Irish digital therapeutics company HealthBeacon is to list on Euronext Dublin and raise €25 million in gross proceeds.

The firm, led by chief executive Jim Joyce, develops products for managing injectable medications for patients in the home and aims to become the world’s leading platform for injectable medications.

Former minister for Health Mary Harney is a non-executive directors, along with Rebecca M Shanahan, former chief executive at US-based speciality pharmacy Avella.

It expects a tenfold increase in the number of patients using its system from the end of 2021 to the end of 2023.

The HealthBeacon injection care management system is the world’s first FDA-cleared smart sharps bin that tracks adherence to medication schedules through the provision of reminders, safe and sustainable sharps disposal devices, educational tools and AI driven data analytics.

Its research reports a 19% improvement in therapy persistence by patients, across 550,000 monitored injections.

Utility patents

The business has over 30 design and utility patents and several more pending. It has contracts with leading global pharmaceutical companies, and operates in 17 countries, across eight therapeutic areas.

The global digital health market is anticipated to be worth over $500bn by 2027.

Co-founder Jim Joyce, said: “HealthBeacon is at a pivotal stage of its development and this IPO is the natural next step to accelerate the company’s growth.”

High-growth market

He added that he was very excited for the future of HealthBeacon as a publicly-listed company in the high-growth global digital health market.

Joyce co-founded HealthBeacon with Kieran Daly in 2013 and was previously chief executive at Point of Care Health Services which he established and sold to Uniphar plc.

Chief financial officer and executive director Laurence Flavin was formerly with Finance Ireland, Ireland's largest non-bank lender.