Sequana Medical - EUR 3m convertible loan
Sequana Medical secured a EUR 3m convertible loan from existing shareholders and entered into a letter of intend with its lenders to postpone the repayment of its debt. The company will now focus on reaching PMA approval and will hence halt EU commercial activities and postpone the start of the randomized phase of the MOJAVE study in DSR. This will allow to reduce cash requirements by EUR 9m before the end of 2024.Cash runway is now extended until March 2024. The company is initiating the process to raise EUR 13m to bridge the gap until PMA approval.The EUR 3m convertibleSequana 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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