The EMvision Medical Devices Ltd (ASX: EMV) share price rocketed today following news that the Australian Government will give the ASX company a multi-million dollar manufacturing grant.
Shares in the Australian medical device company finished the session at $1.82, up 5.2%. Earlier, the EMvision share price reached an intraday high of $1.92 — up 10.98%.
By comparison, the All Ordinaries Index (ASX: XAO) also travelled higher today to 7,426 points — up 1.03%.
EMvision receives Modern Manufacturing Initiative Grant
ASX investors snapped up EMvision shares on news today that the company has been successful in its application for the grant.
According to a market release, the Department of Industry, Science, Energy and Resources has awarded EMvision a Modern Manufacturing Initiative (MMI) grant.
Under the MMI Manufacturing Translation Stream program, EMvision will receive $5 million of non-dilutive cash funding.
This program provides businesses with funds to support projects, adopt new technologies, and improve manufacturing processes. EMvision stated that the grant is a matched funding program and remains subject to agreeing documentation and terms.
EMvision has not provided any details on how the company will use the funds. Management said it will advise the details in due course.
The company is developing a portable brain scanner to diagnose and monitor strokes in patients.
The department will contact EMvision to discuss the next steps.
EMvision share price summary
Although the EMvision share price accelerated today, it has been on a downhill trend. The shares have lost 37% over the past 12 months and are down 31% year to date.
On valuation grounds, EMvision has a market capitalisation of roughly $133.95 million.