06 August 2015 | News | By BioSpectrum Bureau
Adherium plans to raise $35mn to invest in digital devices
Smartinhaler platform targets the issue of medication non-adherence through data sharing
Singapore: Australia based Adherium that recently got listed on Australian Securities Exchange (ASX), is seeking to raise around $35 million with the issue of up to 70 million shares at $0.50 per share for its digitally enhanced medical devices.
Adherium develops and manufactures digital health technologies that address sub optimal medication use in chronic diseases. The company's first product range, Smartinhaler, is used in the management of chronic respiratory diseases.
Adherium's proprietary Smartinhaler platform comprises of a range of approved medical devices that attach to prescription inhalers and record usage data. 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.
The Smartinhaler platform targets the issue of medication non-adherence that has been estimated to cost the global economy USD300 billion per annum. For example, in Australia it is estimated that only 43 percent of people with asthma take their medication as prescribed and only 11 percent use their prescribed preventative medication on a daily basis. Regular use of preventative medications reduce the frequency of asthma attacks and reduce visits to doctors and hospitals.
Mr Garth Sutherland, chief executive officer, Adherium said, "As someone with asthma, I understand how difficult it can be to remember to take preventative medications every day as prescribed. The Smartinhaler platform transforms asthma and COPD 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. I believe every person with chronic respiratory disease can benefit from having a Smartinhaler."
Currently clinicians do not have a system in place to record medication usage patterns and rely heavily on patient feedback, which has been demonstrated in medical research to be unreliable. Smartinhalers record the date and time of patient medication use, transmit audio and visual reminders when the patient has missed a dose, and the patient medication usage patterns can be used by doctors to identify when patients may benefit from intervention to ensure their condition is controlled to avoid exacerbations.
Adherium has already signed a long term supply and development agreement with AstraZeneca for integration of Smartinhaler technology with AstraZeneca's leading respiratory medications.
Adherium intends to use the proceeds of the IPO to supply commercial quantities of Smartinhalers to key customers via its business-to-business distribution model and accelerate the international commercialisation of the Smartinhaler platform.