MELBOURNE, Australia, July 20, 2016 (GLOBE NEWSWIRE) -- Adherium Limited (ASX:ADR) announces that it has entered into a binding agreement for an $8 million share placement to Fidelity International, which will take Fidelity’s holding in Adherium to 10%.
Fidelity International is a global asset manager with assets under management of US$272 billion* on behalf of clients in Asia-Pacific, Europe, the Middle East, and South America.
A total of 16,046,097 fully paid ordinary Adherium shares (Placement Shares) are to be issued July 26, 2016 at a price of $0.50 per share to raise $8,023,048.50 (before costs). The placement was managed by Bell Potter Securities Limited.
Garth Sutherland, Group CEO of Adherium, said today: “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.”
The placement is being made under the Company’s existing 15% placement capacity under ASX Listing Rule 7.1 and funds raised will be used for working capital.
* as of March 31, 2016
Adherium (ASX:ADR) is an Australian Securities Exchange listed company which develops, manufactures and supplies digital health technologies which address sub-optimal medication use and improve health outcomes in chronic disease. Adherium operates globally from bases in New Zealand, Australia, USA and UK.
Adherium is a provider of digital health solutions to pharmaceutical, remote patient monitoring and clinical trials companies and organisations. The Company’s proprietary Smartinhaler™ platform has been independently proven to improve medication adherence and health outcomes for patients with chronic respiratory disease. Adherium has the broadest range of "smart" medication sensors for respiratory medications globally.
The Smartinhaler™ platform has so far been used in 63 projects (clinical, device validation or other) and has been referenced in 33 peer reviewed journal articles. The Company has received FDA 510(k) notifications for clearance to market and CE Marks for its devices and software, which allows it to sell these devices into international markets.
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