Medpal AI raises GBP5 million amid focus on oral Wegovy launch
(Alliance News) - MedPal AI PLC on Friday announced it raised funds for an intended acquisition and for stock and patient acquisition regarding oral Wegovy, a weight-loss treatment by Novo Nordisk AS.
The London-based digital health and AI company said it raises GBP5.0 million via the issue of 142.9 million shares at 3.5 pence each. It represents a 13% discount to the closing mid-market price of 4p per share on Thursday.
MedPal AI shares were 8.8% lower at 3.65p each on Friday afternoon in London.
The proceeds will be used to fund an intended acquisition and integration of Solid State Technologies Ltd, among others. MedPal AI explains: "SST provides the electronic Medicines Administration Records software layer that sits at the point of care in the care homes with which MedPal Pharmacy has a supply arrangement."
Further, MedPal AI will use funds up to GBP3.0 million for stock and patient acquisition relating to the "first" oral GLP-1 weight loss treatment, oral Wegovy, which will launch in the UK on Monday.
"With a live, marketed weight-loss clinic, a Novo Nordisk supply relationship and a low-cost robotic dispensing platform, the company intends to invest in stock ahead of anticipated demand and in patient acquisition to secure a large launch cohort," Medpal AI said.
Medpal AI Chief Executive Jason Drummond said: "With three engines of growth now firing together - NHS dispensing, our care-home platform and our weight-loss clinic - and Erin Fox joining from Avolta to lead our digital marketing into the launch, MedPal is no longer taxiing to the runway. We are in the air, travelling at speed, and climbing. I would like to thank our existing shareholders for their continued support and welcome our new investors. We are moving decisively, with capital in hand, at exactly the right moment."
Novo Nordisk shares were 1.8% lower at DKK326.00 each on Friday afternoon in Copenhagen.
By Tom Budszus, Alliance News slot editor
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