iSonea ramps up product efforts

iSonea (ASX:ISN) will put the funds from a recent $4.3 million rights issue toward accelerating commercialisation of its Acoustic Respiratory Monitoring (ARM) products.

The company is hunting for a distribution and sales partner for ARM, its family of disease management products for asthma and other pulmonary conditions.

Talks are underway with several possible candidates covering development and distribution of its products in the US and other key asthma markets, iSonea announced.

The products have been approved by the Australian TGA, the US FDA and Europe's CE, and iSonea is currently developing over-the-counter monitoring devices with mobile health capabilities.

Part of the proceeds from the rights issue, which closed earlier this month, will also be used to fund short clinical studies in the US to enable insurance reimbursements for its products.

ASX-listed iSonea developed its products through operating subsidiaries in Israel, the US and Australia. The parent changed its name from KarmelSonix in August

By the end of the year, iSonea intends to complete a US public listing on the OTCQX exchange for American Depository Receipts.

Earlier this month, iSonea appointed the Bank of New York Mellon to serve as the depository bank for these receipts.

Following the announcement, iSonea (ASX:ISN) shares fell 20% on Monday's trading to $0.004. The shares have been trending down since September, from that month's high of $0.021.