The EMvision Medical Devices Ltd (ASX: EMV) share price is charging higher today. This follows the company providing an update in regard to its portable medical imaging technology.
At the time of writing, shares in the medical device company are 14.07% higher to $3 apiece. However, earlier in trade the EMvision share price had been as high as $3.10.
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Milestone achievement
Investors are excited about the potential for EMvision today after the company announced the latest development of its brain scanner. After working on prototyping and development of its portable medical technology, today EMvision has notched up an achievement.
According to the release, the company has successfully fabricated and assembled its alpha unit of its first-generation portable brain scanner. These units are intended for commercialisation, giving shareholders hopes for future sales.
However, before we get ahead of ourselves… the first-gen units will be the subjects of a range of tests for assessing compliance with regulatory standards. These include:
- Functional compliance,
- Reliability compliance,
- Integration (software and hardware) compliance,
- Safety compliance, and
- Performance compliance
In addition to the above-noted compliance tests, the units will also be assessed on suitability for manufacturing, assembly, shipment, environmental impact, use, service, and repair.
Furthermore, the intended use of portable brain scanners is in applications where conventional neuroimaging machines are not accessible or practical.
For example, co-chair of the Australian Stoke Alliance, Professor Stephen Davis AO mentioned the possibility of such technology being incorporated into standard ambulances and aircraft. This potential has fed into the excitement surrounding the EMvision share price.
Management commentary
Speaking on the monumental step, EMvision CEO Dr Ron Weinberger said:
This is an important milestone for the Company. Our product represents a game-changing opportunity to provide accessible point-of-care neuroimaging for stroke patients, wherever they are. The value proposition for our scanner is simple – portable, accessible, fast, safe, and affordable.
We are tackling the immense health burden that is stroke, with potential future adjacencies in traumatic brain injury and other neurological disorders. We see an enormous market opportunity ahead in neuroimaging that is poised for disruption. Our device will undergo various tests as we prepare for our next stage of expanded clinical studies.
EMvision share price recap
The EMvision share price has delivered an exceptional return to shareholders over the past year. This is despite bottom-line losses deepening as it continues to invest heavily in research and development. Specifically, over the course of the year, shares in the company have surged nearly 60%. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) has returned 23.4% during that time.
Finally, based on the current EMvision share price, the company holds a $216 million market capitalisation.
