MedPal AI (MPAL) said New Health reached a record daily level of prescription orders this week, while the group has received an indicative term sheet for an £8 million working capital facility. The company also confirmed that no equity fundraising has been agreed or is planned.
On Monday 5 October 2026, New Health dispensed more than 2,300 private prescription orders with a total order value of about £0.3 million, reflecting continued rapid growth across the digital health and pharmacy business.
MedPal said the group held cash, debtors and stock worth £6.36 million as at 6 October. This included £3.39 million of cash balances, £1.40 million of VAT receivable, £0.36 million of National Health Service prescription income, £0.59 million of estimated manufacturer rebates and £0.62 million of medication stock.
The company recently completed a £5 million placing, with proceeds being used principally to acquire stock to support increasing order volumes.
MedPal has also received an indicative term sheet from a non-bank lender for £8 million of funding as it looks to support its working capital cycle. Meanwhile, discussions are continuing with UK clearing banks and specialist lenders over a facility secured against the group's receivables. No agreement has yet been entered into.
MedPal said customer acquisition spending at New Health remains discretionary and can be adjusted as required. While the business incurs acquisition costs on customers' first orders, repeat orders have generated a positive margin after medication costs at every order cycle since July 2026. The company expects repeat business to make an increasing contribution to cash flow as more customers progress to later orders.
The company also clarified that its planned general meeting is intended to restore standard share allotment authorities after its existing authorities were exhausted. This will allow warrants previously announced for Clear Capital Markets to be issued and provide flexibility ahead of the next annual general meeting. MedPal reiterated that seeking these authorities does not mean a fundraising has been agreed or is planned.
MedPal AI’s Founder and Chief Executive Officer Jason Drummond said: “The business continues to grow at pace, with New Health dispensing more than 2,300 prescription orders on Monday alone. We recently raised £5 million, hold cash, near cash and stock of approximately £6.4 million and have no plans to raise equity. We have also received an indicative term sheet for an £8 million working capital facility, with other options under review. The general meeting is housekeeping, restoring the normal share authorities we need to operate the Company and grant the broker warrants announced on 6 October. The numbers speak for themselves.”
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The record daily order level provides further evidence of strong momentum at New Health. Securing additional working capital could give MedPal greater flexibility to support this growth, while the company’s confirmation that no equity fundraising is planned should provide some reassurance following recent share price volatility.