Adherium digital health closes at 20% premium in ASX debut
August 26, 2015 – Digital health company Adherium Limited (ASX:ADR) ended its first day on the Australian Securities Exchange today with a closing price of 60 cents per share, a 20 per cent premium to the 50 cents per share issue price.
The jump gives the digital health company a first day market capitalisation of $84 million based on its 140,000,000 shares on issue.
Its shares opened at 10% premium at 55 cents and traded on a range of 55-61 cents throughout the day.
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.”
- Digital health company’s technology improves adherence and patient health in chronic respiratory disease
- $35m maximum oversubscribed by Australian & international investors