A day after publishing its full year accounts, eHealth company Respiri (ASX: RSH) has tentatively set foot in Australian rules football courtesy of a partnership with Carlton Football Club AFLW, commencing from next season.
More specifically, the new partnership relates to Carlton’s women’s team, a league which has over 4.1 million fans nationwide.
The foundation club is growing year-on-year within the emergent women’s competition that functions in parallel to the more popular men’s game.
In 2019, Carlton’s women’s team set a record for domestic women’s sport in Australia, by attracting over 53,000 fans to the grand final.
The newly-signed partnership means Carlton will support Respiri’s wheezo device in an official capacity, thereby raising awareness of the importance of asthma management and potentially generating commercial returns for Respiri over time via boosted sales and brand recognition.
“Wheezo is about improving health management for people living with asthma and the company’s philosophy perfectly aligns with the Carlton Football Club and our AFLW program,” said Cain Liddle, chief executive officer of Carlton Football Club.
“We look forward to having wheezo as a significant partner for our football club moving forward as we work to grow women’s football,” he said.
Just yesterday, Respiri published its full-year financial accounts for FY 2020.
The eHealth company saw revenues rise 113.98% to $2.2 million during the period.
The company decreased its loss to $7.2 million, an improvement over 2019 when it recorded a loss of $8.47 million.
Meanwhile, Respiri’s operating cash outflow fell to $4.7 million, down from $6.4 million in the previous year.
The eHealth company is confident it can fulfil its commercial ambitions with the recent Cipla sales agreement being hailed as a “watershed moment” for the company that is “pivotal” for its global commercialisation plans.
Importantly for Respiri, the company’s published figures included all expenses, research and development costs – all of which were affected by the ongoing work to launch the flagship wheezo device.
Given that research and development costs are now fading, while wheezo will be launched before the end of Q4 2020, Respiri is expected to significantly improve upon its financial performance in 2021.
Respiri said it remains on track to launch wheezo “by the end of this calendar year” and continues to make “good progress” in all other areas.
To ensure its wheezo launch is successful, Respiri said it is continuing to preserve cash and said it remains “well capitalised” following a $2 million placement in March and an additional share purchase plan in April, which raised approximately $3.1 million.
In total, Respiri reported that it had $5.1 million in cash available as working capital and to underpin its commercial launch of wheezo across Australia.
Funds raised will also be used to progress Respiri’s key strategic initiatives, namely, product and clinical development, streamlining the manufacturing process, sales, marketing and additional working capital.
To further exemplify its commercial intentions, Respiri has also signed a three-year product referral agreement with the Australian Patients Association (APA).
The referral agreement intends to empower the APA to support asthma sufferers through Respiri’s wheezo real-world asthma management study that will improve doctors’ understanding of wheeze.