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Technology startup, HeraMED Limited (ASX:HMD) debut on ASX in December 2018 after completing its over-subscribed $6 million Initial Public Offering (IPO). The company manufactures and supplies its innovative product HeraBEAT which is a smartphone-based fetal heartbeat monitor for home use. HeraBEAT is considered better than the existing monitoring devices because it does not require any assistance from doctor or nurse and its results are clear and simple. Various external and internal clinical test have proved that HeraBEATâs results are very much accurate.
In November 2018, HeraBEAT received TGA (Therapeutic Goods Administration) approval which allowed the company to Fastrack its launch in the Australian market. To penetrate its product in the US market, the company has made significant progress in getting approval from the US Food and Drug Administration (FDA). To expand its distribution network across several countries, the company had executed a binding distribution agreement with NASDAQ listed pharmaceutical company TEVA. Under the distribution agreement, TEVA has exclusive right to sell HeraBEAT in Israel. It is expected that the distribution partnership with TEVA will allow the company to earn more than US$2 million over the first three years.
In January 2019, the company took another significant step in expanding its distribution network by signing a distribution deal with Dale Group International. Under the distribution deal, Dale Group will distribute a minimum of 9K units of HeraBEAT over the first three years. This deal is expected to bring a minimum of around AU$1.9 million for HeraMED over the first three years.
Recently Holley Pharmaceutical Group Co Ltd became a substantial holder of the company by holding 9,459,901 fully paid ordinary shares with 10.81 percent voting rights. The companyâs other substantial holders include Tal Slonim (9.14% voting power) and Mr. David Groberman (9.14% voting power).
For the six-month ending June 30, 2018, the company had a gross loss of $4K and an operating loss of $582K. The company is planning to invest in Research & Development of new innovations and clinical cooperation with leading health institutions. The Company is soon going to complete its comprehensive B2C (Business to Customer) platform which will support the companyâs e-commerce website.
Through its products and services, the company is able to provide better care at lower cost. Further, the company is planning to use the IPO proceeds of $6 million for further commercialization of HeraBEAT. By Signing the distribution agreements for its innovative product HeraBEAT, the company has made substantial strategic development in the recent past which is why the companyâs stock are looking attractive to investors. Today (i.e., 21 January 2019) the share price of HeraMED Limited increased by 2.857 percent on ASX.
In the past one month, the share price of the company decreased by 5.41 percent as on 18 January 2019. Today the share price opened at $0.175 and reached to the day high of $0.185 and day low of $0.175 with daily volume of 222,870. HMDâs shares traded at $0.180 with the market capitalization of circa $16.77 million as on 21 January 2019 (AEST 4:00 PM).
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