TALi Digital Limited (ASX:TD1) (TALi or the Company), a leading digital health business is pleased to advise that it has received binding commitments from a range of high quality institutions and sophisticated investors to subscribe for 98,717,948 shares issued at a price of $0.039 per share to raise $3.85m before costs (the Placement).
The Company welcomes a range of new insitutional investors to the Company's register and recognises the continued support from existing holders. The funds raised from the placement will be used to:
TALi provides novelevidence based and clinically validated game-bawswed programs supported by proprietary algorithms designed to assess and strengthen attention in early childhood. The TALi Train platform is classified as a medical device by the Food and Drug Administration (FDA), Therapeutic Goods Administration (TGA) and European Union via CE mark allowing the solution to be marketed as a cleared medical device in those jurisdictions, thus differentiating the TALi solution from numerous other competitors.
This differentiation is further supported by the strong intellectual property (IP) protection via issued patents and/or trademarks within the key target marketsof the USA, China, Japan, Australia and the EU allowing the Company a first to market mover advantage.
TALi managing director, Glenn Smith said "The strong support TALi has received from existing and new investors reflects the support for our leading TALi DETECT and TALi TRAIN cognitive performance tools. The funds raised will allow TALi to continue to engage with various channel partners to facilitate the rollout of our products globally.
"The significant opportunity for TALi to work with various channel partners to drive global adoption of our TALi TRAIN and TALi DETECT tools was highlighted by the investment of up to US$7m from The Times Group, a business with a significant track record of making succesful investments and facilitating rapid growth of partner organisations in India."
"In Japan, we recently received the granting of a patent that strengthens TALi's IP position. Japan is the developed world's third largest market for attention related treatments and is a key market for TALi, where ADHD is a major issue amongst the population of 15 million children under 15 years. The patent secures our intellectual property position and paves the way for us to enter the Japanese market via a partnership model."
"The funds received from the placement will allow TALi to continue to develop the commercialisation and partnership model in Japan and other large markets such as the USA, China and Europe. I would like to thank all our shareholders for their continued support of the Company and welcome the new investors to our register. I look forward to updating you on the execution of our strategy in due course."