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- Digital health solutions provider Adherium (ADR) has secured $3 million in funding from Viburnum to progress its sensor and software development
- Under the agreement, Viburnum will provide a $3 million convertible note and continue to work with Adherium to explore potential future funding arrangements
- Adherium creates the Hailie sensor technology and software platform, which encompasses a range of devices and apps to manage respiratory conditions and medications
- On the market this morning, Adherium shares remain unchanged and are trading for 2.3 cents per share
Adherium (ADR) has secured $3 million in funding from Viburnum to progress its sensor and software development.
Viburnum is a Perth-based investment firm with $750 million in funds under management.
Adherium believes any new partners which can bring capital, complementary assets and or capabilities to the partnership “will be a catalyst for the efficient delivery” to Hailie sensor technology and software platform.
The Hailie solution is a range of devices and apps which help patients and health specialists manage respiratory conditions and medications.
The Bluetooth Hailie medication sensors wrap around the patient’s existing inhalers and sends usage data to their smartphone. Using the Hailie mobile app allows the patient and healthcare professionals to track medication, set daily reminders and discover insights into their medication usage.
Additionally, Viburnum will continue to work with the company and explore potential future funding arrangements, which includes signing new partners to complete Adherium’s planned devices and sensor development and initial commercialisation.
Adherium restructured its business in 2019 and introduced reimbursement for remote patient monitoring in the U.S.
The company’s strategy is focused on adding value to monitoring patients where adherence matters most.
“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,” Chairman James Ward-Lilley said.
“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,” he added.
On the market this morning, Adherium shares remain unchanged and are trading for 2.3 cents per share at 10:24 am AEDT.
