Funds raised via the IPO will be used to accelerate commercialisation of HeraBEAT in Israel, followed by UK and Germany.Med-tech company HeraMED (ASX: HMD) has successfully listed on the Australian Stock Exchange following an oversubscribed $6 million capital raising.
Funds will be used to accelerate the company’s commercialisation of its HeraBEAT product in Israel, along with the UK and Germany.
HeraBEAT is a smartphone-based app that enables expectant parents to hear and monitor a fetal heartbeat at home (with patents pending).
The company also announced today that it had received TGA approval (Therapeutic Goods Administration) approval allowing it to expedite HeraBEAT into the Australian market.
This approval adds to HeraMED’s existing regulatory approvals for HeraBEAT, including CE (Europe) and AMAR (Israel), with the company currently working towards FDA approval for the US market.
HeraMED has been working closely with the world-renowned Mayo Clinic, which is also a shareholder, exploring the potential of pregnancy home-monitoring.
Current product innovations include the development of HeraMED’s cloud-based software as a service (SaaS) and its AI powered “Orion” project. A HeraBEAT pilot with Mayo Clinic is expected to launch in early 2019.
HeraMED CEO and co-founder David Groberman said the company was driving the transformation of the doctor-patient relationship from today’s visit-centric healthcare to a future of personalised, home-based care, delivering better care at a lower cost.
“Our HeraBEAT device empowers expectant mothers to monitor their unborn child’s heartbeat anytime, anywhere. Enabling seamless data sharing of vital signs with medical professionals gives parents peace of mind about the health of their unborn child,” Mr Groberman said.
“We’d like to thank our team for their hard work and our shareholders for their support, and we look forward to the exciting journey ahead.”
HeraMED has already executed a binding distribution agreement with NASDAQ listed pharmaceutical company TEVA, giving it the exclusive right to sell HeraBEAT in Israel.
Under the agreement TEVA has signed for the sale of more than $US2 million worth of HeraBEAT units throughout Israel.
HeraMED is planning a full commercial launch in Israel and Australia in early 2019, with the EU launch planned for Q2 2019 and US expansion planned for 2020.
