IntaCept commences product development program after successful Round 1 capital raising

IntaCept Limited (ASSOB: ICT) is pleased to announce that the funds raised during the Early Bird / VIP round have enabled the company to immediately commence their product development program.  

The IntaCept Limited Board met on the 4th of April and immediately approved the expenditure of funds to commence achieving this key milestone as is outlined in the IntaCept Limited Offer Document. It is envisaged that by the end of June, the Company will have a “production ready prototype and the associated manufacturing documentation” for the IntaCept Tag.

Included in this process is finalising the tag’s detailed electronic, mechanical, firmware, and software design with the result being the construction of 5 rustproof and waterproof (rated to IP53) prototypes, that will be used for functional testing, further development and customer feedback purposes. Parallel to this, the Company will be undertaking final regulatory testing of the IntaCept Tag  to achieve Australian C-Tick certification. 

IntaCept's Director, David Bull, with his extensive background in product design and development, stated “As we embark on the product development and regulatory investigation process, achieving this key milestone outlined in our offer document is very important for our Company.  I am very confident that by the end of June, we will have achieved a critical success factor that will underpin the future success of the IntaCept Tag."

In parallel to the above product design process, the Company has already held some preliminary discussions with Australian manufacturers of portable appliance testing (PAT) testers and further meetings are now being planned with them in the next month to discuss collaborative and possible strategic arrangements. The Company acknowledges that a key strategy to the commercial success of the IntaCept Tag is pursuing strategic relationships with original equipment manufactures that are currently supplying products and services to the portable appliance testing industry and the hazardous environment market.

Because the Early Bird / VIP raising period was extremely successful, the Company's Round 1 offer has now closed. There are now only six (6) parcels left available in Round 2. If you are interested in finding out more information, please contact our ASSOB Sponsor Dr Lyndal Thorburn at lthorburn@viria.com.au.

Posted by Courtney Barber, ASSOB eNews Editor, ASSOB Pty Ltd.