CurveBeam AI (ASX:CVB), a developer and manufacturer of point-of-care specialised CT imaging equipment and AI-enabled clinical assessment solutions, has announced it has received formal approval under China's outbound direct investment framework for a strategic equity investment from Shandong WeiYing Intelligent Medical Technology, a subsidiary of Shandong Weigao Orthopaedic Materials.
The approval covers the first tranche of $4 million from a planned $10 million strategic investment, with funds expected to be received in January.
The investment will see CurveBeam AI issue shares at $0.405 each, representing a significant premium to the company's last traded price of approximately $0.075 per share.
A further $6 million may be invested subject to the achievement of defined commercial and regulatory milestones.
This investment forms part of a previously announced 10-year exclusive commercialisation agreement covering sales, marketing, distribution, manufacturing, regulatory support, and intellectual property for CurveBeam AI's weight-bearing CT and AI solutions across China, Hong Kong, Macau, and Taiwan.
CurveBeam AI CEO Greg Brown said, "Receiving formal ODI approval marks an important milestone for CurveBeam AI and highlights the continued support from our strategic partners at WEGO Orthopaedics. The initial tranche of funds will support regulatory, manufacturing, and commercial initiatives in Greater China and strengthen our financial position."
At the time of reporting, CurveBeam AI's share price was $0.091.