Ghent-based Sequana Medical, a pioneer in treating fluid overload for liver illness, coronary heart failure, and most cancers, has secured €24 million in recent financing, extending its money runway till the tip of 2025.
This funding bundle features a €4 million unsecured subordinated convertible mortgage from main shareholders Companions in Fairness and EQT, in addition to a €20 million share subscription facility with GEM International Yield LLC SCS. The corporate additionally has the choice to extend GEM’s dedication to €60 million, as soon as the preliminary quantity is drawn down.
CEO Ian Crosbie shared his optimism in regards to the financing and the upcoming business rollout: “2025 is a landmark 12 months for Sequana Medical with the US business launch of the alfapump deliberate for mid-Q3, following the FDA approval of our PMA for this breakthrough system in December 2024. We’re very happy with the robust suggestions we have now acquired from US hepatologists who’re keen to supply the alfapump to their sufferers, and the potential that it affords to just about remove the necessity for therapeutic paracentesis and rework their high quality of life.
“By means of this financing bundle, we have now the platform to display the clear market alternative for alfapump, and our skill to successfully entry this by way of our small specialty business staff concentrating on US liver transplant centres. We’re delighted with the continued robust assist from our key shareholders and lenders, in addition to the brand new fairness dedication from GEM.”
Based in 2006, Sequana Medical has developed the alfapump, an implantable pump system designed to remove the necessity for repeated therapeutic paracentesis in liver illness sufferers. Having secured FDA approval for its Pre-Market Approval (PMA) software in December 2024, the corporate is making ready for its US business launch in mid-Q3 2025, initially concentrating on 90 liver transplant centres.
The €4 million convertible mortgage will likely be offered by Companions in Fairness and EQT, with the potential for extra lenders from a earlier financing spherical to roll over their investments into the brand new mortgage. The phrases enable for conversion into firm shares at a 25% low cost to the volume-weighted common buying and selling worth, providing flexibility for traders whereas guaranteeing the corporate maintains liquidity throughout its vital US enlargement.
In the meantime, the €20 million share subscription facility with GEM allows Sequana Medical to situation shares over a three-year interval, with an choice to increase this dedication as much as €60 million. GEM, a Luxembourg-based different funding group with places of work in Paris, New York, and the Bahamas, has structured the settlement to offer funding on demand, permitting the corporate to handle its monetary technique in alignment with business milestones.
Moreover, Sequana Medical has renegotiated its present debt agreements, securing improved compensation phrases for loans from Kreos Capital and PMV Standaardleningen NV, additional strengthening its monetary place.
With US commercialisation on the horizon, Sequana Medical is positioning itself for a pivotal 12 months. The alfapump system, which has already been designated a Breakthrough Gadget by the FDA, has reportedly already demonstrated its skill to drastically enhance affected person high quality of life by lowering the necessity for repeated hospital visits.
The corporate plans to launch with a small, specialised gross sales drive, concentrating on high-value liver transplant centres that deal with the vast majority of circumstances.
By securing this financing, Sequana Medical goals to execute its US market technique effectively, whereas persevering with improvement of its Direct Sodium Removing (DSR) remedy, which has proven promising ends in addressing fluid overload in coronary heart failure sufferers.
