PERTH, Australia
Body contour and weight monitoring technology company MyFiziq Limited (ASX:MYQ) will commence trading at 12:00pm AEST on the Australian Securities Exchange (ASX) after it successfully raised $6 million in an initial public offering (IPO).
MyFiziq has developed a revolutionary, proprietary smartphone application that will convert photos of the human body, taken on a smartphone into a 3D image of the human body, also known as a personal ‘Avatar’. The personal Avatar created is returned to the smartphone, where the user will be able to view and rotate the image and measure major body parts, such as the chest, hips, thighs and biceps.
The key objective of the app is to allow users to track changes in their body shape over time to assess the impact of their weight loss / weight gain or fitness program on their physical appearance over time, measured monthly or as frequently as users determine appropriate for their objectives.
The MyFiziq app will be free to download with each avatar priced at $0.99 and predictive modelling priced at $1.99/avatar. The app will be available in beta mode in early October with commercial launch targeted for Q4 Calendar Year 2015.
“We are extremely excited to list on the ASX, providing an opportunity for investors to take advantage of our revolutionary app and entry into the mHealth (mobile health) market which continues to attract significant global interest, as demonstrated by the listing of Fitbit Inc,” said CEO Dr. Katherine Iscoe.
“We look forward to the commercial launch of the app In December this year.”
MyFiziq will have many users, including those wanting to monitor their weight or shape, act as an adjunct to existing mHealth apps, fitness competitors, body builders, athletes (off season monitoring), insurance companies for policy holders, medical monitoring and the fashion industry.
In 2013 the mHealth app market was estimated to be worth US$6.33 billion. By the year 2018, the mHealth app market is projected to reach US$20.7 billion.
Another significant industry applicable to MyFiziq is the global weight loss industry, which was estimated to be worth US$14 billion annually in 2013.
In addition to the MyFiziq app, the Company will have a complimentary offering in the Dr KatherineTM brand. Dr KatherineTM will provide a product extension to the MyFiziq app in a range of meal plans and healthy eating cook books which will be separately marketed under the Dr KatherineTM brand. The collaboration of MyFiziq and Dr KatherineTM will facilitate organic interest in both products.
MyFiziq was founded by Dr. Katherine Iscoe (BA, MSc, PHd in Health Sciences), a health and weight loss specialist who identified the problem of her clients’ difficulty in tracking or visualising body shape improvement versus weight change simply through weight scales. Dr Iscoe has completed a Bachelor of Arts in Kinesiology, Masters of Science in Exercise Physiology and Health Sciences and a Doctorate in Exercise Physiology and Biochemistry. She has been published in international peer-reviewed journals and has appeared in mainstream media.
Prior to co-founding MyFiziq, Dr Iscoe ran her own consulting company, which provided nutritional and wellbeing advice to clients concerned about weight control, body image and physical wellbeing.
Proceeds received from the IPO will fund the user interface development of the app, extensions into specific market segments such as health insurance and human well-being research, marketing and systems development.
The IPO was fully underwritten by KTM Capital. KTM Capital and Foster Stockbroking Pty Ltd acted as joint lead managers for the equity raising and IPO.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150817005399/en/
CONTACT
For further information please contact:
MyFiziq Limited
Dr.
Katherine Iscoe
Chief Executive Officer
DrKatherine@myfiziq.com
or
Simon
Hinsley, +61 401 809 653
Investor Relations
simon@nwrcommunications.com.au
