Adherium loan facility: additional $750,000 from Barvest Ventures
Adherium Limited (ASX:ADR) has received additional funding of AUD$750,000 via a new unsecured loan funding facility (“Loan Facility”) from Barvest Ventures Inc. (“Barvest”), dated 30 October 2026. Adherium is the developer of the US FDA-cleared Hailie® Smartinhaler®.
Barvest is a company related to Trudell Medical Limited (“Trudell”) that focuses on investing in early stage and developing med tech companies. Trudell, a major shareholder of Adherium, is a global leader in aerosol drug delivery and lung health devices for the management of respiratory conditions.
This Loan Facility is separate from the AUD$700,000 loan facility announced on 7 October 2026. It will provide additional funding for the Company’s working capital requirements, with a major shareholder’s related company backing Adherium again.
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Loan Facility terms at a glance
The material terms of the AUD$750,000 Loan Facility are set out below.
| Term | Detail |
|---|---|
| Loan amount | Principal amount of AUD$750,000 |
| Interest | 12% per annum, capitalised monthly until repayment |
| Repayment date | 26 October 2027, unless Barvest and Adherium mutually agree to extend on a month-to-month basis |
| Early repayment | Adherium may repay at any time prior to the repayment date without penalty |
| Default | Immediately repayable where there is an event of default |
| Security | Unsecured |
Key points from the terms:
- The Loan Facility is unsecured.
- Adherium may repay early without penalty.
- The Loan Facility does not dilute existing shareholders.
Why a loan facility matters for shareholders
An unsecured loan is borrowing that is not backed by a claim over specific company assets. Capitalised interest means the interest is added to the balance owed each month, rather than paid out in cash.
This differs from raising equity, where new shares are issued in exchange for funds. Because the Loan Facility does not dilute existing shareholders, current holders’ proportional ownership is unchanged.
- No new shares are issued under the facility.
- Interest of 12% per annum is capitalised monthly until repayment.
- The balance owed grows as interest accrues.
Why the Board chose Barvest
The Company chose to obtain the Loan Facility from Barvest, rather than from an unrelated party, because alternative funding options (such as from third-party financiers) are limited, uncertain, or available only on terms that are materially less favourable to the Company.
The Board gave four reasons:
- The Loan Facility does not dilute existing shareholders.
- The interest rate is considered to be reasonable in the circumstances.
- The ability to quickly execute the Loan Facility, as opposed to alternative funding options.
- The funding available from Barvest can meet immediate working capital requirements.
Arm’s length terms and governance
The Board, with Mr George Baran (who is associated with Barvest and Trudell) abstaining, considers that the terms have been negotiated on arm’s length terms. These are comparable terms to similar long term loans with unrelated parties.
On that basis, the Board states that shareholder approval is not required under Part 2.E of the Corporations Act 2001 (Cth). The abstention shows the related party process was followed.
Adherium’s position in digital respiratory management
Adherium describes itself as a worldwide leader in connected respiratory medical devices, with more than 180,000 sold globally. Its Hailie® platform lets clinicians, healthcare providers and patients remotely monitor medication usage parameters and adherence, supporting reimbursement for qualifying patient management.
RPM revenue growth has been the main commercial lever behind the working capital need, with monthly billings rising sharply after new CPT codes cut the data threshold to 2 days.
The solution includes integration tools: mobile and desktop apps, a Software Development Kit (SDK) and Application Programming Interface (API).
Investors exploring the clinical and payer case behind the platform can read our full explainer on the iCARE program results, which sets out the hospitalisation and cost-of-care outcomes across roughly 850 patients at Intermountain Health.
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