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ResApp fall short on Pfizer

21 June 2022
Rueben Hale

ResApp Health’s study results of its COVID-19 algorithm have seen its stock fall sharply after peaking at 17.5c on Friday following news of a progressing proposed acquisition by Pfizer.

The health technology company received the updated independent confirmation arrangement with Pfizer to provide verification of previously announced pilot study results.

The new study showed that ResApp’s COVID-19 algorithm achieved outcomes significantly lower than its pilot study’s results and below Pfizer’s thresholds.

As the Confirmatory Data Readout Condition under the Revised Scheme is unsatisfactory, the Scheme Consideration will be A$0.146 per ResApp share in cash, representing an equity value of $127 million.

This is within the assessed range for the value of ResApp shares (on a controlling interest basis) determined by the Independent Expert in its draft report dated 13 June 2022.

Revised Scheme

  • Minimum sensitivity of 86pc and a minimum specificity of 71pc
  • Results were calculated by ResApp and independently analysed and verified by a highly qualified and respected independent third-party statistician.

RAP’s Australian Stock Exchange-listed share prices have fallen 31.42 per cent to 12c today (11:03 am UTC+ 8 hours).

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