MELBOURNE, Australia--(BUSINESS WIRE)--MedAdvisor Limited (MedAdvisor or Company) an Australian software developer focused on improving health outcomes by placing patients at the centre of connected health platforms, has been re-admitted to the Australian Securities Exchange. MedAdvisor, trading under ticker code MDR, commences trading today following a reverse takeover of Exalt Resources Limited (ASX:ERD) by MedAdvisor International Pty Ltd.
The Company also announces it has entered a new marketing and training relationship with Amgen, the world’s largest independent biotechnology company, which currently markets eight products in Australia for the treatment of cancer, kidney disease, bone disease and other serious illnesses.
MedAdvisor has created a software platform that helps individuals to monitor their medication use, connecting to their pharmacy of choice, automatically retrieving medication records and activating an intelligent training, information and reminder system to ensure correct and reliable medication use.
Poor medication adherence has been identified as one of the most significant and costly problems faced by governments and major healthcare providers in developed nations. Just 50-60 per cent of medication prescribed in Australia is taken correctly, which contributes to poor health, including unnecessary hospitalisations, as well as significant missed revenue for industry.
The Australian pharmaceutical market is valued at over $10 billion annually and 288 million prescriptions are issued in Australia each year. MedAdvisor is directly addressing an issue which is estimated to cause nearly $500 billion USD in avoidable cost internationally each year, improving medication adherence by up to 20 per cent.
MedAdvisor serves a number of different stakeholder audiences, including consumers wishing to improve their personal medication management, as well as pharmacies and pharmaceutical manufacturers seeking an opportunity to improve prescription adherence and provide training and information to prescribed users of their medications.
MedAdvisor CEO, Mr Robert Read, said: “As a company, we’ve achieved a lot in a short space of time, including establishing important marketing partnerships with pharmaceutical companies GSK, AstraZeneca, UCB and Apotex, and most recently Amgen. We are very pleased to be working with Amgen and view this as yet another industry validation of our technology and its efficacy.
“A quarter of all Australian pharmacies are subscribers to the MedAdvisor platform and we garnered strong support from pharmacists who invested in our recent capital raise. We have more than 100,000 users managing their medication via our free app, which has been the most downloaded medication-related app in Apple and Android stores in Australia in 2014 and 2015.
“We are delighted to be listed on the ASX and look forward to delivering a number of exciting initiatives in 2016.”
MedAdvisor is led by CEO, Mr Robert Read who has joined the board of Directors, along with MedAdvisor Founder and CTO, Mr Josh Swinnerton and Mr Jim Xenos. The Company continues to be Chaired by Mr Peter Bennetto, and Mr Carlo Campiciano has been appointed to act as joint Company Secretary. Mr Steve Brockhurst and Mr Peter Dykes have resigned from the Board.
The Company successfully raised $5 million in October 2015 in an oversubscribed public offer led by Corporate Advisor, Peloton Capital.
