Sequana Medical - New funding to support clinical progression
Sequana Medical has raised €15.8m through a private placement of new shares and subscription rights. Roughly 4.445m new shares were issued at €3.55/share, increasing the number of shares outstanding by 18.7%, along with 1.111m subscription rights exercisable at €5.1/share for up to five years as of 30 October 2023. The financing proceeds will be used to support clinical development and the regulatory advancement of Sequana’s two core programmes, the implantable alfapump device in patients with recurrent and refractory ascites (RRA), and its direct sodium removal (DSR) 2.0 programme for diuretic-resistant congestive heart failure (CHF). Management expects the funding to extend the company’s cash runway from mid-2023 into Q124. After revising our model and expenditure assumptions, we obtain a pipeline rNPV valuation of €334.1m (vs €344.3m previously).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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