- Respiratory eHealth company Adherium (ADR) is set to raise $13.5 million through a private share placement
- Under the placement, the company will issue 2.7 billion new shares at 0.5 cents per share under three tranches, and it also plans to launch a share purchase plan for retail investors
- Subject to shareholder approval, placement participants will receive one option for every two shares purchased, exercisable at one cent and expiring in March 2024
- Adherium says it will use the funds to support its path to building a sustainable, cashflow-positive business
- Shares in Adherium are trading flat at 0.8 cents each at 2:15 pm AEST
Respiratory eHealth company Adherium (ADR) is set to raise $13.5 million through a private share placement
The company will issue 2.7 billion new shares at 0.5 cents per share under three tranches to raise the funds.
Subject to shareholder approval, placement participants will receive one option for every two shares purchased, exercisable at one cent and expiring in March 2024.
Shares under the first tranche will be issued under the company’s placement capacity, while the remaining two tranches will require shareholder approval.
Adherium has also planned to launch a share purchase plan (SPP) in tandem with the placement and will seek approval for this and the placement tranches at an Extraordinary General Meeting next month.
The company has not yet revealed the terms of the SPP, though it said it would include shares with attaching options.
Adherium plans to use the funding boost to continue to develop and commercialise its Hailie platform, which integrates multiple devices and data feeds to manage chronic respiratory disease.
The company believes it is well-positioned to drive multiple revenue streams, with its customer channels and rapidly developing telehealth trends.
CEO Rick Legleiter said the funds would support Adherium’s path to building a sustainable, cashflow-positive business.
“During the last 12 months, we have continued to drive a strong development program of our groundbreaking Hailie sensors and software platform technology, established significant partnerships in the US and UK, and achieved major regulatory milestones to help execute on our product roadmap to expand our market coverage,” Mr Legleiter said.
“The funds raised will allow Adherium to accelerate revenue growth improving the value proposition to not only patients but also our shareholders”
Shares in Adherium were trading flat at 0.8 cents each at 2:15 pm AEST.