Echo IQ, an $84 million market-capped stock focused on artificial intelligence and data science to improve detection of structural heart disease, is seeking up to $6 million in new capital to fund its commercialisation efforts.
Lead manager Ord Minnett launched the deal this week through an institutional placement of about 40 million new shares. Bids were due at market close on Thursday, and it is understood demand exceeded $10 million.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
