Adherium Limited said last week it closed an oversubscribed Australian initial public offering, raising $25.8 million (AU$35 million) with $2.2 million (AU$3 million) coming from pharmaceutical giant AstraZeneca.
Adherium is a digital health company that is developing technology targeting suboptimal medication use and remote patient management for chronic disease sufferers, the New Zealand-based company said.
“I am thrilled with the overwhelming investor support ranging from international institutional investors through to small retail investors. The Adherium team is committed to providing market-leading digital health solutions that have a real and meaningful impact for people with chronic disease. We believe our proven ability to innovate and deliver will ensure we generate ongoing value for our shareholders,” CEO Garth Sutherland said in a press release.
Shares are set to begin trading on August 26 on the Australian Securities Exchange under the symbol “ADR”, the company said. Adherium will list with 140 million shares and a market capitalization of $70 million with an offer price of 50¢ per share.
Funds will be used to supply commercial quantities of its flagship Smartinhaler, designed to monitor and track inhaler use, to key commercial customers. The funds will also be used to support furthering international expansion and continued R&D, the company said.
Adherium will list on the ASX with 140,000,000 shares on issue and a market capitalization of roughly $51.2 million (AU$70 million) based on the offer price of AU50¢ per share.
Last month, Adherium signed a long-term partnership with AstraZeneca to supply the pharmaceutical company with new devices and sensors that AstraZeneca will incorporate within global patient support programs for patients with COPD and asthma, the company said.
“This partnership signifies a change in the way we approach the treatment of respiratory disease. By providing objective and accurate data on a patient’s medication usage, we can now for the first time develop treatment plans tailored to each patient, and in doing so dramatically improve their quality of life,” chairman Dr Doug Wilson said in a prepared statement.
Adherium’s Smartinhaler products have won FDA 510(k) clearance, CE Mark approval in the European Union and Australian and New Zealand approval.