Micro-X (ASX: MX1) has raised $6 million through a placement and entitlement offer to fund its strategic shift towards medical imaging. This move follows the company’s decision to discontinue its security-focused Argus operations in favour of advancing its Head CT technology and other medical imaging developments.
The capital raising consists of a $2 million placement to professional and sophisticated investors and a $4 million 1-for-10 entitlement offer, both priced at $0.07 per share. The funds will support commercialisation, regulatory approval, and product development for Micro-X’s medical imaging technologies, including its portable Head CT system. The initiative is backed by non-dilutive funding from ARPA-H and the Australian Stroke Alliance.
Separately, Micro-X has entered a $5.6 million strategic partnership with Malaysian security technology firm Billion Prima. The deal includes a $2.4 million equity investment at $0.09 per share, a 15% premium to the last traded price, as well as a $3.2 million development agreement to commercialise a baggage and parcel scanner for the Southeast Asian market. Billion Prima will have exclusive rights to manufacture and sell the scanner in the region for 20 years, while Micro-X retains ownership of its core intellectual property.
Micro-X plans to further monetise its security division by pursuing additional partnerships and selling its imaging chain components to non-competing companies. The company is also in advanced discussions regarding the commercialisation of its Head CT technology.
With these strategic moves, Micro-X aims to position itself as a leading player in the medical imaging sector while leveraging its security innovations through external partnerships.
