EMVision Medical Devices (ASX:EMV) has executed the Cooperative Research Centres Projects grant agreement with the Commonwealth of Australia, according to a Tuesday filing with the Australian bourse.
The company has received the first grant payment of AU$453,566, the filing said.
Payment of grant instalments is conditional, and the Australian Government may terminate the agreement if the company does not comply with the obligation under it, the filing added.
Shares of the company rose past 4% on market close.