App maker MedAdvisor shares jump on IPO

The Medadvisor app.

Shares in MedAdvisor, which has developed a software platform to help people manage medications, jumped on the first day of trading.

The company raised $5 million at 3 cents a share to further develop its MedAdvisor app and to bring ehealth services and GPs into the platform. The shares hit 5 cents each at the ASX opening today.

MedAdvisor, whose app reminds people when and which medicine to take and when they need to renew scripts, did a backdoor listing via a reverse takeover of Exalt Resources.

CEO Robert Read told Business Insider the company was well supported by its investors.

“We’ve had a very good start in terms of market penetration and now we’re going to scale that up,” he says. “What we’ve been amazed with is that 50% of Australians have a chronic disease. That’s a lot of people who are most likely on some sort of medication via prescription.”

The company’s free app, the most downloaded Australian medical app in the Apple and Android stores, connects with an individual’s pharmacy and reminds them to fill scripts or see the doctor for a new one.

The business is two years old, and receives monthly subscription revenue from pharmacies. It has already signed up 25% of Australia’s pharmacies and has 100,000 users.

The next step is to help people renew their scripts via their doctor and through the app.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.