MedAdvisor Limited Receives Commitments to Raise $5m in Oversubscribed Public Offer

Highlights:

• MedAdvisor to list on the ASX via Exalt Resources (ASX:ERD)
• Offer attracts strong support from domestic institutional investors and pharmacy industry participants
• MedAdvisor has established important partnerships with pharmaceutical companies GSK, UCB, AstraZeneca and Apotex, as well as private health insurer, BUPA
• One quarter of Australian pharmacies subscribe to the MedAdvisor cloud-based pharmacy platform

MedAdvisor International Pty Ltd (MedAdvisor), an Australian medical technology business focused on designing and commercialising world class software platforms for medication management, has extended its oversubscribed Public Offer under Prospectus dated 7 September 2015 via Exalt Resources (ASX:ERD). The Offers under the Prospectus will close on Friday, 16 October 2015 to facilitate clearance of funds.

Exalt Resources offered up to 166 million shares at an issue price of $0.03/share under the Public Offer, to raise up to $5 million (Offer). The Company has received applications and firm commitments for well in excess of the maximum subscription for shares under the Offer and will have an indicative market capitalisation of $20 million. The Public Offer is managed by Corporate Advisor, Peloton Capital.

MedAdvisor has developed a world-class software platform that assists individuals in correctly using medication via a ‘virtual pharmacist’, improving their health outcomes through improved medication adherence. The software uses a cloud computing approach, in conjunction with optimised user experience, on mobile and web devices.

MedAdvisor’s platform and free apps have achieved early success with pharmacies and consumers. The app is free for consumers and is actively being used by 93,000+ Australians; one quarter of Australian pharmacies are paid subscribers, and it has been the most downloaded medication-related app in Australian Apple and Android stores since 2013.

Mr Peter Bennetto, Chairman of Exalt Resources, said: “The MedAdvisor Offer has attracted strong support from institutional investors, pharmacies and pharmacy groups. We are very pleased to announce the Offer is substantially oversubscribed and we are no longer accepting applications. The Company’s timetable for commencing trading is not affected by today’s extension and we look forward to formally closing the Offer in the next week.”

Mr Robert Read, Chief Executive Officer of MedAdvisor said: “We are delighted by the overwhelming response to the Offer and high demand particularly from priority investors including pharmacy companies and groups.

“We have already commenced the development of a number of exciting new initiatives work, as detailed in our Prospectus, and post-listing, we will continue work on boosting our marketing activity to attract a high volume of new customers.”

About MedAdvisor

MedAdvisor is an Australian software systems developer focused on addressing gaps in personal medication adherence. MedAdvisor’s free app connects to pharmacy dispensing systems to automatically retrieve medication records and drive an intelligent training, information and reminder system to ensure correct and reliable medication use. It was the most downloaded pharmacy or medication-related app in Apple and Android stores in Australia in 2014 and 2015, and is being used by more than 88,000 Australians. A quarter of all Australian pharmacies subscribe to the MedAdvisor software platform.

MedAdvisor has established sales and marketing partnerships with private health insurer, BUPA, and has training and service contracts with top tier global pharmaceutical companies, including GSK, AstraZeneca, UCB and Apotex.

To download the full announcement, please click on the link below.