Following the resignation of the CEO in March 2022 the Board undertook a full operational review of the business and moved to streamline and focus on core assets and value creation. During this time the Board were delighted to appoint Dr Mary Beth Brinson as CEO and she now continues to implement the strategy to rebuild the business. This review and key appointment have delivered a refocused business strategy with clear short and long term deliverables for the digital medical device program. Consequently, a significant reduction of spending in non-core areas was implemented. The cost reduction included a restructure of the organization with a significant decrease in headcount.
Innovation of our core offering of DETECT® and TRAIN® was reprioritised given this will strengthen our product offering and pipeline. This includes ensuring our products and pipeline better support the needs of the medical professionals providing diagnostic and therapeutic services to neurodivergent children and that the games are engaging to children and easy for parents to support at home.
A leaner team, stricter focus and an enhanced offering will support our sales model and channel strategy, delivering revenue in line with updated forecasts. In this quarter, we have already achieved more revenue than in the previous quarter and while modest, this validates the new approach. TALi’s sales plans will initially be executed in Australia, our home market with plans to scale into areas with similar demographics and characteristics.
In other jurisdictions given resource constraints, the main focus is the USA market working with our partner Akili. Significant additional effort has gone into enhancing and deepening the relationship with Akili, including the first face-to-face meeting of the CEOs in Boston in July 2022. The studies being executed in the United States are progressing well. The latest study reimbursement from Akili of USD$31.5k (AUD$45.8k) was received in July.
Looking to the future, TALi has established a key research partnership by signing an MOU with Macquarie University. Working with Macquarie’s strong cognitive science group will support our future growth plans.
It is clear that as we rebuild the business, we will continue to need the support of our shareholders. We have implemented a program of more regular investor updates and social media engagement and these will be further enhanced in the coming months.
To complete the most recent capital raise, an Extraordinary General Meeting was held 28 June 2022 and shareholders approved the share and options issue and placement as per resolutions.
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