New ASX IPO listing Adherium (ASX:ADR) which numbers AstraZeneca plc (AZN) as one of its key shareholders is set for trading on the exchange on Wednesday.
Adherium's Smartinhalers attach to prescription inhalers to provide reminders and monitoring of inhaler usage.
In early August, the company had $25.8 million in signed commitments from investors including US$3 million from its commercial partner AstraZeneca as a cornerstone investor.
This has increased as applications were received in excess of the maximum subscription permitted under its Initial Public Offering prospectus of $35 milliion with the issue of 70 million shares at $0.50 per share. A total of 105,915,543 fully paid ordinary shares will be quoted.
The company’s SmartTouch device for asthmatics is approved for sale in the U.S., the EU, Australia and New Zealand.
The digital health company develops and manufactures solutions to monitor and increase patient adherence to prescribed therapies.
With this, it improves medication adherence for patients with chronic respiratory disease.
The first Smartinhaler was developed for use in clinical trials in 2003, and since then the company has expanded its technology platform and the product range.
Adherium now has a broad range of "smart" devices for inhaled drug delivery devices.
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