A local medtech focused on the early detection of heart disease has sought $40 million through an IPO, which will in part be used to fund the development and commercialisation of its software.
A local medtech focused on the early detection of heart disease has sought $40 million through an IPO, which will in part be used to fund the development and commercialisation of its software.
Crawley-based Artrya has now lodged a prospectus with the Australian Securities and Investments Commission, with a view to commence trading on the ASX on November 27. Its IPO is priced at $1.35 per share and being led by Bell Potter Securities.
Artrya, chaired by Bernie Ridgeway, expects to list with a market capitalisation of $105 million.
Founded by executives John Barrington and John Konstantopoulos in 2018, Artrya is focused on commercialising its suite of software products which aim to improve the detection and treatment of coronary artery disease.
“There is a large and growing need for better diagnostics around coronary artery disease,” managing director Mr Barrington said of the IPO.
“With nine million people dying from the disease each year globally, the pressure on health systems is already substantial, and it’s only going to increase over the next few decades with ageing populations.
“This float will assist the company in its next stage in expansion.”
Artrya’s cloud-based software comprises Salix Coronary Anatomy (SCA), registered with the Therapeutic Goods Administration in November last year, and Salix Coronary Flow (SCF), which is still under development.
The SCA software works by detecting the presence of ‘vulnerable plaque’ in arteries, which are prone to rupture and one of the strongest predictors of heart attacks.
The software, being piloted by Perth-based Envision Medical Imaging, aims to assist clinicians in managing patients who are at risk of heart disease.
Artrya is looking to commercialise the software through additional pilot sites across Australia.
In the two years since its inception, the company received $18.8 million in private funding, which was in part used to obtain the TGA registration, develop its SCF software, and prepare for an expansion into the US and UK markets.
More recently, Artrya received nearly $1 million through the first round of the federal government's BioMedTech Horizons program.
Additional funds from the IPO will be used to assist Artrya with its international expansion (expected next year) and research and development initiatives.
