HeraMED Ltd (ASX:HMD) has started trading on the ASX after successfully completing its over-subscribed $6 million initial public offering (IPO) on the ASX.
Funds raised from the IPO will primarily be used to accelerate commercialisation of the company’s proprietary HeraBEAT device – a smart home pregnancy monitoring solution.
HeraBEAT has now received TGA (Therapeutic Goods Administration) approval allowing it to expedite its product launch into the Australian market.
This adds to the company’s existing regulatory approvals for HeraBEAT, which include CE (Europe) and AMAR (Israel).
HeraMED has also commenced and made meaningful steps towards FDA approval to enable it to sell into the US.
TEVA marketing and distribution partnership
Earlier in 2018, HeraMED executed a binding distribution agreement with NASDAQ listed pharmaceutical company TEVA, permitting TEVA the exclusive right to sell HeraBEAT in Israel.
HeraMED’s partnership with TEVA allows the company to earn US$2+ million over the first three years, delivering product validation, market scope and significant early revenue generation.
Seamless data sharing of vital signs
HeraMED chief executive officer and co-founder David Groberman said: “Our HeraBEAT device empowers expectant mothers to monitor their unborn child’s heartbeat anytime, anywhere.
“Enabling seamless data sharing of vital signs with medical professionals gives parents peace of mind about the health of their unborn child.
“We have a team of professionals, both in-house and outsourced, optimising performance in building brand awareness, organic traffic and creating demand.
“We’d like to thank our team for their hard work and our shareholders for their support, and we look forward to the exciting journey ahead.”