- Digital health company’s technology improves adherence and patient health in chronic respiratory disease
- $35m maximum oversubscribed by Aust & international institutions & retail investors
26 August 2015: Digital health company Adherium Limited (ASX:ADR) listed on the Australian Securities Exchange today opening at 55 cents per share, a 10 per cent premium to the 50 cents per share issue price. The jump gives the digital health company a first day market capitalisation of $77 million based on its 140,000,000 shares on issue.
The company closed its recent IPO heavily oversubscribed, raising the maximum subscription $35 million with strong backing from both institutions and retail investors. The IPO was led by Bell Potter Securities.
Adherium is a digital health company dedicated to developing technologies that address suboptimal medication use and remote patient management in chronic disease. The IPO, led by Bell Potter Securities, received strong institutional and retail investor backing encouraged by the rapid commercialisation, market leading technology, early revenues and a signed long term supply and development agreement with global biopharmaceutical company AstraZeneca.
Funds from the IPO will enable Adherium to supply commercial quantities of Smartinhalers to its key commercial customers as well as expand international sales and marketing. Further research and development should keep Adherium at the forefront of innovation in digital health technologies for chronic disease.
Adherium’s objective is to sell the Smartinhaler platform directly to pharmaceutical companies, who then provide the device and supporting applications to end users via their own distribution channels. The company also supplies its Smartinhaler™ platform to disease management organisations and organisations conducting clinical trials.
Adherium Group Chief Executive Officer Garth Sutherland said, “We have been very encouraged by the strong support throughout the IPO and it’s great to see this further support in the secondary market. Our objective is to develop and deliver technologies that improve the quality of life of people with chronic disease, especially people with asthma and COPD. Improving medication adherence means better outcomes for patients, for pharmaceutical customers and for governments and payers, and ultimately great outcomes for our shareholders as we grow.”
Enquiries:
Bronwyn Le Grice
Adherium Limited
Head of Commercial Development
& Corporate Affairs
+ 61 424 862 600
Rudi Michelson
Monsoon Communications
03 9620 3333
ABOUT ADHERIUM LIMITED
Adherium’s proprietary Smartinhaler™ platform comprises of a range of medical devices that attach to prescription inhalers to record medication usage patterns. The devices track the date and time of patient use and transmit audio and visual reminders to the patient when they miss a critical dose of preventative medication. The devices automatically transmit the data using the SmartinhalerLive™ wireless communications software to a Smartphone App, home monitoring hub, or PC, and then to the Company’s cloud-based servers, where it can be accessed by the patient’s health care professional and care giver
Currently clinicians do not have a system to record medication usage and rely heavily on patient feedback, which can be inaccurate. Having access to accurate and objective data enables physicians to identify sub-optimal medication adherence and suggest more effective treatment plans for patients. Adherium’s products are striving to reduce the significant financial costs associated with suboptimal medication adherence has on healthcare systems across the globe.
Clinical outcomes data has proven that the Smartinhaler platform can improve adherence by up to 59% in adults and 180% in children with asthma. In addition, severe episodes were reduced by 60% in adults with asthma. Both groups benefited from improved quality-of-life as a result of their improved adherence, demonstrating a substantial gain over current best practice treatment.
Adherium’s Smartinhaler™ technology has been used in 40 projects, across 29 countries, with 32 publications referencing Smartinhaler. Devices in the Smartinhaler™ product range have European CE marking and US FDA 510(k) clearances to market as well as Australian TGA and New Zealand’s MedSafe approvals.
Adherium is a provider of digital health solutions to pharmaceutical, remote patient monitoring and clinical trials companies and organisations.
www.adherium.com
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