MELBOURNE, Australia--(BUSINESS WIRE)--MedAdvisor (ASX:MDR), Australia’s leading digital medication management company, announces a $9.5 million strategic investment by one of Australasia’s leading healthcare companies, EBOS Group.
The investment is through a placement of approximately 165m ordinary shares in MedAdvisor at $0.0575 per share. EBOS has also purchased an additional 20 million shares in an off-market transaction.
EBOS becomes a substantial shareholder in MedAdvisor with a holding of just over 14%, alongside several other pharmacists and pharmacy groups who invested into MedAdvisor in prior capital raisings.
The investment will be used to extend MedAdvisor’s services to hospitals to help patients transition from hospital to home leveraging a new initial customer in HPS, to broaden the health services made available to pharmacies and their customers via MedAdvisor’s software, to increase the pace of international business development efforts in the UK and US and to extend those efforts to the Asia Pacific region, including New Zealand.
MedAdvisor and EBOS have signed 3 year in principal commercial agreements that expand the relationship with TerryWhite Chemmart and form a new relationships with each of HPS and Zest from EBOS’ Institutional Healthcare division. MedAdvisor estimates that over 3 years, these arrangements will generate ~$4m of revenue.
MedAdvisor will customise its app to be branded as TerryWhite Chemmart and include integrations with other TerryWhite Chemmart Loyalty Programs and offers.
MedAdvisor’s work in 2018 with HPS will result in simplification and improvement of hospital admission and discharge processes in HPS supported hospitals. It’s estimated that more than 5,000 patients a week will be invited to sign up to MedAdvisor, providing accurate medication information through the admission process and following their hospital stay, allowing an enhanced transition from hospital to home.
By working in collaboration with Zest, MedAdvisor will offer new services to hospitals to help prevent avoidable hospital readmissions and improve medication safety. These programs developed with Zest will include new services that can be provided to patients in MedAdvisor Pharmacies nationally.
