Trellus Health PLC (LON:TRLS) has begun trading on AIM after raising a gross £28.5mln as it seeks to develop and commercialise its digital health product.
The Anglo-US company’s TrellusElevate platform uses artificial intelligence to help people manage chronic health conditions, with an initial focus on inflammatory bowel diseases (IBD).
This ‘telemedicine’ platform aims to cut healthcare costs by avoiding emergency visits through coordinating and delivering personalised care remotely.
After raising more cash than it expected via the placing, a subscription and offer at a price of 40p, the company has an initial market capitalisation of £64.6mln.
Trellus said it will use the net proceeds of the fundraising to pay amounts due under licence agreement with ISMMS, the medical school of the Mount Sinai Health System to commercialise the patent-pending methodology for IBD and seven chronic disease categories; as well as general business activities including continuing development of the platform, commercialisation, marketing and business development, research and pursuing scientific development and partnerships, as well as overheads and additional working capital.
“Our AIM IPO will enable us to scale our business and technology platform, and in turn inspire hope and significantly improve outcomes for people suffering with chronic conditions,” said chief executive officer Monique Fayad.
“Our initial focus is on IBD in the US, but over time we anticipate expanding our reach to target selected additional geographies and to support other chronic conditions.”
The shares leapt to 57.5p in early trading on Friday.