Irish digital therapeutics company HealthBeacon said it intends to raise up to €25m as it seeks a listing on the Euronext Growth market of Euronext Dublin.
HealthBeacon develops products for managing injectable medications for patients in the home and it is aiming to become the world's leading digital therapeutics platform for such medications.
The global digital health market is anticipated to be greater than $500 billion by 2027 and growth is expected to increase by 37.1% this year.
In the US, Canada, the UK and Europe there are over 30 million people on subcutaneous self-injections. HealthBeacon said its annual target market has the potential to generate about $10 billion of recurring revenue.
The company said it expects about a 10 fold increase in the number of patients using its system from the end of 2021 to the end of 2023.
It said it has grown its customer base to 18 blue chip customers, among them some of the leading global pharmaceutical companies, while it operates in 17 countries.
The company has grown the number of therapeutic areas it caters for from four in 2014 to eight in 2021 and is actively looking to expand into further therapeutic areas.
It said the proceeds of the placing will be used to scale its team to support growth across sales and marketing, customer support and operations, finance and product development.
It will also be used to invest in inventory and working capital to support product roll out.
The company also plans to further develop its platform in respect of technology development, research and development and develop a pipeline of future products.
Jim Joyce, chief executive and co-founder of HealthBeacon, said the company is at a pivotal stage of its development and this IPO is the natural next step to accelerate its growth.
The CEO said the IPO will facilitate a step change in building the company's presence in its core markets across US and Europe, as well as helping to accelerate the deployment of HealthBeacon devices in these markets.
"I am so excited for the future of HealthBeacon as a publicly listed company in the high-growth global digital health market," he added.
