Pinned straw:
Nice award! To put this in perspective:
- At 31 Mar 2025, EMV had available funding of $12.6m, so this increases available funding to $17.6m, with the $5m to be progressively dispensed quarterly
- Actual cash outflow, excluding Grants and Incentives, in FY2025 to 31 Mar 2025 was $8.8m
- There thus appears to be funding for roughly 18M, which should get EMV past FDA approval, I suspect
I still expect a capital raise but the grant removes the immediate need for that, pushing the timing of any raise nearer to commercial launch. Am very OK with that prospect as EMV has been very careful in its funding approach.
Next week’s SM chat with Scott is timely to get a better sense of how it is thinking about funding.
On a separate note, this was a good summary of the TAM for the First Responder Unit. I don’t think its new, but its the first time I have taken notice of it!
Discl: Held IRL and in SM
You have to love free capital @jcmleng -- no strings attached here, other than needing to co-invest the same amount (which they would have spent anyway).
We're meeting with the MD and founder next week btw.