- Digital health service provider Adherium (ADR) has received commitments from investors to raise up to $18 million
- The financing will be completed in two placements, under which 1.2 billion shares will be issued at a price of 1.5 cents each
- Existing shareholders Trudell Medical and BioScience Managers Translation Fund 1 have both subscribed for $5 million worth of shares
- The proceeds will be used to complete commercial evaluations in North America and further develop Adherium’s digital respiratory device portfolio
- Adherium is down 9.52 per cent to 1.9 cents per share
Digital health service provider Adherium (ADR) has received commitments from investors to raise up to $18 million.
The financing will be completed in two tranches. Under the first, almost 170 million shares will be issued at a price of 1.5 cents each, raising $2.5 million.
A shareholder meeting will then be called to approve the issue of the remaining 1.03 billion shares under the second tranche, which will also be issued at 1.5 cents each.
MST Financial acted as the sole lead manager for the placement, which includes cornerstone investments from existing shareholders Trudell Medical and BioScience Managers Translation Fund 1, each of which have subscribed for $5 million worth of shares.
Adherium intends to use the proceeds to support the completion of commercial evaluations in North America, the further development of its digital respiratory device portfolio and the establishment of new commercial partnership agreements.
“Over the last 12 months we have refocused the strategy on patients where adherence matters most, progressed, and upgraded our next generation adherence sensors with physiological measurement, identified a complementary suite of respiratory digital devices, established key commercial pilot programs in the U.S. and are engaged with multiple new potential partners in the U.S., Europe and Australia,” said Mike Motion, CEO of Adherium.
“The funds being raised will allow the business to move beyond proof of principle toward the transformational outcome planned for the company,” he added.
According to this morning’s announcement, Adherium’s aim is to take a leadership position in the digital management of respiratory diseases by extending its technology “beyond adherence” and establishing a complimentary multi-sensor digital respiratory management ecosystem.
Such an ecosystem is expected to broaden the company’s clinical offering, providing a more complete data set to physicians, payers and providers, while also securing additional recurring revenue streams.
Adherium is down 9.52 per cent to 1.9 cents per share at 1:49pm AEDT.