Shares in a telehealth startup founded by neuroscientists at Princeton University have had a strong start to life on the Australian Securities Exchange, surging over 30 per cent.
BlinkLab shares started trading on the market on Thursday under the ticker code BB1, and followed an “oversubscribed” initial public offering that raised $7 million through the issue of 35 million shares at 20¢ apiece.
The company has spent the past several years developing a smartphone-based test for early diagnosis of autism, attention deficit hyperactivity disorder (ADHD) and other neurodevelopmental conditions in young children.
The phone app uses artificial intelligence and machine learning algorithms to record responses to screening tests that are then uploaded to a BlinkLab digital platform for assessment and diagnosis by healthcare providers.
Shares started off at about 30¢ on its first day of trading before closing up 32.5 per cent to 26.5¢.
BlinkLab said the capital raised would be used to progress the smartphone-based diagnostic test into a US Food and Drug Administration registrational study, initiate further clinical studies in other programs like ADHD, and continue to advance its in-house AI/ML algorithms.
The Sydney-based startup is chaired by Brian Leedman, co-founder of the formerly ASX-listed ResApp Health, a diagnostic tool used to record and analyse a patient’s cough on a smartphone. It was bought by US pharmaceuticals giant Pfizer for nearly $180m two years ago.
Mr Leedman said BlinkLab was the next groundbreaking venture in digital healthcare.
“Our innovative approach leverages the power of smartphones, AI and machine learning to deliver autism screening tests specifically designed for children as young as 18 months old,” he said.
“This will aid healthcare providers to identify these children at a much younger age than presently available providing a pathway to effective treatment and better outcomes for the child and their families.
“This cutting-edge digital technology is poised to capture the imagination of major industry players, eager to embrace transformative solutions in healthcare.”
BlinkLab’s ASX debut coincides with autism awareness month in April.
“Our ASX debut during World Autism Month is a poignant reminder of our dedication to bridging the gap between groundbreaking science and the real-world needs of families navigating neurodevelopmental challenges,” said BlinkLab co-founder and chief executive Henk-Jan Boele.
