Adherium Raises $5.4 million to Complete Rights Issue and Shortfall Placement
11 February 2020 – Adherium Limited (ASX:ADR), a global leader in digital health technologies that address sub-optimal medication use in chronic disease, has successfully reached its target of $5.4 million raised through its Rights Issue by allocating 17,517,309 shares in entitlement subscriptions and 162,206,104 shortfall shares to wholesale and exempt investors at $0.03 per share.
Adherium will use this fresh funding to advance its strategy of leveraging its strong market portfolio and data platform – based on its Hailie® solution (formerly known as SmartinhalerTM solution),– to build continued leadership in connected devices and data management for asthma and COPD sufferers across important global markets.
The funds raised will be allocated to a number of key projects: development of the nextgeneration Hailie® sensors and an extended technology portfolio for COPD; investing in the extension of UK and US sales channels; expand our capability in global market access and reimbursement initiatives as well as covering working capital and additional key hires – including senior commercial leadership roles in the US, clinical resources in the EU and engineering and quality resources in Australia.
Reflecting on the resource allocation needed to execute the strategy and deploy funds raised, the Board is refocusing the senior management team and providing additional direct support during key personnel hiring. To that end Mike Motion continues as Chief Commercial Officer and will be joined by Jeremy Curnock Cook as Interim CEO. As before, no additional remuneration beyond his director fees will be awarded to Mr Curnock Cook for this appointment. Peter Stratford has chosen to step back from his role as CEO in order to focus on three strategic areas critical to the mid to long term objective of the company: scope out the data monetization strategy with partner company Summatix; oversee the expansion of the engineering and development functions through specialist medical device engineering and software partners in Melbourne and ensure alignment of the agreement with our pharmaceutical partner to reflect the company’s new focus on commercialisation in key markets such as the US, Canada, UK and Germany.
“We believe the release of the CPT codes for Remote Patient Monitoring in the US will support the future adoption of our technology across a larger and wider patient population
gaining benefit from improved adherence, allowing Adherium to execute a more focused and informed commercial strategy,” said Mr Motion.
“We see the successful fundraising as indicating strong investor support for the Company’s new direction. We look forward to deploying this investment which, in turn, we expect to
create benefit for our patients and long-term value for our shareholders.”
About Adherium (ASX: ADR): Adherium is a provider of digital health solutions and a global leader in connected respiratory medical devices, with more than 170,000 sold globally. The
company develops, manufactures and supplies a broad range of connected medical devices for respiratory medications for patients, pharmaceutical companies, healthcare providers and contract research organisations. Adherium’s Hailie® solution is designed to help patients achieve better adherence and provide visibility to parents and caregivers. It does this by tracking medication use and reminding the user with helpful nudges when it’s time to take doses, and by providing access to usage history to better understand patterns in their asthma and COPD. These tools ultimately enable people who live with asthma or COPD to more easily manage their condition alongside their physician.
Learn more at adherium.com.
The release of this announcement was authorised by the Adherium Board of Directors.
Enquiries:
Rudi Michelson Mike Motion
Monsoon Communications Adherium
+61 3 9620 3333 +44 7917 688801
+61 (0)411 402 737
rudim@monsoon.com.au investors@adherium.com