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First Day of Dealings

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MedPal AI PLC admitted to AIM following £2m fundraise comprising £1.64m placing and £0.36m retail offer at 4p per share.

  • Gross proceeds from Placing £1,639,400
  • Gross proceeds from Retail Offer £360,600
  • Issue price per share 4p
  • Market capitalisation on Admission approximately £16.52 million
  • Total issued share capital 413,083,335 ordinary shares of 0.02p each
Full announcement

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MedPal AI plc (AIM: MPAL), a UK-based digital health and artificial intelligence ("AI") company focused on wellness management, is pleased to announce the admission of its entire issued share capital, comprising 413,083,335 ordinary shares of 0.02p each, to trading on AIM ("Admission").

On Admission, and following a Placing that raised gross proceeds of £1,639,400 and an oversubscribed Retail Offer that raised £360,600 at 4p per share, the Company will have a market capitalisation of approximately £16.52 million.

Admission will take place and dealings in the Ordinary Shares will commence at 8:00 a.m. today under the TDIM: 'MPAL' and ISIN GB00BTRC7N37. The Company's LEI number is 984500EDP8B0A14CBA61.

Further information in relation to Admission as well as information required pursuant to AIM Rule 26 is available on the Company's investor website at Investor Centre.

Jason Drummond, Chief Executive Officer of Medpal AI, said:

"We are delighted to announce MedPal AI's admission to AIM. This is a key step to scaling up AI and machine learning insights from aggregated real-time health data that will provide wellbeing monitoring, lifestyle advice, and recommended bio-hacks. Surging digital health adoption has created a significant market opportunity as over 1.3 billion people globally are expected to use digital health tools such as wearables or health apps in 2025."

The Board of Medpal AI

Stig Magnus-Karl (Karl) Karlsson, Non-executive Chairman, is a seasoned technology entrepreneur and venture capitalist, Mr. Karlsson serves as a General Partner at Sway Ventures, a U.S.-based venture capital firm investing in early to mid-stage technology companies. He also holds board positions at Model Medicines and AppliedVR, a company pioneering immersive therapeutics for pain management. Over a 30-year career, he has founded or co-founded eight companies, oversaw the IPO of his first tech startup, and has been instrumental in creating thousands of jobs. Karl brings strategic guidance from his extensive experience of scaling companies and a network of contacts in the healthcare innovation space.

Jason Drummond, Chief Executive Officer, is a serial tech entrepreneur with a strong track record in founding and taking companies public, Jason co-founded the fintech firm FairFX Group PLC (now Equals Group Limited), which grew into a leading online payments platform and recently achieved a £283 million acquisition exit. He also founded early internet companies such as Virtual Internet plc (sold to Web.com) and has launched multiple ventures (e.g. Betex) across fintech and online services. Notably, Jason has led 11 companies through IPOs on global stock exchanges over more than 20 years, reflecting his experience in driving growth companies to the public markets. As a co-founder and CEO at MedPal, he oversees corporate strategy and scaling operations. Jason Drummond is Justin Drummond's brother.

Justin Drummond, Executive Director, has had 24 years' experience with publicly listed companies, having been an investor or co-founder of a number of successful technology, telecoms and investment companies. In addition, Justin co-founded Gaming Corporation Plc in February 2000, six years after his first marketing business was established. Justin saw the company admitted to trading on AIM just a year after its formation via the reverse takeover of Chrome Technology plc in May 2001. Having started with an initial £500,000 investment, Gaming Corporation rapidly grew to a £50 million market capitalisation in just four years. In 2012, Justin stepped down from his role as chairman of two AIM quoted companies, Media Corporation plc and Clear Leisure plc, to focus on corporate finance. Justin Drummond is Jason Drummond's brother.

Adam Monaco, Finance Director, is a member of the Chartered Accountants of Australia & New Zealand and has over 8 years' experience. Adam began his career in audit and assurance with RSM Australia where he specialised in working with SMEs. Whilst working as an external auditor he worked in a variety of industries including mining, manufacturing and biotech.

Since moving to the UK, Adam has primarily worked with high growth VC backed tech start-ups. During this time, he used his previous experience to develop comprehensive solutions for complex financial and operational issues. Adam graduated from the University of Western Australia with a double degree in Pharmacology and Accounting/Finance.

Kevin Sean O'Neill, FRCS, Non-executive Director, is a Senior Consultant Neurosurgeon and Head of Neurosurgery at Imperial College NHS Trust, with over three decades of experience at the intersection of medical excellence and artificial intelligence. Mr Kevin O'Neill, FRCS, is a Senior Consultant Neurosurgeon at Imperial College Healthcare NHS Trust, where he has over three decades of experience in neurosurgery, specialising in brain tumours, neurovascular disease, spine and peripheral nerve surgery. He has played a leading role in the development of the Brain and Central Nervous System (CNS) cancer pathway across North West Thames and has been closely involved in national and international research programmes in neuro-oncology. As a surgeon who pursues excellence in outcomes and professionalism, he has won the Top Doctor Award for Neurosurgery in 2017 and 2022 voted for by his peers.

Kevin has established and led translational research initiatives, including the Brain Tumour Research Campaign at Imperial College, and has contributed to improving surgical outcomes for brain cancer patients in the UK. He has also pioneered the introduction of advanced technologies such as digital health, artificial intelligence applications, and intraoperative imaging in neurosurgical practice.

Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.

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