Amid a flurry of other activities, the company is firming up plans to list on the US OTCQX market, which it hopes will provide direct access for US strategic and institutional investors and increase its global profile.

CardieX Ltd (ASX:CDX) 's most recent quarter saw strong shareholder take up of its options offer, with a 93% conversion rate raising A$7.6 million in November.

The company boasted cash reserves of A$5.47 million at year's end, with cash receipts for December up 49% on the previous quarter.

CDX is firming up plans to list on the US OTCQX market, which it hopes will provide direct access for US strategic and institutional investors and increase its global profile in advance of multiple new product launches.

It also anticipates the potential for a revaluation in line with other comparable wearable and health technology companies in the US.

Operations humming

During the quarter, CDX spent A$492,000 on product development and operations, and $200,000 on advance orders for the CONNEQT Band component inventory, securing the supply chain in readiness for the launch of the device.

The company continues to make good progress building its global development, engineering and marketing teams in anticipation of multiple new product launches this year.

CDX aims to become a global leader in wearable and home vascular health solutions that send patients' real-time data directly to their doctors.

To this end, it made progress on its CONNEQT Pulse and CONNEQT Band product development during the quarter, preparing to lodge regulatory documents for US FDA clearance of the products.

The company is claiming a world-first with its CONNEQT Band, which it believes will be a first-to-market wearable smart device to include a full suite of heart and arterial health features, including a first-in-kind blood pressure monitoring sensor.

Mobvoi and ATCOR

CDX is also preparing for its March quarter Mobvoi smartwatch partnership and commercial launch. Customer support systems are in place, product inventory is being assembled and pre-launch testing is underway.

While clinical trials conducted by the company's ATCOR division were impacted to some extent by COVID-19, which resulted in early completion of one trial and the postponement of another, the ATCOR division continues to target full-year profitability.

At the close of the quarter, CDX remains in a strong financial position to pursue growth initiatives across medical and consumer device divisions.

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Cardiex Limited published this content on 02 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 February 2022 17:10:04 UTC.