PainChek Ltd (ASX: PCK), the developer of the world’s first smart device-based pain assessment and monitoring application, has announced a strongly supported A$7.5 million placement. The company has received firm commitments from institutional, high net worth, and sophisticated investors. PainChek’s technology is a regulatory-cleared medical device for pain assessment, enabling effective pain management for individuals in various environments, particularly those unable to reliably self-report pain. The PainChek app combines AI with the Numerical Rating Scale (NRS) for accurate pain assessment.
The placement involves the issue of approximately 220 million new fully paid ordinary shares at A$0.034 per share, representing a discount to the company’s last traded price. The funds raised will primarily support the commercialisation and market penetration of PainChek Adult in the US, pending US FDA de Novo clearance expected in late September or early October 2025. Proceeds will also be allocated to establishing operations in Canada and the US, expanding PainChek Infant’s market presence in Australia, New Zealand, and overseas, ongoing product development and research, and general working capital.
The company anticipates significant growth in the US long-term care market, valued at $582 million per annum, following FDA clearance. PainChek CEO Philip Daffas stated the placement positions the company well for major international expansion. He also highlighted existing partnerships with PointClickCare and ElderMark, providing access to over 1 million beds in the US. Marketing efforts have commenced in Australia for PainChek Infant to drive additional growth.
Canaccord Genuity (Australia) Limited acted as Lead Manager for the placement and will receive 20 million options as compensation for their services. Several PainChek directors, including Philip Daffas and Cynthia Payne, have committed to participate in the placement, subject to shareholder approval at the Annual General Meeting in November 2025. Settlement of the new shares is expected on August 1, 2025, with normal trading resuming on August 4, 2025.
