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Hidramed Solutions

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Innovative adhesive free woundcare solutions, transforming hidradenitis suppurativa & chronic wound care

120%
 - 
Funded 29 Apr 2024
€400,001 target
€513,880 from 146 investors
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Business overview

Location Dublin 15, Ireland
Social media
Website www.hidramedsolutions.com
Sectors Healthcare Non-Digital B2B
Company number 581597
Incorporation date 28 Apr 2016
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Investment summary

Type Equity
Valuation (pre-money) €18.8M
Equity offered 2.50%
Share price €1.85
Tax relief N/A
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Business highlights

  • Transforming chronic wound care
  • Innovating adhesive-free dressings
  • Empowering patients, changing lives
  • Leading in global HS wound management
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Key features

  • Secondary Market
  • Nominee investment min. €20.35 +
  • Direct investment min. €50,000.00 +
  • Idea
  • Key Information
  • Team
  • Updates
  • Investors 146
  • Discussion
  • Documents

Idea

Introduction

HidraMed Solutions, a pioneering patient-founded company, is revolutionising chronic wound care with its patented HidraWear range, a truely disruptive adhesive-free wound care technology designed for people suffering from wounds in flexural and friable skin areas, i.e the buttocks, groin, and armpits, which are difficult to dress. Damage to skin from adhesive dressings cause secondary wounds and prevent wounds from healing, posing substantial challenges to patients and clinicians alike, causing unnecessary pain, skin stripping, maceration, blistering and skin tears.

HidraWear offers clinically proven improved comfort, flexibility, and ease of use compared to traditional wound care methods, greatly enhancing the quality of life for those with HS. This innovation represents a significant step forward in addressing the needs of a patient groups that have historically had limited options for effective wound management. It's simple, it's easy to use, and it works.

Substantial accomplishments to date

HidraMed Solutions, acclaimed for its HidraWear wound dressing system, has significantly impacted chronic wound care.

Winning the Irish Times Innovation Award (2020) and multiple Journal of Wound Care awards, including Gold for CEO Suzanne Moloney in 2023 for Best Clinical Research, and The Advanced Woundcare Summit, Boston, HidraMed Solutions has become widely recognized as experts in commercialising innovative solutions in treating complex wounds like Hidradenitis Suppurativa (HS).

With a robust patent portfolio, including core technology and advanced stimuli-responsive polymers, and regulatory achievements like CE marking, FDA registration, and ISO 13485:2016 accreditation, HidraMed demonstrates a commitment to high-quality, safe products.

Clinical trials show HidraWear's efficacy in improving HS patients' quality of life, reducing pain, and empowering self-care. HidraMed's direct engagement with HS communities ensures their solutions meet real-world patient needs, positioning them as leaders in transforming wound care globally.

Early market traction demonstrates product demand, with multiple distribution partners and reimbursement in place, including the NHS Supply Chain and Drug Tariff Listings.

Monetisation strategy

Fully reimbursed in our major markets, HidraWear is prescribable, widely covered by insurance in the USA, and supported by the NHS in the UK. Its successful market launches have established HidraWear as one of the fastest-growing superabsorbers in the UK.

Direct patient engagement, via education, social media supports patients into the reimbursed system in our key markets, via prescription in the UK and the USA. Direct sales into the hospital and community channel provide access in the accute and community markets.

In 2023, HidraMed Solutions achieved revenues of over €400K with a modest sales & commercialisation team (based on unaudited management accounts). The main activity for Revenue growth came from the UK and US prescription sales.

Supporting our key sales and distribution partners like Daylong (UK), Rotech (US), Prism (US) and Cardinal Health (US), is paramount to build on our successful implementation of our commercialsation strategy to date and to realise the anticpated revenue growth through 2024 & 2025

Use of proceeds

Looking ahead, HidraMed envisions a strategic exit that maximizes return for our investors. Our plan involves building HidraMed's valuation through increased market penetration and revenue growth, culminating in a trade sale to a large multinational in the wound care industry.

To do this HidraMed shall use the proceeds of this round to leverage the momentum of HidraWear's success by expanding our direct sales team in strategically selected locations in the USA, building revenues and demonstrating feasable scaling to future acquirers.

This exit strategy is designed to leverage our unique market position, patent protections, and the disruptive nature of HidraWear, ensuring a lucrative and successful culmination for our stakeholders.

Key Information

Material debt

The company has the following outstanding loans:

1 - €4,500 loan from the founder with no interest. Currently, there’s no repayment plan.

The funds raised from this investment round will not be used to repay these loans.

Share classes

The company currently has 3 classes of shares: Ordinary, A Ordinary and, B Ordinary. All investors in this round, including Seedrs investors, will be receiving Ordinary shares. The rights attached to the share classes are as follows:

* Ordinary shares - Standard voting rights along with dividends and capital rights.

* A Ordinary shares - No voting rights and no dividends or capital rights.

* B Ordinary shares - No voting rights and no dividends or capital rights.

Rolling Raise

This campaign is part of a broader £3M fundraise at the same share price/class that is expected to run until June of 2025. The Seedrs nominee investors won't be able to pre-empt over future investments as part of this wider round.

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If you successfully purchase a share lot of this business, you will be granted access.

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Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

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Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This campaign for Hidramed Solutions has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 28 February 2024 as a financial promotion. Republic Europe is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. In approving this campaign, Republic Europe has concluded that the information, taken as a whole, is "fair, clear and not misleading." This means that for factual statements we have reviewed evidence of their accuracy, and that for aspirational statements we believe they are phrased appropriately in light of their speculative nature. You should note that in the case of factual statements, the evidence we review is provided by the business, and we do not audit it, which means that we may not be able to identify forged or altered evidence. You should further note that in the case of aspirational statements, the nature of the type of businesses presented on the Republic Europe platform is such that they are likely to have high ambitions, and we may approve statements that convey those ambitions even where we do not believe, or we do not have a view on whether it is likely, that they will be fully realised. The pre-money valuation and investment sought in the campaign are those set by the business: they are not reviewed or established by us, and the valuation is not an independent view of what the business is worth. Given the nature and type of businesses presented on the Republic Europe platform, it is possible that the business has very little cash remaining prior to receiving this investment, and the investment sought may be necessary for the business's on-going existence.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from €18,770,971

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

Pitch type

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

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Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

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Nominee investment

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Nominee investment.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Nominee investment). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

Security Token

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