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Control Bionics Ltd. ( (AU:CBL) ) has provided an update.
Control Bionics Limited has announced a non-renounceable rights issue to raise approximately $2.062 million, underwritten to $1.150 million, to support its growth initiatives. The capital will be used to enhance the commercial rollout of NeuroStrip® and expand the NeuroNode® Only strategy, with ongoing negotiations for distribution partnerships and positive feedback from rehabilitation trials in the US and Australia. Despite slower-than-expected customer acquisition, the company anticipates securing initial contracts by the end of 2025.
More about Control Bionics Ltd.
Control Bionics Limited operates in the assistive technology industry, focusing on developing and commercializing products like NeuroStrip® and NeuroNode® that aid individuals with disabilities in communication and mobility. The company is actively expanding its market presence in Australia and the US, with a strategic focus on enhancing its distribution and operational capabilities.
Average Trading Volume: 152,197
Technical Sentiment Signal: Sell
Current Market Cap: A$11.2M
For an in-depth examination of CBL stock, go to TipRanks’ Overview page.