Restoration Robotics has released the terms of its IPO
Established in 2002, Restoration Robotics has recently listed the terms for its Initial Public Offering (IPO). The company works to support medical professionals throughout a patients’ hair restoration surgery, a niche area that is somewhat becoming a lucrative market.
The private company will look to offer over three million shares, with a price range of $7 to $9 within its upcoming flotation. If successful, Restoration Robotics would gain an overall market value of over $220 million, and will be listed on the Nasdaq under the HAIR symbol in October.
National Securities Corporation has been announced as the sole party, with Roth Capital Partners and Craig-Hallum Capital Group acting as co-managers, according to Market Watch.
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Restoration Robotics’ Artas Robotic Hair Transplant System has become what the company describes as “the first and only physician-assisted system to harvest follicular units directly from the scalp to create recipient implant sites using proprietary algorithms.”
With long-standing expertise in machine vision and robotics, the Artas system can support physicians throughout the complex process, such as the dissection of hair follicles within a two-step procedure, providing support with repetitive processes that demand precision.
Guaranteeing increased patient satisfaction, the system utilises intelligent algorithms and is minimally invasive, providing long-term results.
The company has since raised over $20 million from a private investor.
London NHS trust cuts admin time with DrDoctor platform
Chelsea and Westminster Hospital NHS Foundation Trust in London has adopted a new digital pathway for its endoscopy diagnostic service. The trust says the new patient-facing digital technology, developed by DrDoctor, cutting the time taken to gather pre-operative information by more than a quarter.
DrDoctor is a software company that creates patient engagement platforms. The new system makes it possible for patients to complete assessments ahead of endoscopy procedures.
It also allows the trust to send reminder messages, digital letters and assessments to patients ahead of their operations. Digital letters allow patients to view and download their correspondence instantly, helping to prevent paper letters from arriving in the wrong order, and reducing confusion from them being lost in the post.
The DrDoctor Quick Question functionality is also being used to send email and text notifications to check with patients if they still need or want to be seen, which is helping to reduce waiting lists and cut the chance of cancellations. Broadcast messaging alerts patients to changes to clinics electronically, which saves the time of a phone call for staff.
Chelsea and Westminster NHS Foundation Trust is home to two of London’s busiest acute hospitals. Since deploying DrDoctor's system, it has seen the average time taken fall from 26 minutes to just under 19 minutes – a 29% decrease. At West Middlesex Hospital, the same time spent has reduced from 32 minutes to 12 minutes – a 63% decrease in time spent.
Bruno Botelho, Director of Digital Operations at the Chelsea and Westminster NHS Trust, said: “Thanks to DrDoctor, we have established an infrastructure to address the evolving needs of our patients and staff. By digitally engaging with patients we’re helping to release the capacity pressures our staff face. I’m really pleased that we can now provide a more efficient service to patients and provide more personalised care.”
Staff reactions have been positive too, with 80% of staff finding the pre-op assessment questionnaire useful. One specialty lead said: “With standard pre-assessment data gathered via the DrDoctor link, nursing staff have more time to focus on individual care plans and patient-centred care. From a service point of view, it's great to see patients more engaged in the pre-procedure process.”