Sequana Medical NV, a Ghent, Belgium-based commercial stage medical device company focused on the development of innovative treatment solutions for the management of liver disease, heart failure, malignant ascites and other fluid imbalance disorders, announced the terms of its initial public offering of new shares, with the admission to trading on the regulated market of Euronext Brussels.
With the IPO, the company is offering up to 3,235,294 new shares, which may be increased by up to 15%.
The price range is between €8.50 and €9.00 per offered share and – based on it – the size of the offering will range between €27.5m and €38.5m. The implied market capitalization of the company at the midpoint of the price range will be €119.5m.
The offering period began on 31 January 2019 and is expected to end no later than 4:00 p.m. (CET) on 7 February 2019.
The company intends to use the capital to fund:
– POSEIDON, a North American pivotal study on the alfapump® for the treatment of liver recurrent and refractory ascites,
– the European commercial roll-out,
– the development of the alfapump® DSR, its therapy for the management of volume overload in heart failure, including the Single Dose DSR Proof of Concept and Repeated Dose DSR Proof of Concept,
– other clinical programmes, including a study on the alfapump® for malignant ascites, TOPMOST, a registry for cirrhosis patients that have been implanted with the alfapump® and a study on the impact of albumin replacement therapy on clinical outcomes in alfapump® patients,
– partial repayment of the principal outstanding under the loan with Bootstrap Europe S.C.Sp., equal to a maximum of €1.5m; and
– general corporate purposes.
Sequana Medical is a commercial stage medical device company focused on the development of innovative treatment solutions for the management of liver disease, heart failure, malignant ascites and other fluid imbalance disorders. Its alfapump is a fully implantable, programmable, wirelessly-charged, battery-powered system that is CE-marked for the management of
- i) refractory ascites (chronic fluid build-up in the abdomen) due to liver cirrhosis and
- ii) malignant ascites (with a life expectancy of six months or less). The number of patients with liver refractory ascites is forecast to increase due to the prevalence of NASH (Non-alcoholic Steatohepatitis).
The company was backed by NeoMed Management, LSP (Life Science Partners), VI Partners, BioMedPartners, Capricorn Venture Partners, Entrepreneur’s Fund, Salus Partners, Newton Biocapital, PMV and SFPI-FPIM.
Read the entire release here
FinSMEs
31/01/2019