MedAdvisor to Expand into Hospitals as EBOS Invests $9.5M at $0.0575 Per Share
01 November 2017 - 7:30AM
Business Wire
MedAdvisor (ASX:MDR), Australia’s leading digital medication
management company, announces a $9.5 million strategic investment
by one of Australasia’s leading healthcare companies, EBOS
Group.
The investment is through a placement of approximately 165m
ordinary shares in MedAdvisor at $0.0575 per share. EBOS has
also purchased an additional 20 million shares in an off-market
transaction.
EBOS becomes a substantial shareholder in MedAdvisor
with a holding of just over 14%, alongside several other
pharmacists and pharmacy groups who invested into MedAdvisor in
prior capital raisings.
The investment will be used to extend MedAdvisor’s services
to hospitals to help patients transition from
hospital to home leveraging a new initial customer in HPS, to
broaden the health services made available to pharmacies and their
customers via MedAdvisor’s software, to increase the pace of
international business development efforts in the UK and US and to
extend those efforts to the Asia Pacific region, including New
Zealand.
MedAdvisor and EBOS have signed 3 year in principal
commercial agreements that expand the relationship with TerryWhite
Chemmart and form a new relationships with each of HPS and
Zest from EBOS’ Institutional Healthcare division. MedAdvisor
estimates that over 3 years, these arrangements will generate ~$4m
of revenue.
MedAdvisor will customise its app to be branded as TerryWhite
Chemmart and include integrations with other TerryWhite Chemmart
Loyalty Programs and offers.
MedAdvisor’s work in 2018 with HPS will result in
simplification and improvement of hospital admission and discharge
processes in HPS supported hospitals. It’s estimated that more than
5,000 patients a week will be invited to sign up to MedAdvisor,
providing accurate medication information through the admission
process and following their hospital stay, allowing an enhanced
transition from hospital to home.
By working in collaboration with Zest, MedAdvisor will offer new
services to hospitals to help prevent avoidable hospital
readmissions and improve medication safety. These programs
developed with Zest will include new services that can be provided
to patients in MedAdvisor Pharmacies nationally.
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Media & Capital PartnersDaniel Paproth, +61 421 858
982daniel.paproth@mcpartners.com.au
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