EMVision Medical Devices (ASX:EMV) secured firm commitments to raise AU$12 million through the issue of 6.2 million new shares at AU$1.94 apiece, according to a Wednesday filing with the Australian bourse.

The placement also involves free attaching options exercisable at AU$3.40 each and expiring two years from issue on a three-for-four basis.

Additionally, the company will offer a share purchase plan to eligible shareholders to raise up to a further $1 million, accepting oversubscriptions capped at a total of $2 million, the filing said.

Proceeds will be deployed over fiscal 2026 and 2027 for the US Food and Drug Administration submission and initial commercialization activities for the emu device and the First Responder program, according to the filing.

Shares fell almost 10% in afternoon trade Wednesday.