PainChek Limited (ASX:PCK) Expands Implementation and Market Reach
Implementation Growth and Licensing
PainChek Limited (ASX: PCK), the developer of an innovative pain assessment application, has reported a substantial increase in implemented licenses. As of 30 November 2024, the total implemented licenses rose to 68,136, reflecting a 10% increase over the last two months. This growth is attributed to revised customer contracts that now contain rollout schedules and milestone payments for larger clients across Australia and New Zealand, as well as the UK.
Collaboration with Western Australian Government
A formal agreement with the Western Australian government has been established to fund the development of a new PainChek App aimed at assessing pain in non-verbal children with disabilities. This project is backed by a $392,820 grant from the Future Health Research and Innovation Fund. The initiative is spearheaded by Professor Jenny Downs of The Kids Research Institute and Dr. Katherine Langdon from Perth Children’s Hospital.
PainChek retains exclusive rights to commercialise this new app, with completion and commercialisation anticipated in approximately two years.
Live Trial at Royal Infirmary of Edinburgh
The Royal Infirmary of Edinburgh has commenced a live trial integrating PainChek within its hospital setting, utilizing the InterSystems TrakCare health information system. This trial, scheduled to run for 16 weeks, aims to establish a business case for a broader rollout across the hospital network.
CEO’s Outlook on Market Development
CEO Philip Daffas expressed confidence in PainChek’s strategic focus on expanding its core business in existing markets and penetrating new opportunities, including the USA. He stated, “We are continuing to expand our portfolio to ensure no person suffers from pain in silence. We thank our shareholders for their continued support as we pursue these opportunities.”
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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