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Monday, 28th November 2022
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Deals of the Year 2022: HealthBeacon signals way for further Irish SMEs to raise capital through IPOs    
The equity capital raise enables HealthBeacon to scale its business as it targets a ten fold increase in use of its products by the end of 2023.
HealthBeacon is the winner of the Equity Capital Markets IPO, Ireland Deal of the Year. The IPO was the largest IPO on Euronext Dublin in 2021, the first IPO following the migration of issuer CSD services to Euroclear Bank and raised the funding for HealthBeacon to scale its business and further develop its innovative platform and future product pipeline. In addition HealthBeacon is the first business from Euronext's IPOready programme to list on Euronext's growth market in Dublin since the IPOready programme's establishment 6 years ago.
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The HealthBeacon IPO was a milestone transaction for the Irish stock market as it was the largest Euronext Dublin IPO in 2021, it made HealthBeacon the first graduate of the Euronext Dublin “IPO Ready” preparatory programme to list on the markets, and it was the first med-tech IPO listing on Euronext Dublin.

HealthBeacon is an Irish digital therapeutics company who develop products that help patients adhere to and manage their injectable medications at home. Amongst its products is an injection care management system (ICMS) which is the world’s first FDA cleared smart sharps bin that tracks adherence and persistence with medication schedules. The ICMS include the smart sharps bin and companion app that helps patients to manage their injections, safely and sustainably dispose of the sharps and adhere to treatment schedules through reminders, educational tools and AI-driven data analytics. The ICMS promotes treatment in the home and improves patient outcomes by increasing adherence and persistence with medication schedules. The company has evidence of a 19% improvement in therapy persistence by patients who administer medications at home using the innovative ICMS.

The company’s mission is to become the world’s leading digital therapeutics platform for injectable medications and is expecting a 10x increase in the number of patients using its system from the end of 2021 to the end of 2023.
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L-R]: Listing day for HealthBeacon at Euronext Dublin: Jim Joyce, CEO, HealthBeacon; Mary Harney, Non-Executive Director and Senior Independent Director, HealthBeacon; Stephen Kane, Director, Corporate Finance, Goodbody; Edward Dunne, Head of Specialist Sales, Goodbody; David Kearney, Head of Corporate Broking at Goodbody; Laurence Flavin, CFO, HealthBeacon, and Kieran Daly, CTO at HealthBeacon.



HealthBeacon was listed on Euronext Growth through the admission to trading of both 12,538,543 existing shares and 4,273,504 placing shares. The admission and issue price of HealthBeacon's shares was set at €5.85 per share with market capitalisation of €98.4 million on the day of listing.

In December 2021 HealthBeacon was listed on Euronext Growth through the admission to trading of both 12,538,543 existing shares and 4,273,504 placing shares. The admission and issue price of HealthBeacon's shares was set at €5.85 per share with market capitalisation of €98.4 million on the day of listing. The intended use of the proceeds is to scale its team to support growth across sales and marketing, customer support and operations, finance and product development; invest in inventory and working capital to support product roll out and; further develop its platform in respect of technology development, research and development and develop a pipeline of future products.

The IPO generated strong interest across a number of geographies from the US, Europe and the UK and was a highly successful oversubscribed offering. A number of high quality institutional shareholders were brought onto the register as a result of the IPO, ultimately providing the platform for the Company to achieve its intended transformational growth over the coming years.
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Keavy Ryan, partner, A&L Goodbody.



The IPO was also the first of an Irish company on Euronext Growth Dublin since completion of the post-Brexit migration of issuer Central Securities Depositary (CSD) services for Irish securities from CREST to Euroclear Bank, requiring new terms for the IPO to reflect the changed framework for holding and settlement of Irish securities.

Goodbody Stockbrokers acted as Global Coordinator, Sole Bookrunner, Broker and Euronext Growth Adviser on the IPO for HealthBeacon. Commenting on the deal, David Kearney, Head of Corporate Broking, said: “As with all IPOs, early investor engagement is critical – and so, we started meeting investors in July 2021 and met investors a number of times throughout the process. This resulted in the successful oversubscription of the largest Euronext Dublin IPO in 2021.

There was strong interest across various geographies, with investors from the US, Europe and the UK. The IPO provided HealthBeacon with the funds to achieve significant growth, as its technologies are increasingly adopted by the world’s largest pharma companies and healthcare systems, and highlights how global ambition can attract global capital through a Euronext Dublin listing."

A&L Goodbody LLP advised HealthBeacon on its market debut led by partners Keavy Ryan, Paul White and Eugen?e Mulhern.
“A&L Goodbody was delighted to partner with the team at HealthBeacon in this important funding and development milestone. The €25m equity financing will support the company as it builds out its digital therapeutics platform for injectable medications, and we look forward to continuing to work with HealthBeacon as it grows,” said Keavy Ryan, partner, A&L Goodbody LLP.

McCann FitzGerald LLP were legal advisers to Goodbody Stockbrokers on the transaction with partner Gill Lohan commenting on deal ‘Emerging from the pandemic and a quiet period for IPOs in Ireland, the success of the HealthBeacon IPO shows renewed investor appetite for ambitious Irish companies with clear growth strategies, like was the case with HealthBeacon, and is also a vote of confidence for the Irish capital markets ... hopefully further small and mid-sized Irish companies (along with their larger counterparts) will see an IPO as a viable route to raise capital and scale their businesses.” She added “This deal proves there is a clear source of Irish and international capital available to Irish companies with strong management teams and well-developed and ambitious growth strategies. McCann FitzGerald was delighted to assist the Goodbody Stockbroker and HealthBeacon teams on a very successful transaction that will enable HealthBeacon to further scale its operations and fully pursue its strategy.”

Other advisers on the deal included Grant Thornton (Reporting Accountant & Auditors to the HealthBeacon) and Proskauer Rose (US law advisor to HealthBeacon).

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