MedPal AI (AIM:MPAL) is raising £5 million through a placing to fund the acquisition of Solid State Technologies and build inventory and patient acquisition capacity ahead of the UK launch of oral Wegovy, the first oral GLP-1 weight-loss pill.
The company, which operates robotic pharmacy dispensing hubs and a private weight-loss clinic under the New Health brand, intends to deploy up to £3 million into oral Wegovy stock and patient acquisition, with the remainder split between the Solid State Technologies purchase and working capital.
Solid State Technologies, to be acquired for a maximum of £0.5 million, develops electronic Medicines Administration Record software used at the point of care in care homes already supplied by MedPal Pharmacy.
Adding the software layer to MedPal's existing robotic dispensing and supply relationships creates what the company describes as a closed-loop platform spanning prescribing, dispensing, administration and reconciliation.
Solid State Technologies reported annualised revenue of approximately £843,000 and annualised profit of approximately £307,000 to 31 May. Each private GLP-1 patient is forecast to generate approximately £2,400 of recurring annual revenue.
The placing was priced at a 40% premium to MedPal's April placing price, which chief executive Jason Drummond said reflected "a strong endorsement of the progress MedPal has made."
