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Control Bionics Announces Rights Issue to Fund Growth Initiatives

Story Highlights
  • Control Bionics Ltd. is raising funds to support the rollout of NeuroStrip and expand its NeuroNode strategy.
  • The rights issue aims to raise $2.062 million, with funds allocated for growth and operational capacity expansion.
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Control Bionics Announces Rights Issue to Fund Growth Initiatives

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Control Bionics Ltd. ( (AU:CBL) ) has provided an update.

Control Bionics Ltd. has announced a 1-for-5 non-renounceable rights issue to raise up to approximately $2.062 million. The funds will support the company’s growth initiatives, particularly the commercial rollout of NeuroStrip and expansion of the NeuroNode strategy. The company is negotiating distribution partnerships and conducting rehabilitation trials, with positive feedback and expected customer contracts by the end of 2025. The rights issue is partially underwritten, and the company aims to enhance its operational capacity and meet anticipated demand through targeted investments.

More about Control Bionics Ltd.

Control Bionics Ltd. operates in the biotechnology industry, focusing on developing and commercializing assistive technology products. Its primary products include NeuroNode and NeuroStrip, which are designed to aid individuals with severe disabilities in communication and mobility. The company is actively working on expanding its market presence in Australia and the US.

Average Trading Volume: 155,793

Technical Sentiment Signal: Sell

Current Market Cap: A$11.49M

Find detailed analytics on CBL stock on TipRanks’ Stock Analysis page.

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