MedPal AI - raises £5 million to accelerate new opportunities
Digital health business MedPal AI (AIM: MPAL) has banked c.£5 million via an equity raise at 3.5p per share. The funds are going to be spent on two main strategic initiatives, with the remainder being used for working capital to support corporate costs and ongoing growth in NHS dispensing volumes.
Initiative 1 - Purchase of Solid State Technologies Ltd to complete end-to-end platform for the care-home sector
£0.5 million of the fundraise proceeds will be used for the acquisition and integration of Solid State Technologies Ltd (SST), a profitable electronic Medicines Administration Record (eMAR) software business. eMAR software is simply an electronic version of a medicines administration record that logs all medication administered to a service user, making it more efficient and easier to store, share and search records.
This looks like a good strategic deal for MedPal, with SST providing the eMAR software layer that sits at the point of care in the care homes with which MedPal Pharmacy has a supply arrangement. Therefore, combined with MedPal's existing robotic dispensing hubs and B2B supply relationships, it will complete the MedPal end-to-end platform across all the areas of prescribing, dispensing, administration and reconciliation, creating a closed-loop system for the care-home sector.
The price set for the acquisition (maximum total consideration of £0.5 million) looks attractive as SST's latest management accounts, to 31st May 2026, show annualised revenue of c.£843,000 and annualised profit of c.£307,000. That implies a purchase multiple of 0.6 times annualised revenues and 1.6 times annualised profits. Recent micro accounts filed on Companies House show that the business had net assets of £283,834 as at 31st March 2026.
Initiative 2 - The weight is over: planned expansion in the GLP-1 weight-loss market with newly approved Wegovy® tablets
MedPal will use up to £3 million of the funding proceeds for investment in stock and patient acquisition for Novo Nordisk’s once a day GLP-1 weight-loss pill oral Wegovy®, the first oral based GLP-1 weight-loss treatment to have been approved.
These pills have shown promising results, with a key clinical trial funded by Novo Nordisk, OASIS 4, finding that a daily pill containing 25mg semaglutide, the same active ingredient in Wegovy, produced an average weight loss of 13.6% over 64 weeks (vs 2.2% on a placebo) in adults with obesity or who were overweight.
The UK’s Medicines and Healthcare products Regulatory Agency (MHRA) approved oral Wegovy® for weight loss and weight management on 11th June 2026, with the product launched soon after, on 6th July. Alongside a reduced-calorie diet and increased physical activity, it may now be prescribed to adults in the UK with obesity, who have a Body Mass Index (BMI) of 30 or above, or who are overweight with a BMI between 27 and 30 and at least one weight-related comorbidity. It’s good news for patients who don’t like needles, as those patients currently taking the 2.4mg weekly Wegovy injection can switch straight to the 25mg tablet.
We already have some idea of how oral Wegovy® sales might proceed in the UK. Novo Nordisk announced in early June that, following the oral Wegovy® launch in the United States in January 2026, prescription dispensing volumes exceeded three million in just over five months. What’s more, over 80% of those have been written for patients new to GLP-1 therapy, bringing obesity medicine to many previously untreated.
MedPal is taking advantage of the new opportunity by investing in stock and in patient acquisition to secure a large launch cohort. This is in conjunction with its existing infrastructure including its weight-loss clinic platform, supply relationship with Novo Nordisk and low-cost robotic dispensing platform.
While the Wegovy® tablet is approved for use in the UK on prescription, it is not currently available on the NHS, only privately. This provides a window of opportunity for private health operators such as MedPal while standard NHS processes decide if it will be made available to non-private patients. Encouragingly, each active private patient is forecast to generate c.£2,400 of recurring revenue per annum for the company.
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MedPal AI is a corporate client of Optimo Research Ltd.
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