Control Bionics Bags A$1.04M To Expand Assistive Technology Solutions

Control Bionics Ltd (ASX: CBL) has received firm commitments to raise A$1.04 million via the issue of shares at A$0.043 each.

The placement was strongly supported by new investors and existing shareholders.

Wireless wearable device

CBL is a medical device company specialising in electromyography (EMG) solutions for assistive communication, mobility, and data measurement.

The company’s patented wireless wearable device (NeuroNode) detects minute signals sent from the brain to any skeletal muscle and is captured as EMG output.

This output is then sent wirelessly to a personal computer, enabling speech and other computer-controlled functions like email and texting.

Wheelchair module

Control Bionics recently extended its offering to mobility with the launch of DROVE – the autonomous wheelchair module.

DROVE allows powered users the independence to operate their wheelchairs in their own homes for the first time.

Growth strategy

This new funding will assist the company in achieving its global growth strategy with a focus through FY25 as follows:

  • Grow each of the 3 operating businesses (US, Australia, Japan) such that the selling operations in each market are EBITDA positive.
  • Build NeuroNode business globally.
  • Deliver first commercial sales of DROVE autonomous wheelchair controller.
  • Identify and execute on opportunities to more rapidly scale Control Bionics.
  • Commercialise the NeuroStrip and associated app.

 

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