Alcidion raises $16.2M to expand growth in the U.K.

• Healthcare technology company, Alcidion Group has raised $16.2 million to further its market growth in the U.K, Australia and New Zealand
• The U.K. is the company’s main focus as its Alcidion’s largest addressable market and believes it’s in a good position as it goes into a paperless healthcare
• Under the placement, the company issued 90 million shares for 18 cents per share and was well supported by new institutional shareholders
• Alcidion is up 4.88 per cent on the market this morning, trading at 22 cents per share

Alcidion Group has raised $16.2 million to further market growth in the U.K, Australia and New Zealand.

Under the placement, the company issued 90 million shares for 18 cents per share and saw strong support from new and existing institutional investors.

The funds will be used to advance Alicidion’s growth in sales, marketing and clinical support in its three key markets: Australia, New Zealand and the U.K. To support this growth, funds will be invested to strengthen the Miya Precision platform.

Miya Precision combines AI-based predictive analytics, clinical decision support and mobile alerts all in on-easy-to use dashboard.

The U.K. is the company’s main focus as its Alcidion’s largest addressable market. It says Miya Precision has the first-mover advantage in the U.K., as they are about to transition to paperless healthcare.

Managing Director Kate Quirke is pleased with the placement.

“During the past year, Alcidion has delivered significant growth, demonstrating the strength of its product suite for healthcare providers who are increasingly turning to smart technology to improve patient outcomes and enhance productivity,” Kate said.

“Alcidion is well-placed to scale up and pursue a significant global market opportunity. The adoption of technology in healthcare is accelerating, driven by access to digital patient data, increasing demands on healthcare and a shifting regulatory environment,” she added.

Combined with the increased cash reserves, removal of $4 million of contingent current liabilities in October and no debt, places the company with a strong balance sheet.

“The funds raised to strengthen our balance sheet and will ensure the company can capitalise on the growth opportunity ahead, both via organic prospects as well as in new markets,” Kate told the market.

“Importantly, the funds will also be used to invest in the business to ensure our products continue to be at the forefront of innovation, continuing to address the evolving needs of healthcare,” she said.

Alcidion is up 4.88 per cent on the market this morning, trading at 22 cents per share at 11:24 am AEDT.