- MedAdvisor (MDR) has adjusted the price for its capital raise
- Investors will now be able to grab the health stock’s shares at 38 cents, which is 7 cents cheaper than the initial price
- The company is aiming to raise $45 million to purchase U.S. based Adheris Health, accelerate its MedAdvisor’s United States’ presence
- Company shares last traded for 40 cents on October 30
MedAdvisor (MDR) has adjusted the price for its capital raise ahead of its acquisition of U.S.-based Adheris Health.
The company has announced it will change the share price of its capital raise to 38 cents from the previously announced 45 cents-per-share.
This week, MedAdvisor has seen overwhelmingly support from investors since announcing it entered a binding agreement with Syneos Health to purchase Adheris for US$34.5 million (approximately A$47 million).
“Whilst there was strong support at a price premium on MedAdvisor’s last close to 45 cents, including the company’s largest shareholder HMS, it became clear through the engagement process this week that there was stronger support at a 5 per cent discount to the company’s last close of 40 cents,” the company explained.
Under the capital raise, the company is aiming to raise $45 million, with a minimum target of $35 million.
The purchase will accelerate MedAdvisor’s U.S. presence by using Adheris’ existing pharmacy integrations, reducing the need for MedAdvisor to partner with U.S. pharmacies.
MedAdvisor’s and Adheris technology will integrate to create programs that can positively influence patient behaviour from point of initial prescribing to the pharmacy and when at home.
Company shares last traded for 40 cents on October 30.