HealthBeacon Plc is floating on the Euronext Growth Market, in Dublin, after raising €25mln from investors.
Alongside the Dublin float the company, which develops digital products for at-home injectable medicines, is issuing some 4.27mln new shares priced at €5.85 each. The IPO values the company at €100mln.
The company said its mission is to “become the world's leading digital therapeutics platform for injectable medications”. It predicts a 10 times increase in the number of patients using its system over the next two years (from the end of 2021 to the end of 2023).
Proceeds from the funding are earmarked for scaling the company’s sales and marketing teams, investment in inventory and the ongoing development of its technology.
"HealthBeacon is at a pivotal stage of its development and this IPO will support the acceleration of our ambitious growth strategy,” said chief executive and co-founder Jim Joyce.
“Our fundamental aim is to make our product globally accessible to the tens of millions of patients worldwide that are managing injectable medications in the home.
“The proceeds raised through this IPO will enable us to scale to meet potential demand, as we anticipate a ten-fold increase in the number of patients using our injection care management system by the end of 2023.”
Joyce added: “As we embark on our next chapter as a public company, we are excited about the potential of our target market and the proven ability for our product to meaningfully increase medical adherence for patients in a safe and sustainable way."
Chairman Robert Garber described the IPO as important milestone in the company’s journey.
“Since HealthBeacon's founding, the business has been driven by its mission to become the world's leading digital therapeutics platform for injectable medications,” Garber said.
“In this regard, the Euronext Dublin listing and support from investors is a game changer for the business, enabling it to further scale its unique product for its customers"
It is expected that HealthBeacon shares will start trading in Dublin on Wednesday, December 15.