Echo IQ's $7.1 million institutional placement

Echo IQ Limited (ASX:EIQ) has successfully secured firm commitments to raise approximately $7.1 million through an institutional placement at $0.15 per share. The placement, which received strong support from both new and existing institutional investors, aims to fund commercialisation activities, ongoing product development, regulatory costs, clinical trial program, and general working capital, including operational costs and offer costs. The proceeds will also be utilized to extend the company's cash runway through the FDA approval process for its Heart Failure solution.

Executive Commentary on Placement

We are delighted with the support of our Placement from our existing shareholders and to welcome several new institutional shareholders to our register at such an exciting stage of the Company's phase. Proceeds from the Placement will see Echo IQ progress significant commercialisation activities for the Company's Aortic Stenosis and Heart Failure Al Solutions. Following on from our groundbreaking results from the recently announced clinical studies, we continue to have very strong interest from a number of companies who operate in the sector and we anticipate that these results will help advance these discussions further. Further, the Company remains focused on fast tracking engagement with the FDA to fully unlock value for shareholders.

Summary of Echo IQ's Institutional Placement

Echo IQ Limited (ASX:EIQ) has successfully raised approximately $7.1 million through an institutional placement at $0.15 per share. The placement received strong support from both new and existing institutional investors, enabling the company to fund commercialisation activities, ongoing product development, regulatory costs, clinical trial program, and general working capital. The proceeds will also be utilized to extend the company's cash runway through the FDA approval process for its Heart Failure solution. Echo IQ's focus on fast tracking engagement with the FDA and the anticipation of advancing discussions with companies operating in the sector reflect the company's commitment to unlocking value for its shareholders. The successful placement marks a significant milestone for Echo IQ as it continues to advance its innovative solutions in the field of Cardiology.