Adherium’s $4M Entitlement Offer Backed by $1.8M Firm Commitments

Capital Raise to Fuel US Expansion

Adherium Limited (ASX – ADR), a leader in connected respiratory medical devices, has announced a partially underwritten accelerated non-renounceable entitlement offer to raise up to $4 million. The offer, priced at 0.5 cents per new share, aims to provide the company with the necessary capital to scale its operations in the United States, a key market for its innovative digital health platform.

The entitlement offer has already secured firm commitments totaling $1.8 million from the Phillip Thematic Fund, Bioscience Managers, and Trudell Medical, reflecting strong institutional and major shareholder support. This backing underscores confidence in Adherium’s growth strategy and the potential of its Hailie® smart inhaler technology.

Strategic Use of Funds

Funds raised will be strategically deployed to onboard more customers in the US, engage data scientists to strengthen impact evidence, recruit a new CEO, and cover general working capital needs. Specifically, $0.8 million is earmarked for customer onboarding and scaling, $0.7 million for data science and product impact, and $0.2 million for CEO and sales team recruitment. This allocation highlights the company’s focus on both commercial growth and leadership enhancement.

Adherium’s Hailie® platform, which is FDA-cleared and covers approximately 80% of the US inhaler market, offers real-time remote monitoring of medication adherence. This technology has demonstrated clinical and economic benefits, including reduced hospitalisations and lower healthcare costs, positioning the company well within the growing digital health ecosystem.

Market Traction and Growth Prospects

Currently, around 1,500 patients are using the Hailie® platform, with plans to scale to 6,500 patients by the end of 2025. Adherium has secured commercial agreements with prominent US healthcare providers such as Intermountain Health, Allergy Partners, SENTA Partners, and ModivCare. Discussions with major payers like Cigna and integration efforts with pharmaceutical companies including AstraZeneca further indicate strong market traction.

The company benefits from Medicare-approved reimbursement codes, earning approximately US$50 per patient per month, which supports recurring revenue streams. Given the large addressable market, over 40 million people in the US affected by asthma and COPD, Adherium’s growth potential is significant.

Entitlement Offer Details and Timeline

The entitlement offer includes approximately 800 million new shares and accompanying unlisted options exercisable at 0.5 cents each, with bonus options available for early exercise. Notably, there is no minimum amount required to be raised, and no shareholder approval is necessary, allowing for a streamlined capital raise process.

The offer timetable commenced with a trading halt on 24 June 2025 and will see retail entitlements open on 1 July and close on 10 July 2025. New shares and options are expected to be issued by mid-July, with normal trading to resume shortly thereafter.

Joint lead managers PAC Partners and Stralis Capital Partners are overseeing the offer, which is partially underwritten to provide some certainty around capital raised.