Epiminder Limited has successfully listed on the ASX, raising $125 million to commercialise its FDA-approved Minder device. The company has initiated the first US implant and secured five leading medical centres for its DETECT study.
- Raised $125 million in December 2025 ASX IPO
- First US Minder device implant at University of Pennsylvania in January 2026
- Five major US medical centres signed for DETECT study enrollment
- US Medicare reimbursement increased 23% to approximately US$27,700 for 2026
- Strong cash position of $89.5 million with no borrowings post-IPO
Epiminder’s ASX Debut and Capital Raise
Epiminder Limited marked a significant milestone by listing on the Australian Securities Exchange on 1 December 2025, successfully raising $125 million. This capital injection is earmarked to support the commercialisation of its innovative Minder device, a minimally invasive medical technology designed for continuous brain activity monitoring in epilepsy patients. The device’s FDA approval and Breakthrough Device designation underpin its potential to transform epilepsy management by providing clinicians with detailed, long-term electrographic data.
US Clinical Progress and DETECT Study Expansion
In January 2026, Epiminder achieved a landmark with the first-ever implantation of the Minder device in a patient at The Perelman School of Medicine, University of Pennsylvania. This event launched the company’s DETECT study, which aims to enrol 210 patients by March 2027 across up to 25 leading US medical centres. Since early December, five prestigious centres have joined the study, including three Mayo Clinic locations and Beth Israel Deaconess Medical Center. This rapid uptake signals strong clinical interest and bodes well for meeting enrolment targets.
Financial Position and One-Off Costs
Epiminder closed Q2 FY26 with a robust cash balance of $89.5 million and no debt, positioning it well to fund ongoing research and commercial activities. The quarter saw a cash outflow of $40.7 million, heavily influenced by one-off expenses such as a $15.8 million settlement with the Australian Taxation Office related to historical R&D claims, $10.9 million in IPO and capital raising costs, and $6 million in convertible loan note interest. Excluding these, operating cash outflows were $8.1 million, aligning with the company’s IPO prospectus forecasts.
Medicare Reimbursement Boosts Commercial Prospects
In a positive regulatory development, US Medicare finalised reimbursement for the Minder device implantation at approximately US$27,700 for 2026, a 23% increase from the preliminary rate. Additionally, the device’s Breakthrough Device status qualifies it for extra payments under Medicare’s Transitional Pass-Through program for up to three years. This reimbursement uplift enhances the commercial viability of Minder in the US healthcare market.
Looking Ahead
With funding secured and clinical momentum building, Epiminder’s focus in the second half of FY26 will be on accelerating patient and centre enrolment in the DETECT study. Success here will be critical to demonstrating Minder’s clinical superiority over standard care in managing drug-resistant epilepsy and driving broader adoption. The company’s ability to sustain this momentum while managing cash flow will be closely watched by investors and stakeholders.
Bottom Line?
Epiminder’s strong start post-IPO sets the stage for a pivotal year as it seeks to validate and commercialise its Minder device in the US market.
Questions in the middle?
- How quickly will Epiminder meet its target of enrolling 210 patients in the DETECT study?
- What impact will Medicare reimbursement rates have on Minder’s commercial uptake?
- How will ongoing operating costs and one-off expenses affect cash flow beyond FY26?