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HealthBeacon to raise up to €25m with Euronext listing


HealthBeacon CEO Jim Joyce

HealthBeacon CEO Jim Joyce

HealthBeacon CEO Jim Joyce

Irish digital therapeutics company HealthBeacon says it plans to raise up to €25m through an initial public offering (IPO) on Euronext Dublin.

HeathBeacon develops products for managing injectable medications for patients in the home.

The funds raised will be equal to around a quarter of the business, valuing it at approximately €100m at the IPO, according to sources.

The business will trade on the Euronext Growth market of Euronext Dublin.

Jim Joyce, CEO and co-founder of HealthBeacon, said the company, which has raised €25m to date from private investors, looked at all its options and felt that “going public was right for us”.

“HealthBeacon is at a pivotal stage of its development and this IPO is the natural next step to accelerate the company’s growth,” Mr Joyce said.

The company is expecting approximately a 10-fold increase in the number of patients using its system from the end of this year to the end of 2023.

HealthBeacon will use the funds raised to scale its team to support growth across sales and marketing, customer support and operations, finance and product development, increasing its staff numbers to 150 from the current 50.

In addition, the money will be used to invest in inventory and working capital to support product roll out, and further develop its technology, research and development and develop a pipeline of future products.

HealthBeacon has over 30 design and utility patents and several more pending. The company has grown its customer base to 18 blue-chip customers, among them some of the major global pharmaceutical companies, and operates in 17 countries.

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Earlier this year the company signed a “transformational” contract with Hamilton Beach in the United States.

Hamilton Beach is HealthBeacon’s exclusive direct-to-consumer partner in North America, and HealthBeacon expects to send around 15,000-25,000 units of its product to this customer next year.

It is also in the process of signing a commercial contract with a speciality pharmacy customer.

Among the non-executive directors on the company’s board are former Tánaiste and Health Minister Mary Harney.

HealthBeacon has engaged Goodbody as sole global co-ordinator, bookrunner, broker and Euronext Growth adviser in respect of the placing and admission.