Expecting to grow its patient user base ten-fold by 2023, HealthBeacon is betting on an IPO for cash injections to support growth.
HealthBeacon, the Dublin-based medtech that creates technology to help patients self-administer injections, is planning an IPO on the Euronext Dublin stock exchange and raise up to €25m in proceeds.
This comes less than two months after HealthBeacon raised €6m in September to scale its global team and meet growing demand in the digital healthcare sector. In June, it signed a multimillion-dollar deal with a US company to triple its workforce over the next two years.
HealthBeacon has developed a Smart Sharps Bin and companion app, with the aim of helping patients manage injectable medications, adhere to treatment schedules and safely dispose of used sharps. Launched in 2014, the system is now available in 15 global markets.
Between 2021 and 2023, HealthBeacon expects to see a ten-fold growth in its global patient base using its injection care management system, known as the HB System, with the aim to become the world’s leading digital therapeutics platform for injectable medications.
More than 550,000 injections have been monitored by the HB System till date, according to HealthBeacon, and patients experience a 19pc improvement in therapy persistence. The company has more than 30 design and utility patents, with many more in the pipeline.
“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.
“The IPO will facilitate a step change in building the Company’s presence in its core markets across US and Europe, as well as helping to accelerate the deployment of HealthBeacon devices in these markets.”
HealthBeacon was founded in 2013 by Joyce and CTO Kieran Daly, and now has offices in Dublin, Boston and Montreal. Last year, it appointed former Tánaiste Mary Harney and US pharma leader Keeshia Muhammad to its board of directors.
The funding raised through the IPO will be used to scale its team across sales and marketing, customer support and operations, and finance and product development. It will also use the €25m to invest in inventory, working capital to support the roll-out and R&D.
Don’t miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic’s digest of need-to-know sci-tech news.