The capital raise- which MedAdvisor says received strong demand - involved a placement of 340,000 fully paid ordinary sharers with MediAdvisor (ASX:MDR) to use the funds to execute identified opportunities in each market and to move to cash flow break even.
The capital raising also sees US healthcare analytics and technology business HMS take a pivotal cornerstone position of A$11.0 million alongside Australian institutional investors.
And MediaAdvisor says use of the funds will include continued investment in its technology, sales and support to drive success in the US and the UK and support the Zuellig joint venture in South East Asia.
Upon the completion of the transaction, HMS will be the largest shareholder in MedAdvisor (with 13% of the ordinary shares on issue strengthening the register) joining existing strategic investors, EBOS Group and Sigma. MedAdvisor will become HMS’s preferred partner for the distribution of digital health programs in the US and Australia
In June MedAdvisor announced it is looking to expand globally, with an initial entry into the US market via a marketing and licensing agreement with US-based PDX, a provider of clinical software and pharmacy solutions.
The agreement provides for the integration with MedAdvisor’s patient management and pharmacy software.
MedAdvisor says completion of the integration will enable it to provide pharmacies using PDX software with a complete solution to manage important digital customer interactions, including ordering through its SaaS app.