Sequana Medical, manufacturer of implantable devices for managing fluids in the abdomen, has launched an initial public offering on the Euronext Brussels Stock Exchange.
The formerly Swiss company, now based in Ghent, Belgium, expects to raise between €27.5 million and €38.5 million ($31.5 million to $44.1 million) by pricing over 3.2 million shares at between €8.50 and €9.00 each. Sequana estimates that the middle of that price range will give the company a market capitalization of €119.5 million, or about $137 million.
The company plans to use the proceeds to help fund the European commercial rollout of its Alfapump system, a fully implantable, wirelessly charged pump that collects ascites, or the abnormal buildup of fluid in the abdomen, which can be caused by liver cirrhosis, cancer, heart failure, pancreatitis and other conditions. The pump siphons the fluid from the peritoneal cavity into the bladder, where it can be passed from the body naturally.
In addition, Sequana hopes to fund a North American pivotal study of the device in the second half of this year, to help support approval and reimbursement for the treatment of recurrent and refractory liver ascites, as well as a registry for implanted patients with cirrhosis.
The company also aims to support development of its direct sodium removal therapy for patients with heart failure. Built on the Alfapump platform, the therapy removes sodium by diffusing it into fluid in the abdominal cavity.
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The IPO comes just days after the FDA granted a breakthrough device designation to the Alfapump for liver ascites, which have limited treatment options and severely impacted quality of life, due to abdominal swelling, pain and difficulty breathing. Patients may accumulate as much as 10 to 15 liters of ascitic fluid in the abdomen every 15 days, according to Sequana.
“The forecast growth in liver cirrhosis resulting from NASH makes the need for improved treatments all the more important,” Sequana CEO Ian Crosbie said in a statement. The company has completed a feasibility study in North America, and the Alfapump has previously received a CE mark.