To Raise $46 Mln
Read management/analysts comments on quarterly reports
The stock will trade at the Nasdaq Capital Market under the ticker symbol HCTI after obtaining the green signal from the Securities and Exchange Commission. The sole bookrunner in the offering is ED Hutton. The management intends to use proceeds from the offering for strategic acquisitions, debt repayment, and working capital/general corporate purposes.
High Demand
Since the onset of the pandemic, the healthcare and life sciences industry has been witnessing rapid adoption of digital communication channels and remote working technology, which bodes well for companies like Healthcare Triangle. Going forward, the main challenges facing the company would be to ensure adequate data security and to deal with the pandemic-induced disruption and continuing uncertainty effectively.
Currently led by chief executive officer Suresh Venkatachari, Healthcare Triangle was founded in 2019 to offer a slew of technology solutions including healthcare IT managed services, blockchain infrastructure, and data lifecycle management. The company’s solutions and software platforms CloudEz and DataEz help healthcare companies offer personalized care and precision medicine, and allows pharma firms to optimize their R&D initiatives and drug discovery.
CloudEz, which is a software-as-a-service offering designed to provide frameworks for healthcare organizations to build self-service platforms, and DataEz — a cloud-based solution for life sciences and healthcare organizations to enhance their data platforms — were launched a few months ago.
Revenue up 20%
In the three months ended June 2021, Healthcare Triabgle’s revenues grew 20% year-over-year to $18 million. However, its net loss widened to $511.4 million from $338.2 million in the corresponding period of 2020 mainly owing to an increase in operating costs.
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Medical device maker Minerva Surgical, another emerging healthcare solutions company based in the Bay Area, filed for an initial public offering this week, targeting to raise around $100 million.