Sequana Medical FIRST LOOK: Financing overhang lifted with € 11.5m ABB, runway to 3Q24
Sequana raised € 11.5m through a private placement via an accelerated bookbuild offering of approx. 7.7m new shares at a price of € 1.5 per share. This capital raise is an important achievement for the company, lifting the financing overhang and providing cash runway into PMA approval for the alfapump in the US, expected in 3Q24. We believe PMA approval will be a key trigger for the stock price, potentially attracting a new set of investors into the name. KBC Securities is acting as Sole Global Coordinator. We reiterate our BUY rating and € 6 TP.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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