Trellus Health plc is pleased to announce the Admission of its issued share capital, as enlarged by a Placing, Subscription and a Restricted Offer, to trading on AIM with a market cap of £64.6 million on admission.
The Fundraising was significantly oversubscribed across all components, raising the following amounts in gross proceeds:
- the Placing (c. £25.2 million)
- the Subscription (c. £2.4 million)
- the Restricted Offer (c. £0.9 million)
Upon admission, the Company has an enlarged Share Capital of 161,475,000 Ordinary Shares at an Issue price per Trellus Share of 40 pence and the 71,250,000 New Ordinary Shares represent 44.1 per cent. of the Enlarged Share Capital.
Use of Proceeds
The net proceeds of the Fundraising are intended to be used
- to pay amounts due under the ISMMS licence agreement;
- to continue the development and enhancement of the TrellusElevateTM platform, including developing the conversational artificial intelligence technology in managing and providing support to patients;
- for commercialisation, marketing and business development;
- for general corporate overheads, including other planned capital expenditure;
- for research and academic collaboration purposes and geographic expansion purposes;
- to pursue scientific development and partnerships; and
- with the balance being made available as contingency and providing additional working capital.
Monique Fayad, CEO of Trellus Health, commented:
“We are delighted by the strong support shown by institutional and other investors in our IPO and incredibly proud to have reached this important milestone. Our AIM IPO will enable us to scale our business and technology platform in the US and abroad, and in turn inspire hope and significantly improve outcomes for people suffering with chronic conditions.
I look forward to Trellus Health continuing to provide valuable solutions by using the GRITTTM methodology and our resilience-driven multidisciplinary care model, to leverage expert whole-person care, data science and technology to deliver personalised and more cost-effective care for all people living with chronic conditions.”
N+1 Singer acted as Sole Bookrunner in relation to the Placing and will be acting as the Company’s Nominated Adviser and Corporate Broker from Admission.
About Trellus Health plc
Trellus Health is pioneering a new healthcare category called “Resilience-Driven Connected Health”. The Directors believe this approach will transform the management of chronic conditions through the GRITT™ (Gaining Resilience Through Transitions) methodology that was scientifically validated at the Mount Sinai IBD Center, one of the leading IBD treatment centres in the United States and the hospital where Crohn’s disease was first scientifically discovered by Dr. Burrill Crohn in 1932.
The Company will utilise the GRITTTM methodology to identify and modify disease interfering behaviours while coordinating and delivering multidisciplinary care via telehealth. In addition, the Company will remotely monitor clinical and behavioural factors for indicators of rising risk that may lead to expensive unplanned healthcare utilisation. The Company will initially focus on Inflammatory Bowel Diseases (“IBD”), including Crohn’s disease and ulcerative colitis, one of the costliest incurable chronic diseases with a high mental health burden.
Market Cap: £64.6 million*
Website: Click here
*As at 28/05/21
For more information on this news, or for more information about our services, please email or call us.