Adherium Targets 10,000 US Patients with A$7.52M Capital Raise

Capital Raise to Fuel US Expansion

Adherium Limited (ASX – ADR), a medical device company specialising in digital respiratory health solutions, has announced an equity raising of approximately A$7.52 million. The raise comprises an institutional placement and a 1-for-1.5 pro-rata accelerated non-renounceable entitlement offer priced at A$0.003 per share, representing a significant discount to recent trading prices. The capital injection is earmarked to accelerate commercialisation of Adherium’s Hailie SmartInhaler platform in the United States, focusing on patients with moderate to severe asthma and chronic obstructive pulmonary disease (COPD).

Addressing a Large and Costly Market

The US respiratory market targeted by Adherium is substantial, with a serviceable addressable market estimated at around US$13 billion. This market includes approximately 14 million patients with severe or uncontrolled asthma and COPD, conditions that impose a combined economic burden nearing US$120 billion annually. Non-adherence to prescribed inhaler medication is a major driver of avoidable hospitalisations and healthcare costs, a challenge that Adherium’s technology aims to mitigate.

Clinical Validation and Growing Patient Base

Adherium’s Hailie SmartInhaler platform, which is FDA-cleared, CE-marked, and TGA-approved, demonstrated a remarkable 235% increase in medication adherence in the iCARE clinical study. This improvement is critical, as higher adherence correlates with significantly reduced hospitalisation risks and better patient outcomes. The company currently has over 4,600 patients using its platform, including more than 2,100 enrolled in its Remote Patient Monitoring (RPM) program, with a goal to exceed 10,000 RPM patients by the end of 2026.

Building Recurring Revenue and Value-Based Care

Adherium’s commercial strategy leverages two recurring revenue streams – fee-for-service reimbursement through RPM and the emerging value-based care (VBC) contracts with US payers. The company has signed partnerships that potentially provide access to over one million respiratory patients, including more than 60,000 insurance-verified RPM patients. Enhanced reimbursement codes effective from January 2026 are expected to accelerate revenue growth. The transition to VBC contracts represents a strategic inflection point, positioning Adherium to capture higher-margin, outcomes-driven revenue.

Risks and Outlook

While the equity raising provides essential capital for growth, Adherium faces typical risks associated with early-stage medical device companies. These include execution risks in commercialisation, regulatory compliance challenges, competition from larger players, and the need for ongoing funding. The equity raising is not underwritten, adding subscription risk. Nonetheless, the company’s strong clinical data, growing patient base, and strategic partnerships underpin a compelling growth narrative as it seeks to transform respiratory care in the US market.