Blue Sky-backed Alcidion lists in Australia

The backdoor merger via minerals sector shell Naracoota Resources initially spiked the stock as high as A$0.068 before a leveling off to around A$0.05 established a market capitalization value of A$33.1 million.

Alcidion's assets after the offer valued A$8.7 million, while the company's total equity was estimated at A$6.9 million.

Blue Sky and its associates retained 15% of the company's issued capital. Other major shareholders include two Alcidion directors and Allure Capital, which along with Blue Sky hold, in aggregate, about 61% of the company's enlarged share capital.

Alcidion was the first investment from Blue Sky's EC2010 PE fund, which was launched in 2010 with a target of $50 million.

In 2012, Alcidion raised $2 million in a Series A round led by Blue Sky. This investment was complimented by $1.96 million in Australian government assistance to accelerate development of Alcidion's automated clinical workflow system, known as Miya.

Alcidion earned revenue of A$5 million during fiscal 2015 from the deployment of the platform into beta sites in Australia.

The reduced staff-related costs and improved efficiencies made possible by Miya are now expected to be marketed in the US, where the Affordable Care Act has created demand for progressive medical technology.

Global expenditure on healthcare IT is already valued at $40.4 billion and is expected to reach $56.7 billion by 2017.

Mobile health tech is projected to be a $23 billion market by 2017.

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