IRELAND – HealthBeacon, an Irish medtech firm, has announced plans to raise up to €25 million (US$28.23 million) through an initial public offering (IPO) on Euronext Dublin’s growth market.
This follows a €6 million (US$6.77million) investment in September by HealthBeacon to expand its global team and meet rising demand in the digital healthcare sector.
It signed a multimillion-dollar deal with a US company in June and announced plans to triple its workforce over the next two years.
The flagship product of HealthBeacon is a smart sharps bin that has been approved by the US Food and Drug Administration for use by patients who inject medication at home on a regular basis.
Its system also connects to an app that allows users to create a medication schedule and a reminder system.
Research has shown that patients who administer injectable medications at home using HealthBeacon’s injection care management solution have a 19% increase in therapy persistence, according to the company.
At the time of its planned floatation next month, the company will have a market value of around €100 million (US$112.91 million) when it floats in Euronext Dublin’s junior market next month. The transaction is being handled by Goodbody Stockbrokers.
HealthBeacon has created a Smart Sharps Bin and companion app to assist patients in managing injectable medications, adhering to treatment schedules, and safely disposing of used sharps. The system, which debuted in 2014, is now available in 15 global markets.
According to market sources, the funds raised in the upcoming share sale to stock market investors will equate to about a 25% stake in the company.
The IPO proceeds will be used to expand the HealthBeacon team in sales and marketing, customer support and operations, finance, and product development. It will also use the funds to purchase inventory and working capital to support future product launches and R&D.
HealthBeacon expects a 10-fold increase in the number of patients using its injection care management system, known as the HB System, between 2021 and the end of 2023, with a near-term target of 100,000 units deployed by the end of 2023.
According to HealthBeacon, the HB System has monitored over 550,000 injections to date. The company currently holds more than 30 design and utility patents, with many more in the works.
“HealthBeacon is at a pivotal stage of its development and this IPO is the natural next step to accelerate the company’s growth,” said Jim Joyce, co-founder and CEO of HealthBeacon.
HealthBeacon employs more than 50 people, approximately 30 of whom are based in Dublin. It intends to expand the team to 150 over the next 24 months, with the Irish workforce increasing proportionally to 90, according to Mr Joyce.