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.

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