Sequana Medical Update following recent convertible loan financing
We provide an update following Sequana's recent announcements of i) a € 3m convertible loan from existing shareholders, ii) an agreement to defer its debt service payments until after PMA approval, and iii) a re-allocation of resources delaying the start of the randomised portion of the MOJAVE trial until after PMA approval for the alfapump expected in 2H24. We now expect DSR 2.0 to enter the market in 2028 (previously 2027). While we acknowledge the financing risk, the convertible loan from existing shareholders shows continued support and based on our conversations with the company, Sequana is exploring its financing options to secure the additional € 13m required to reach PMA approval in 2H24. As such, our PT for Sequana is € 6, and we reiterate our BUY rating.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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