News: Optiscan raising funds, nears launch of second generation imaging systems

Optiscan (ASX:OIL) is raising up to $1.2 million as it nears the launch of medical imaging systems using its second generation technology platform.

The funding consists of $500,000 in debt and a fully underwritten 1 for 15 non-renounceable rights issue priced at $0.05 per share to raise about $690,074.   

Its second generation technology platform is the outcome of more than 20 years of research and development along with $100 million of investment and possesses proven, efficacious, protected, real time in vivo imaging at sub-micron resolution.

Optiscan’s second generation animal imaging system, CellLIVE, is expected to generate its first sales in the September quarter.

Its lead clinical product using the latest second generation imaging platform is its neurosurgery imaging system.

This system is in the final stages of development with activities now focussed on regulatory submission.

The system has been developed for Carl Zeiss, the world leader (>50% market share) in visualisation systems for neurosurgery.

Optiscan is in continuing discussions with Carl Zeiss in relation to enhancing the commercial arrangements between the parties. Such discussions are likely to reach a conclusion in the September quarter.