OneMedNet secures $4.6 million in private funding By Investing.com

MINNEAPOLIS – OneMedNet Corporation (NASDAQ:ONMD), a curator of regulatory-grade Real World Data (RWD), announced on Thursday that it has completed a private placement with institutional investors, raising gross proceeds of approximately $4.6 million.

The investors include affiliates of Off the Chain Capital and Discovery (NASDAQ:) Capital Management. The funds are earmarked for general corporate purposes and working capital, with a portion already allocated to purchasing ($BTC).

The private placement, which closed on Wednesday, involved the sale of common stock and pre-funded warrants. OneMedNet issued 1,297,059 shares at $1.0278 each and pre-funded warrants for 1,323,530 shares at the same price per share to an affiliate of Off the Chain Capital. Discovery Capital Management’s affiliate purchased 2,301,791 shares at $0.85 each. The exercise price for the pre-funded warrants was prepaid, excluding $0.0001 per share.

This strategic financial move adheres to Nasdaq’s minimum price requirement and does not involve a public offering. The securities have not been registered under the Securities Act of 1933 and are subject to restrictions on resale in the U.S. OneMedNet has agreed to file a registration statement with the SEC for the resale of the shares issued in this private placement and the shares underlying the pre-funded warrants.

OneMedNet specializes in managing diverse clinical data types, including electronic health records, laboratory results, and medical imaging. The company’s proprietary iRWD™ platform is utilized by healthcare systems and provider sites to de-identify, search, and curate clinical data, supporting research in various medical fields such as oncology and cardiology.

The company’s decision to allocate a part of the proceeds to Bitcoin reflects a growing trend among corporations to diversify their investment portfolios with digital assets. The press release did not detail the rationale behind the Bitcoin purchase or the intended holding period.

The information for this article is based on a press release statement from OneMedNet Corporation.

In other recent news, OneMedNet Corporation has entered into a three-year Master Services Agreement with an undisclosed U.S.-based medical technology firm. This collaboration is expected to impact the healthcare of over 150 million patients worldwide each year.

As part of the agreement, OneMedNet will utilize its iRWD™ platform to de-identify, search, and curate clinical data, including electronic health records, lab results, and medical imaging. This service will be offered to the medtech company’s global subsidiaries and affiliates on a fee-for-service basis.

Aaron Green, President and CEO of OneMedNet, underscored the increasing trend of medtech companies leveraging existing Real World Data to support various development stages. The company’s iRWD™ network, which includes over 1,400 healthcare system and provider sites, provides diverse clinical data management, including unique medical imaging. These are recent developments in the company’s operations.

InvestingPro Insights

In the wake of OneMedNet Corporation’s recent private placement, investors and market observers are closely monitoring the company’s financial health and stock performance. According to InvestingPro data, OneMedNet has a market capitalization of approximately $19.46 million. The company’s revenue for the last twelve months as of Q4 2023 stands at $1.02 million, which represents a quarterly revenue growth of 29.18%.

Despite this quarterly uptick, the annual revenue growth rate has declined by 11.37%. These figures reflect a company in a transitional phase, working to stabilize its financials while making strategic moves, such as the Bitcoin purchase mentioned in the press release.

InvestingPro Tips suggest that OneMedNet’s stock is currently in oversold territory, which could potentially interest traders looking for rebound opportunities. Moreover, the stock’s high price volatility is an important consideration for investors who weigh the potential risks and rewards of investing in such a dynamic market. It is worth noting that OneMedNet has not been profitable over the last twelve months, and its short-term obligations exceed its liquid assets, which may raise concerns about the company’s immediate financial stability.

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