MedPal AI has raised £5m in a placing, with the proceeds earmarked for the acquisition of care-home software firm Solid State Technologies and a push to capture the UK launch of the first oral weight-loss pill.
The AIM-listed digital health company secured funding at 3.5p per share, a 12.5% discount to Wednesday’s closing price of 4p, but a 40% premium to the 2.5p at which it raised £3m in April.
Around £0.5m of the proceeds will fund the acquisition of Solid State Technologies, a profitable provider of electronic medicines administration record software used at the point of care in the care homes MedPal Pharmacy already supplies. Bolting eMAR onto MedPal’s robotic dispensing hubs and existing supply relationships completes what the company describes as a closed-loop platform for the care-home sector, covering prescribing, dispensing, administration and reconciliation.
The lion’s share of the funds is being deployed ahead of the UK launch of oral Wegovy on 6 July. Since arriving in the US in January, the pill has racked up more than three million prescriptions in just over five months, with over 80% written for patients new to GLP-1 therapy, according to Novo Nordisk.
MedPal, which has a live weight-loss clinic, a Novo Nordisk supply relationship, and low-cost robotic dispensing, plans to invest in stock and patient acquisition to secure a large launch cohort, with each active private patient forecast to generate around £2,400 in recurring revenue per year.