New investors back HeraMed’s latest raise to the tune of $2.3m
Health & Biotech
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Special Report: Maternity health digitiser HeraMED has raised serious cash from new and existing sophisticated and institutional investors to speed the rollout of its software platform HeraCARE.
HeraMED (ASX:HMD) has raised $2.32m to speed up the commercial rollout of its proprietary digital pregnancy monitoring platform, HeraCARE.
The raising, priced at 9c a share, was supported by new sophisticated and institutional investors, significantly strengthening the company’s share register.
Settlement of the placement is expected to occur on June 12.
The medical technology company, which is leading the digital transformation of maternity care with its proprietary in-home maternity care platform, plans to offer existing shareholders in Australia the chance to participate in a share purchase plan, also priced at 9c a share, to raise up to $1.5m.
Co-founder and CEO David Groberman said he was delighted with the support the placement had received.
“Since the start of COVID-19, there has been a substantial increase in interest in our telehealth maternity care platform from healthcare professionals globally and these funds will ensure we capitalise on these opportunities.”
Henslow acted as lead manager to the offer. Director Tim Chapman said the rapid emergence of telehealth globally is a theme that resonates with a broad range of investors.
“We are delighted with the level of interest in this Placement from existing shareholders as well as new institutional and sophisticated investors,” he said.
The company boasts a strong board including former Nanosonics (ASX:NAN) CEO Dr Ron Weinberger.
Dr Weinberger said the COVID-19 pandemic had crystallised the scale of the telehealth opportunity for investors.
“There’s been a dramatic shift in the way people look at healthcare and the diagnosis of patients,” he said.
“While the current situation has brought it to the forefront of healthcare, ours isn’t just a device for a pandemic it can help those in rural areas who don’t have easy access to healthcare and being cloud based, means more than one clinician is able to see the health status of an expectant mother which is hugely important.”
“This the future of how we will interact with our medical professionals.”
HeraMED plans to use the money to accelerate the rollout of HeraCARE, a fully integrated maternal health ecosystem designed to deliver better care at a lower cost.
The system ensures expectant mothers are engaged, informed and well-supported, allows healthcare professionals to provide the highest quality care, and enables early detection and prevention of potential risks.
The cash will also fund marketing efforts to secure research projects and clinical trials, and provide working capital to ramp up manufacturing in order to satisfy the additional interest received as a result of COVID-19.
Where HeraCARE is the proprietary software platform, HeraBEAT is the hardware, a clinically validated in-home foetal and maternal heart rate monitor that incorporates cloud computing, artificial intelligence, big data and a digital social networking dashboard.