Signify Premium Insight: Artrya: AI & the Art of Going Public Punctually
Published: November 9, 2021
Australian cardiac AI developer Artrya recently announced that it is set to list on the Australian Stock Exchange this month, at an enterprise value of more than AUD 105m (US$77m). The cardiac imaging specialist plans to raise AUD 40m in an initial public offering of 29.6m shares, at AUD 1.35 a share.
The money will add to the AUD 19m in start-up funding the vendor has so far received and will primarily be used to meet costs associated with product development, clinical R&D and regulatory clearance. The vendor’s core solution, Salix, has been admitted by Australia’s Therapeutic Goods Administration (TGA) as a Class 1 product, allowing it to be commercialised in that country, and Artrya has filed an application with the US-FDA. The float will, however, also fund global expansion, and allow other regulatory filings to be made in Canada, the EU (CE Mark) and the UK.