Report

Sequana Medical - alfapump and DSR for fluid overload disorders

Sequana’s proprietary alfapump and Direct Sodium Removal (DSR) platforms are being advanced as long-term treatments for diuretic-resistant fluid overload related to liver disease, malignant ascites and heart failure (HF). The alfapump is commercialised in parts of Europe for liver disease and is undergoing a pivotal North American registration study (POSEIDON), with primary endpoint data expected in Q222. This device removes localised excess fluid build-up in the peritoneal cavity, and aims to provide significant improvements in quality-of-life and patient independence. DSR technology adds a complementary method for removing excess fluid that is spread all over the body and the combined approach, alfapump DSR, is being advanced as a therapy for HF patients affected by congestion (fluid overload). Sequana is funded through the POSEIDON data inflection point and we derive an rNPV valuation of €249m.
Underlying
Sequana Medical

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.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts
Sean Conroy

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