Adherium looks to raise at least A$20 million through IPO

New Zealand-based Smartinhaler maker Adherium (formerly Nexus6) is looking to raise a minimum of A$20 million (~ US$14.7 million) up to a maximum of A$35 million (~US25.7 million) through an initial public offering on the Australian Securities Exchange (ASX). Between 40 and 70 million shares will be offered at 50 cents/share. Proceeds are intended for commercialization of the Smartinhaler program and new product development.

According to the company’s FAQs page regarding the prospectus, “Adherium’s objective is to sell the Smartinhaler platform directly to pharmaceutical companies, who then provide the device and supporting applications to end users via their own distribution channels and clinical networks. Additional target markets include disease management organisations and organisations conducting clinical trials.

Adherium recently announced a long-term deal with AstraZeneca to supply inhaler monitoring devices and sensors for patient monitoring programs.

Read the Adherium FAQs on the prospectus