• Successful AU$21 million equity capital raise to accelerate Enlitic’s commercialisation plans
• Enlitic is a leading innovator in data standardisation for medical imaging
• The Company will trade on the ASX from 10.30am today under the ticker code ENL
• Investor webinar at 11am AEDT on Thursday 21 December 2023, details below
Enlitic, Inc. (“Enlitic” or the “Company”), a leading innovator in data standardisation using AI technology, will commence trading on the Australian Securities Exchange (ASX) today at 10.30am under the ASX ticker code ENL. The listing follows a successful partly underwritten equity financing, raising AU$21 million and enabling the Company to pursue its growth strategy.
Enlitic is a software development company that uses AI to develop software products that manage medical imaging data in radiology (such as MRI, CT scans, X-ray and ultrasound images) and licences such products to healthcare providers. Enlitic’s mission is to revolutionise healthcare by leveraging AI and data, empowering evidence-based decision-making, enhancing research, and transforming healthcare delivery. Enlitic operates in the global healthcare IT market, specifically within the radiology sub-sector.
The framework standardises and deidentifies patient studies and series descriptions ensuring the uniformity of medical image data. This optimises radiologists’ workflow and enhances data utilisation for researchers. Improved data quality leads to better decision-making and analysis with positive benefits cascading downstream to other healthcare departments and staff.
The Company has two commercialised products:
• ENDEX™ standardises medical image descriptions to a consistent naming convention
• ENCOG™ anonymises data keeping clinical content for research purposes
Enlitic has a subscription-based revenue model that delivers reliable Annual Recurring Revenue. The Company is targeting large healthcare systems and private radiology reading group customers, which together amount to a large total serviceable market of US$3.71 billion.
Growing customer base
Enlitic is continuing to pursue its customer opportunity pipeline with several US customer agreements moving through the proof-of-concept phase towards License Agreements.
Company is led by CEO Michael Sistenich who has over 24 years of experience as a healthcare specialist in the investment banking, corporate finance and asset management industries and backed by a highly experienced Board including Chair, Lawrence Gozlan, a leading biotechnology investor and advisor.
Michael Sistenich, CEO of Enlitic, said “As imaging becomes an increasingly important tool in patients’ medical diagnosis and treatment journeys, hospitals and diagnostic imaging centres are faced with the challenges of coping with rapidly growing volumes. At the same time, radiologists’ capacity is constrained by poor-quality data which creates inefficiencies in their workflow and increases the cost of radiology exams. Enlitic’s enterprise, AI-driven software has the power to help alleviate these escalating healthcare system costs. It standardises data, creating a universal medical imaging language and data model that enables more effective administration, processing, and sharing of deidentified patient data. Radiologists can focus on the tasks they are best at: reading images to support their patients.”
“Our listing on the ASX marks an important milestone for Enlitic and follows a successful $21 million initial public offering. Having the support of new and existing shareholders, particularly through this challenging equity market, is a testament to the strength of our technology and the opportunity ahead. I’d like to thank our incredible team which has continued to drive our business forward. We have an exciting path ahead”, concluded Sistenich.
Enlitic was recognised as one of the 50 Smartest Companies in 2016 by MIT Technology Review and won the €1M prize for its deep learning technology at the CUBE Tech Fair in 2017.
Investor webinar details
Enlitic CEO, Michael Sistenich, will host a webinar for at 11.00am AEDT on Thursday 21 December 2023. Analysts and investors are invited to register via the link below.
Date & Time: 11.00am AEDT on Thursday 21 December 2023