Adherium launches IPO prior to ASX listing

Adherium, a manufacturer of digital health technologies that address suboptimal medication use in chronic diseases, is seeking to raise a maximum of $35 million in the lead-up to its listing on the ASX. In an IPO which is expected to run until 14 August, the company will issue up to 70 million shares at $0.50 per share.

Adherium intends to use the proceeds of the IPO to supply commercial quantities of its Smartinhaler product range to key customers via its business-to-business distribution model. Targeting the issue of medication non-adherence, the Smartinhaler platform comprises a range of medical devices that attach to prescription inhalers and record usage data.

“As someone with asthma, I understand how difficult it can be to remember to take preventative medications every day as prescribed,” noted Adherium Group CEO Garth Sutherland. “The Smartinhaler platform transforms asthma and COPD [chronic obstructive pulmonary disease] management, resulting in patients experiencing significant improvements in quality of life, and doctors have accurate and objective information to help them best manage their patients.”

Adherium also hopes the funds raised will help accelerate the international commercialisation of the platform. The Smartinhaler device has European CE marking and has been cleared for marketing by the US FDA, Australian TGA and New Zealand’s Medsafe.

The company has already had in excess of $25 million committed, including a cornerstone investment of US$3 million by AstraZeneca. Adherium recently entered into an agreement to supply innovative new devices to AstraZeneca, which will be incorporated within patient support programs for patients with COPD and asthma.

Adherium is expected to commence trading on the ASX, under the code ADR, on 26 August.