MedPal AI (MPAL) has raised £5 million through a placing to fund the acquisition of healthcare software provider Solid State Technologies and support the UK launch of oral Wegovy®. The fundraising also strengthens working capital as the group continues to scale its NHS pharmacy, care-home and private healthcare operations.
The company issued 142.9 million new shares at 3.5 pence each, representing a 12.5% discount to the previous closing mid-market price but a 40% premium to the 2.5 pence placing completed in April 2026. The fundraising was arranged by OAK Securities and attracted support from existing institutional shareholders alongside new investors.
A key use of proceeds is the planned acquisition of Solid State Technologies for up to £0.5 million. The profitable electronic Medicines Administration Record (eMAR) software provider generated annualised revenue of about £843,000 and annualised profit of about £307,000 based on management accounts to 31 May 2026. The acquisition will add the administration layer to MedPal's existing prescribing and dispensing capabilities, creating an integrated medication management platform for the care-home sector.
The company will also invest up to about £3.0 million to support the UK launch of oral Wegovy®, the first oral GLP-1 weight-loss treatment, which is scheduled to launch on 6 July 2026. MedPal plans to build inventory ahead of demand and accelerate customer acquisition through its private weight-loss clinic, where each active patient is forecast to generate about £2,400 of recurring annual revenue.
The remaining proceeds will strengthen working capital to support rising NHS dispensing volumes, continued expansion of its care-home business and broader corporate growth initiatives. Alongside the placing, MedPal issued 10.9 million shares to settle existing contractual obligations without using cash resources.
The company also announced the appointment of Erin Fox as Senior Director of Marketing. Fox joins from global travel retailer Avolta and will lead digital marketing and patient acquisition for the oral Wegovy® launch.
“Raising £5 million at a 40% premium to our April placing price is a strong endorsement of the progress MedPal has made and of the two opportunities in front of us,” said MedPal AI Chief Executive Jason Drummond.
“The acquisition of Solid State Technologies completes our closed-loop care-home platform and brings established, profitable, recurring software revenue into the Group. With the oral Wegovy pill launching in the UK on 6 July, we have a live clinic, a Novo Nordisk supply relationship and the dispensing infrastructure to capture what has been one of the strongest pharmaceutical launches on record in the US.”
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This fundraising gives MedPal AI the capital to pursue two potentially transformational growth opportunities simultaneously. The acquisition of Solid State Technologies expands its software offering into higher-margin recurring revenues, while investment ahead of the oral Wegovy® launch positions the company to benefit from growing demand in the UK weight-loss market. Combined with rising NHS dispensing volumes, MedPal is building multiple revenue streams that could support further growth over the coming year.