Control Bionics reports significant progress in NDIS approvals and introduces new leasing programs

Control Bionics Limited (ASX:CBL) has experienced a substantial improvement in NDIS approvals, with close to $400,000 in approvals received over the past eight weeks. This marks a significant increase compared to the previous 5 months. Additionally, the company has successfully launched a long-term leasing program for its Trilogy system in Australia, aiming to facilitate quicker access to vital communication technology for individuals with neurodegenerative conditions.

Executive Commentary on NDIS Approvals and Leasing Programs

We are pleased to witness the positive momentum in NDIS approvals, reflecting our team's efforts to navigate industry-wide delays. The significant increase in approvals, along with the launch of our leasing program for the Trilogy system, demonstrates our commitment to enhancing accessibility to essential communication technology. We are encouraged by the engagement with the NDIS and anticipate continued approvals in the upcoming months. The positive response to our leasing initiative reaffirms our dedication to providing innovative funding options for our customers, with plans to extend similar programs to our NeuroNode product.

Summary of Control Bionics' Recent Developments

Control Bionics (ASX:CBL) has reported a notable surge in NDIS approvals, signaling a turnaround from previous industry-wide delays. The company's successful launch of a leasing program for the Trilogy system in Australia has garnered positive feedback and an initial approval from the NDIS. The ongoing pipeline of opportunities, with approximately $1.0 million awaiting approval, indicates a promising outlook. Furthermore, the company is conducting a rights issue to raise funds for the commercialization of the NeuroStrip, the launch of DROVE, and the expansion of the NeuroNode Only strategy. Control Bionics also received a Research and Development Tax Incentive of $736,794, aligning with the disclosed amount in the Annual Report. The repayment of the debt facility with Radium Capital leaves a residual amount of $288,587. With the extension of its offerings to mobility and the commercialization of the NeuroStrip, Control Bionics is poised for continued growth and innovation in the medical device sector.