Sequana Medical FIRST LOOK: Additional funding extends runway to YE25
Sequana announced that it has secured additional financing including a €4m convertible, and a facility agreement with GEM up to €20m, as well as amending the terms of the Kreos and PMV loans. The new cash provides funding to YE25, and gives the company breathing room to progress towards US commercialisation of the alfapump expected in 3Q25. We plan to incorporate this new financing in a future model update. BUY reiterated.Sequana Medical NV. Sequana Medical NV is a Belgium-based company, which manufactures medical devices. The Company focuses mainly on the development of treatment solutions for the management of liver disease, heart failure, malignant ascites and other fluid imbalance disorders. Sequana Medical NV provides alfapump, which is an implantable, programmable, wireless-charged and battery-powered system that is CE-marking for the management of refractory ascites due to liver cirrhosis and malignant ascites. Over 650 alfapump systems have been implanted. Apart from the Alfapump, the Company also aims to develop a direct sodium removal (DSR) therapy, which is a propriety approach to the treatment of volume overload in heart failure.
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