Expecting to grow its user base 10-fold by 2023, Irish medtech HealthBeacon is betting on an IPO for a cash injection to support growth.
HealthBeacon, the Dublin-based medtech that creates technology to help patients self-administer injections, is planning to raise up to €25m with an IPO on Euronext Dublin’s growth market.
This comes after HealthBeacon raised €6m in September to scale its global team and meet growing demand in the digital healthcare sector. In June, it signed a multimillion-dollar deal with a US company and said it would triple its workforce over the next two years.
HealthBeacon has developed a Smart Sharps Bin and companion app, with the aim of helping patients manage injectable medications, adhere to treatment schedules and safely dispose of used sharps. Launched in 2014, the system is now available in 15 global markets.
Between 2021 and the end of 2023, HealthBeacon expects to see a 10-fold growth in the number of patients around the world using its injection care management system, known as the HB System, with the aim of becoming the world’s leading digital therapeutics platform for injectable medications.
More than 550,000 injections have been monitored by the HB System to date, according to HealthBeacon. The company has more than 30 design and utility patents, with many more in the pipeline.
“HealthBeacon is at a pivotal stage of its development and this IPO is the natural next step to accelerate the company’s growth,” said Jim Joyce, co-founder and CEO of HealthBeacon.
“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.”
HealthBeacon was founded in 2013 by Joyce and CTO Kieran Daly, and now has offices in Dublin and Boston. Last year, it appointed former Tánaiste Mary Harney to its board of directors.
The funding raised through the IPO will be used to scale the HealthBeacon team across sales and marketing, customer support and operations, and finance and product development. It will also use the financing to invest in inventory, working capital to support further product roll-out and R&D.
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