Pro Medicus to Make Up to AU$20 Million Debt Investment in Echo IQ as Part of Proposed Commercial Partnership

MT Newswires Live06-25 07:39

Pro Medicus (ASX:PME) will provide an investment of up to AU$20 million to Echo IQ (ASX:EIQ) and become a reseller of the EchoSolv product suite across the US under a proposed commercial partnership, according to a Thursday filing with the Australian bourse.

Subject to definitive documentation, Pro Medicus will initially invest AU$10 million and will have an option to invest an additional AU$10 million upon Echo IQ receiving US Food and Drug Administration clearance for its EchoSolv HF software.

Under the agreed framework, both the initial and subsequent investment will be made through a subscription for secured convertible notes, per the filing.

The US FDA submission for EchoSolv HF "remains on track for an expected outcome in the near term," Echo IQ said.

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