Why Did Adherium Upscale Its Entitlement Offer to $4.5 Million?

Strong Institutional Support Boosts Capital Raise

Adherium Limited (ASX, ADR), a leader in digital respiratory health technology, has announced the successful closure of the institutional component of its Accelerated Non-Renounceable Entitlement Offer (ANREO). The company responded to strong institutional demand by increasing the offer size from $4 million to $4.492 million, reflecting confidence in its growth prospects.

The institutional offer attracted applications totaling over $3 million, including shortfall commitments, with the Board electing to accept full subscriptions and upscale the raise. This capital injection is poised to accelerate Adherium's clinical development and market expansion, particularly in the United States, the largest healthcare market globally.

Retail Shareholders Invited to Participate

Following the institutional success, Adherium is now opening the Retail Entitlement Offer on 1 July 2025, inviting eligible shareholders in Australia and New Zealand to subscribe for new shares on the same terms. The retail offer is scheduled to close on 10 July 2025, with new shares expected to be issued and commence trading by mid-July.

This step ensures existing shareholders have the opportunity to maintain or increase their stake as the company scales its innovative Hailie® Smartinhaler technology, which integrates remote patient monitoring with real-time medication adherence data.

Capitalising on US Healthcare Market Opportunities

Adherium’s Hailie® Smartinhaler platform is designed to address the significant burden of asthma and COPD in the US, affecting 40 million people and costing over $114 billion annually. The technology supports healthcare providers with real-time insights into patient medication use, enabling better clinical decisions and improved outcomes.

Importantly, the platform benefits from Medicare-approved reimbursement codes, allowing Adherium to earn approximately US$50 per patient per month under remote patient monitoring programs. Current commercial agreements with major healthcare providers such as Intermountain and Allergy Partners position the company to scale to 6,500 patients by the end of 2025.

Looking Ahead

With this capital raise, Adherium is well-positioned to advance its clinical programs and expand market penetration, leveraging artificial intelligence to enhance predictive patient care. The company’s leadership underscores the strategic timing to innovate in respiratory health, supported by reimbursement incentives and growing healthcare demand.