Capital raised through IPO will enable the execution of Sequana Medical's strategy.
Belgian-based medtech company Sequana Medical NV (ticker symbol: SEQUA) today began trading on Euronext Brussels (Compartment C) with an initial market capitalisation of approximately EUR107.2 million. This transaction demonstrates the attractiveness of Euronext as the leading stock exchange for European biotech and medtech companies. With this operation, Sequana Medical joins a large franchise of 89 life science companies (52 biotech and 37 medtech companies) currently listed on Euronext's markets, representing a total market capitalisation of EUR22 billion per 31 January 2019.
Sequana Medical NV 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. Sequana Medical's first product is the alfapump, a fully implantable, programmable, wirelessly-charged, battery-powered system. It has been approved in Europe for the treatment of liver refractory ascites and malignant ascites and has shown a strong performance in multiple clinical studies and over 650 implants. The alfapump has recently been granted breakthrough device designation by the US FDA. The Company is also developing alfapump DSR (Direct Sodium Removal), a novel and proprietary approach to the treatment of volume overload in heart failure for which a first-in-human study is ongoing.
Founded in Switzerland in 2006, Sequana has established its new corporate headquarters in Ghent, Belgium, in order to benefit from Belgium's attractive healthcare ecosystem and ultimately to list on Euronext Brussels, one of the most dynamic stock exchanges in Europe for life sciences IPOs.
With an initial reference price set at EUR8.5 per share, Sequana Medical's initial market capitalization stands at EUR107.2 million.
Ian Crosbie, Chief Executive Officer of Sequana Medical, said: 'We are very pleased with the successful closing of our IPO on Euronext Brussels, which is renowned for being very supportive of high-quality listings in the healthcare space. The funds raised will support our commercial and clinical development with the goal to make the alfapump and alfapump DSR available to a broader patient group and address important unmet medical needs. We would like to thank all of our existing shareholders and our new investors for their support in making this transaction a success and we are looking forward to entering this exciting new phase for our Company.'
To mark Sequana Medical's first trading day, Ian Crosbie, Chief Executive Officer of Sequana Medical, rang the bell to open the markets in Brussels today.
About Sequana Medical
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.
Sequana Medical's 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 dramatically due to the growing prevalence of NASH (Non-alcoholic Steatohepatitis).
Over 650 alfapump systems have been implanted and since April 2018, the alfapump has been included in the EASL (European Association for the Study of the Liver) clinical practice guidelines for decompensated cirrhosis. In January 2019, the FDA has granted Breakthrough Device designation for the alfapump for the treatment of liver recurrent or refractory ascites. The alfapump MOSAIC North American IDE feasibility study in patients with liver refractory or recurrent ascites has been completed and results were presented at the AASLD (American Association for the Study of Liver Diseases) annual meetings in October 2017 and November 2018. The alfapump has not yet received regulatory approval in the U.S.
The alfapump is one of the first safe and effective, long-term alternatives to large-volume paracentesis which is a lengthy, invasive and painful procedure, only providing short-term symptomatic relief, requiring hospital visits and placing a significant burden on the healthcare system and patient quality of life. By automatically and continuously moving ascites to the bladder, where the body eliminates it naturally through urination, the alfapump prevents fluid build-up and its possible complications, improving patient quality of life and nutrition, and potentially reducing hospital visits and healthcare costs. The alfapump DirectLink technology allows clinicians to receive pump performance information and more effectively manage patients treated by the alfapump.
Sequana Medical is developing the alfapump DSR, built upon the proven alfapump platform, to deliver a convenient and fully implanted system for Direct Sodium Removal ('DSR') therapy, a novel and proprietary approach for the management of volume overload in heart failure. Data from animal studies presented at EuroPCR 2018 and HFSA 2018 indicate that DSR therapy is effective and safe. A first in human study for DSR therapy is ongoing. Treatment of volume overload in diuretic-resistant heart failure patients is a major clinical challenge. There are an estimated one million hospitalisations due to heart failure in the U.S. each year, of which 90% are due to symptoms of volume overload. The estimated cost of heart failure-related hospitalisations in the U.S. is $13 billion a year.
Sequana Medical is headquartered in Ghent, Belgium and investors include NeoMed Management, LSP (Life Science Partners), VI Partners, BioMedPartners, Capricorn Venture Partners, Entrepreneur's Fund, Salus Partners, Newton Biocapital, PMV and SFPI-FPIM. For further information, please visit www.sequanamedical.com.
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