Respiri scores another key deal after joining forces with national telehealth platform Phenix; shares jump +50pc
Health & Biotech
Health & Biotech
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Special Report: The deal will see the Wheezo device, Respiri’s proprietary asthma monitoring technology, integrated into Phenix’s healthcare offering.
Health-tech platform Respiri (ASX:RSH) continues to find success building out its distribution framework, ahead of the launch of the company’s flagship product later this year.
With plans for the Q4 release of the Wheezo asthma monitoring device still in place, the company had some more good news flow this morning with the announcement of a strong new distribution partnership that added 55 per cent to the company’s share price.
Respiri has signed a Joint Development Agreement (JDA) with Phenix Health, a leading Australian telehealth provider with offices in Brisbane and Singapore.
As part of the JDA, existing patients on the Phenix platform who have already been diagnosed with asthma will have the option of using wheezo to monitor their condition.
The market welcomed the news, driving shares up to an intra-day high of 11.5c, up from its Thursday close of 7.4c.
The wheezo device operates as an eHealth software-as-a-service (SaaS) solution, providing a simple way for health professionals to monitor the ongoing condition of their patients. It also provides real-time updates on external catalysts such as pollen counts and dust levels in the air.
Phenix CEO Gillian Alexis said the partnership with Respiri would help “provide primary care providers as well as respiratory specialists with new key insights to help patients manage their asthma proactively”.
For Respiri, the Phenix platform provides the ideal channel to increase awareness and patient access for wheezo, CEO Marjan Mikel said, amid the ongoing shift towards remote telehealth solutions.
“The joint development agreement with Phenix underscores our commitment to patients with asthma and related respiratory disease in Australia during the COVID-19 pandemic,” Mikel said.
He added that the primary aim of the wheezo technology was to empower patients and physicians to improve the active management of their ongoing condition.
The latest distribution deal for Respiri follows the successful completion of an oversubscribed placement in late-March.
Despite tough market conditions caused by the pandemic, the company scaled back bids to finalise a strategic $2m raise.
A follow-up $1m raise offered to the company’s retail shareholder base is currently open, where eligible shareholders can apply for up to $30,000 of shares.
The shares are being offered at 5.5c – a strong discount to Respiri’s last closing price of 7.4c, and the same price offered to the institutional shareholder base.
“We’ve had retail investors who’ve been with the organisation for years, and who believe in what we can do for people with asthma,” Mikel told Stockhead.
“So I felt strongly, as did the board, that it would be unfair not to make the same deal available that we made available to our larger shareholders.”
The current offer opened on April 9 and is scheduled to remain live until May 1.