Business Overview
ASX Code : EPI
Epiminder Limited (“Issuer”) has announced it is seeking to raise $125 million through the issue of 83.3 million fully paid ordinary shares at an Offer Price of $1.50 per share.
Shares will be listed on the ASX under the ticker code “EPI”.
The IPO will fund Epiminder’s next stage of growth, including the US commercial rollout of its FDA-approved Minder® system,
a breakthrough implantable device for continuous epilepsy monitoring, and development of its next-generation Minder® system.
Overview of Epiminder
Epiminder is a Melbourne-based medtech company founded in 2018 by Professor Mark Cook in collaboration with the University of Melbourne, St Vincent’s Hospital, the Bionics Institute, and Cochlear.
Its flagship product, the Minder® system, is the first FDA-authorised sub-scalp EEG device, enabling continuous monitoring for up to three years.
The device provides actionable insights for clinicians and patients, addressing a critical gap in epilepsy diagnosis and management.
Key Highlights
- FDA Approval & Breakthrough Designation: Achieved April 2025, enabling US sales.
- Market Opportunity:
- Epilepsy affects 52 million people globally, including 3.4 million in the US.
- Initial US target: 1.1 million adults with drug-resistant epilepsy (DRE).
- Estimated annual revenue potential: US$625M–US$1.1B.
- Next-Generation Device (G1): In design phase, targeting FDA clearance under 510(k) pathway for full commercial launch in H1 CY28.
- Strong Partnerships: Cochlear is a major investor and manufacturing partner.
- Experienced Leadership: CEO Dr Rohan Hoare (Harvard PhD, ex-McKinsey) and a globally experienced board.
Offer Details
- Offer Size: $125 million
- Offer Price: $1.50 per share
- Shares Offered: 83.3 million
- Indicative Market Capitalisation: $325 million
- Indicative Enterprise Value: $228.1 million
- ASX Code: EPI
Key Dates
- Offer Opens: 11 November 2025
- Offer Closes: 25 November 2025
- Settlement: 26 November 2025
- Allotment: 27 November 2025
- Expected ASX Listing: 1 December 2025
Use of Proceeds
- DETECT Demonstration Program & Study: $25M (18.7%)
- R\&D – Next Generation Minder® (G1): $32M (23.9%)
- General & Administrative: $24M (17.9%)
- Sales & Marketing: $4M (3%)
- Offer Costs: $10.9M (8.2%)
- Historical R\&D Tax Liability: $20M (14.9%)
- Working Capital: $11.9M (8.9%)
Media Spotlight
On Good Friday, April 18, 2025, Epiminder received FDA approval and Breakthrough Device Designation for its Minder® system, marking a major milestone for Australian medtech innovation.
CEO Dr Rohan Hoare described the achievement as “a very good Friday for Epiminder.”
The IPO will enable Epiminder to scale globally, fund clinical trials for reimbursement, and advance its next-generation device, positioning the company as a potential leader in neurological monitoring.
Broker Firm Offer
The Offer includes a Broker Firm Offer via Family Financial Solutions.
Investors should read the Replacement Prospectus in full to understand the features and risks of the Offer.
Please contact us on 1300 927 927 to discuss suitability and secure an allocation.
To receive the Prospectus please click below