Smartinhaler maker Adherium has announced an upcoming $8 million AUD ($6 million USD) share placement to Fidelity International, increasing Fidelity’s holdings in the company to 10%. The shares will be issued on July 26, 2016. According to Adherium, the purpose of the placement was to raise funds for working capital.
Adherium CEO Garth Sutherland commented, “Fidelity International are one of the world’s leading investment institutions. This investment demonstrates Adherium’s growing international profile and reflects the strong confidence widely held in the international markets of our company’s global opportunities and the increasing scope of our technology.”
In June 2016, Adherium announced that its SmartTouch Symbicort inhaler monitoring device would be used in an upcoming AstraZeneca clinical study of adherence in COPD patients. The company had previously announced a deal to supply SmartInhaler technology for AstraZeneca’s asthma and COPD patient support programs in July 2015. The SmartTouch system received 501(k) clearance from the FDA in 2014.
Read the Adherium press release.
