Adherium collaborates with Viburnum to secure A$3 million funding
Melbourne, Australia – 26 October 2020: Adherium Limited (ASX: ADR), a leader in digital inhaled device adherence, remote monitoring, and data management solutions, has secured funding support from Viburnum Funds (“Viburnum”), a Perth-based investment firm with A$750 million in funds under management. Viburnum will provide an A$3 million convertible note and will continue to work with Adherium to explore potential future funding arrangements including new partners to complete Adherium’s planned device and sensor development and initial commercialisation.
Adherium believes that working with new partners who can bring capital, complementary assets and/or capabilities to the relationship will be a catalyst for the efficient delivery of Adherium’s core Hailie® sensor technology and software platform, meeting the respiratory leadership opportunity that exists today and drive a step change in the growth rate of the Company.
Following the restructuring of the business in 2019 and the introduction of reimbursement for remote patient monitoring in the U.S., Adherium is well placed to capitalise on the unprecedented acceleration of remote digital monitoring driven by COVID-19.
Adherium’s commercial strategy is focussed on providing added value monitoring of the patients where adherence matters most: the patients with the most severe disease where the healthcare burden and cost is highest. The current program of software and hardware development, being undertaken in collaboration with Planet Innovation, is progressing well and will re-establish Adherium’s device sensor leadership across the relief and maintenance treatment of Asthma and COPD. Critically, this program incorporates the measurement of respiratory airflow, which enables providers to access the remote patient monitoring reimbursement now available in the U.S.
“Adherium’s management team has been significantly strengthened in the last twelve months and in a dramatically changed digital environment is making good progress with its new strategy, business partnerships and hardware and software development. We are delighted that Viburnum has chosen to support our strategy and work with us to explore further sources of funding including new partners. This provides a transformational opportunity to step change Adherium’s outlook.” said James Ward-Lilley, Chairman of Adherium.
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 achieve better adherence for patients and provide visibility to parents and caregivers. It does this by tracking medication use and reminding the user when it is time to take doses, and by providing physicians access to usage history to better understand patients’ 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.
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