Adherium Reborn

Raising the full $5.4m at market from new institutional and trade investors is a sign of where Adherium is heading. Great to see Fidelity increasing its stake and EGP Capital has joined the register. But the largest new holder, Trudell Medical, with 17%, is the most significant. It's one of the world's leading respiratory device makers, based in Canada. The potential to combine ADR's offering with Trudell's is self evident. Throw in the backing of Astra Zeneca, who is also a shareholder, and that's a pretty powerful combination.

Adherium also has new senior management, a refreshed Board and heavy VC backing. The company will probably end up surpassing Propeller, its main competitor. Propeller was sold to Resmed a year or so ago for USD $225m. Compare that to Adherium's market cap of sub $20m AUD !