Healthcare equipment provider HITIQ (ASX:HIQ) has entered into a non-dilutive funding agreement with Keystone Capital Partners, which will provide early access to $1.523 million of its forecast FY23 research and development tax incentive (RDTI).
The company reports the loan facility provides HITIQ with immediate funds equivalent to about 80% of its forecast RDTI for the 2023 financial year. The first draw down of this funding is expected within 3 days.
Repayment is timed to coincide with HITIQ receiving its FY23 RDTI refund, which is expected to occur before 30 September 2023.
Keystone Capital Partners is a subsidiary company of Urban Capital Group, whose team has ‘extensive’ lending expertise developed over 20 years in private lending, licenced valuation, and equity markets.
HITIQ is a healthcare equipment provider that is further developing a ‘transformative’ end-to-end concussion management technology platform. This platform aims to provide a total concussion ecosystem which can identify, monitor, and manage sport-related brain injury. Commercial partners of HITIQ include Rugby League, Rugby Union, Ice Hockey, Lacrosse, MMA, and American Football.