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ENLITIC INC. — Capital/Financing Update 2024
Jun 16, 2024
64853_rns_2024-06-16_5f93dcac-e19c-4577-a994-31e34e85b2b8.pdf
Capital/Financing Update
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ASX Announcement
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17 June 2024
Enlitic Secures New Partnerships
Highlights
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Execution of three new agreements with global partners
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Esaote, one of Europe’s leading manufacturers of medical diagnostic systems
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Clairvo Technologies, a state-of-the-art medical care technology distributor in Japan
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DataFirst, a leading provider of hospital data migration and archiving software
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Agreements amplify Enlitic’s global business development reach
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Builds on recent customer momentum including new contracts with Unilabs and Royal National Orthopaedic Hospital NHS Trust
Enlitic, Inc. (ASX: ENL) (“the Company”) is pleased to announce it has signed three new agreements with partners across the globe, continuing to amplify Enlitic’s business development and building its proof-of-concept momentum with new customers.
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Enlitic has signed a new 3-year distribution agreement, adding Esaote SpA(“Esaote”) to its distributor network. Esaote is one of Europe’s leading manufacturers of medical diagnostic systems and a key player in healthcare technology. Headquartered in Italy and with a presence in approximately 100 countries, it offers ultrasound, MRI and Healthcare IT products and services throughout the globe. Esaote will distribute Ensight 2.0 to both new clients and their existing install base.
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The Company has entered into a new distribution agreement with Clairvo Technologies (“Clairvo”), a wholly owned subsidiary of Marubeni. Clairvo distributes state-of the art technologies to medical care fields in Japan. The new distribution agreement is in addition to Enlitic’s existing agreement with Clairvo. Clairvo will commercialise Enlitic’s chest X-ray technologies exclusively in Japan, a country facing increased healthcare challenges due to its aging society and declining birth rate. The agreement relates to exclusive distribution by Clairvo in Japan only, and is for a term of one year, automatically renewing for subsequent one year terms up to a total term of 10 years (and unless terminated by either party on 7 months’ notice).
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The Company has also signed a 3-year Marketing and Technology agreement with DataFirst Corporation (“DataFirst”) under which DataFirst and Enlitic will jointly market and distribute both companies’ products and services to their
Enlitic, Inc. ARBN 672 254 027
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existing and new clients. DataFirst is a leading US provider of hospital data migration and archiving software. Aligning with Enlitic’s purpose, DataFirst solves imaging data challenges and implements interoperability initiatives across healthcare enterprises.
These new partnership agreements follow Enlitic’s recent distribution agreements signed with Biotronics 3D Limited and Testdynamics Holdings Inc.
While each of these agreements are not considered material in respect of their terms and conditions or in respect of their financial impact for Enlitic, they evidence the progress that Enlitic is making in respect of its business model (as described in its IPO prospectus). Each of these contracts expands Enlitic’s customer acquisition channels. Channel partners, such as those disclosed in this announcement, are a key element of the Enlitic business model as they act as providers, vendors, retailers or agents in the on-selling of services, products or technologies and act as a link between Enlitic and further end users. They are not however direct end users of Enlitic products themselves.
In addition, Enlitic has also recently secured new direct end-user clients,
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Unilabs: Enlitic recently announced the extension and expansion of its agreement with Unilabs, one of Europe’s largest diagnostics companies with a network of over 180 imaging centres, and;
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Royal National Orthopaedic Hospital NHS Trust: Its contract with Royal National Orthopaedic Hospital NHS Trust marks the first sale of Enlitic’s products at a National Health Service (“NHS”) site. The NHS is the publicly funded healthcare system in England and the second largest single-payer healthcare system in the world.
Michael Sistenich, CEO of Enlitic , said “Our new partnerships with Esaote, Clairvo and DataFirst are significant milestones in the commercialisation of our products as they unlock the door to even more of our estimated total serviceable market. We recently accelerated our development roadmap with the release of Ensight 2.0 to expand the capability of our suite of available use cases. These important developments of our product functionality have contributed to the new partnerships announced today. These global partners will serve as an extension of our salesforce, bringing greater reach and deeper local knowledge. We continue to see growing interest in our capabilities and will continue to drive the expansion of our global network to deliver better outcomes for more customers.”
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This announcement was authorised for release by the Board of Enlitic, Inc.
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Enquiries
Enlitic Investor Relations Australia: USA: [email protected] [email protected]
About Enlitic
Enlitic is a software company that uses artificial intelligence 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 products (including its current product offering and product suite under development) seek to standardise, protect, integrate, and analyse data to create the foundation of a real-world evidence platform that can improve clinical workflows, increase efficiencies, and expand capacity. Read more at enlitic.com.
Forward-looking statements
Certain statements made during or in connection with this announcement contain or comprise certain forward-looking statements regarding the Company, its customer contracts and customer pipeline and product development. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such expectations are only predictions and are subject to inherent risks and uncertainties which could cause actual performance or achievements to differ materially from those expressed, implied or projected in any forward looking statements and no assurance can be given that such expectations will prove to have been correct.
Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, delays or changes in product development and realisation of customer pipeline, changes in demand, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in exchange rates and business and operational risk management.
To the maximum extent permitted by law, each of the Company, its officers, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the material contained in these forward-looking statements and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in forward-looking statements or any error or omission. The Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events other than
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required by the applicable laws, including the ASX Listing Rules. Accordingly, you should not place undue reliance on any forward-looking statement.
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