BlinkLab, a trailblazer in neurodevelopmental diagnostics, is gearing up for its ASX listing, with the anticipated listing date slated for April 4, 2024, under the security code "BB1".
With the subscription period concluding last week, this novel outfit is set to break into the ASX with its smartphone-based application integrated with an electronic platform, designed to perform neurometric tests that could be used on children as young as 18 months of age.
Through this IPO, Blinklab is poised to garner A$7 million by offering 35 million ordinary fully paid shares at an issue price of A$0.20.
The company focuses on the development and commercialisation of smartphone-neurobehavioural testing and will aid in the diagnosis of autism spectrum disorder (ASD), attention deficit hyperactivity disorder (ADHD), schizophrenia and other neurodevelopmental conditions.
Upon listing, BlinkLab’s primary focus is to complete the necessary regulatory clinical studies and obtain the necessary regulatory approvals to bring the BlinkLab device to market initially as a diagnostic tool for ASD.
Figure 1: Blinklabs indicative timeline (Source: Prospectus)
What is the BlinkLab device?
The BlinkLab Device combines fundamental neuroscience with state-of-the-art artificial intelligence and machine learning.
The tests do not depend upon any verbal or social interaction and could be used at a very early age for children as young as 18 months old.
“This marks a significant advancement, considering traditional diagnoses typically occur around five years of age, often missing the crucial early window for effective intervention,” says chairman Brian Leedman.
Figure 2: How it works (Source: company website)
The mobile device-enabled environment allows real-time detection of facial expressions, including eyes and eyelids, and uses encrypted data transfer and storage to protect patient privacy (Figure 2).
The results from these responses are recorded by smartphone and uploaded to a confidential and secure online platform and the data is analysed using automated facial recognition and image processing techniques.
The device consists of:
the BlinkLab App: a mobile application available for download in the App Store for patients, caregivers and/or parents, effectively a front-end tool that helps collect test subjects’ information and responses to the BlinkLab Tests in real time;
the BlinkLab Portal: the back end includes a fully built secure database and content management system (CMS) as well as an experimenters’ portal that allows for full customisation of the neurometric tests as well as data analysis, annotation and visualisation tools.
Unmet need
BlinkLab is entering the market at a time when the NDIS in Australia has come under scrutiny for the tremendous cost to the Australian taxpayer for which ASD diagnosis and treatment in children is the single largest expenditure.
This smartphone-based ‘screening test’ will aid healthcare providers to identify these children at a much younger age than presently available providing a pathway to effective treatment and better outcomes for the child and their parents.
Children with ASD are usually diagnosed between ages 2-4 years, with speech delays being among the first concerns for parents (Figure 3).
However, with the help of the BlinkLabs app, infants at high risk for ASD may be assessed before full manifestation of the disorder – which the company believes is “transformational”.
Figure 3: Typical ‘testing and diagnostic’ landscape of ASD (Source: IPO prospectus)
Background
BlinkLab was incorporated on August 17, 2021, to accelerate the development and commercialisation of intellectual property developed at Princeton University relating to smartphone-neurobehavioral testing.
Before that, the company’s management team was engaged in extensive research and development of the underlying technology.
Approximately A$4.4 million has been spent on the development of the BlinkLab Technology to date which has been funded by Government grants, industry sponsorships, and various seed raising following incorporation.
The funds raised before incorporation were primarily used to develop and validate the diagnostic capabilities of the platform, whereas the funds raised from Seed Raising and Pre-IPO Capital Raising were used toward software development and clinical studies.
A Word From Samso
To me, the name Brian Leedman is one that I see frequently in this medical technology space in the ASX. I have known that name for the last 10 years and he has been very successful in this space. I am not surprised to see his name mentioned in this IPO. No doubt, I am sure this will be well supported.
The space of neurobehavioural studies is close to me as I am a strong advocate of treating, caring and understanding mental illness. As this is a concept of Artificial Intelligence and machine learning, I would be very keen to know more about the applications and the rate of success.
Mental illness is a growing disease because we are now learning the big spectrum that exists in society. Over the last 5 years, I have been involved in the understanding and caring part of the mental illness world so I am appreciating the potential upside of BlinkLab.
Let's hope they make the IPO and generate some great innovation towards what is a massive market if the technology that BlinkLab is proposing works for its intentions.
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