BONESUPPORT™ announces initial public offering on Nasdaq Stockholm
BONESUPPORT announces its initial public offering on Nasdaq Stockholm’s main market. The objective is to broaden the shareholder base through a new share issue of SEK 500 million with the subsequent fundraising to be used to further support BONESUPPORT’s continued development and the expansion of the company’s operations.
Nasdaq Stockholm has approved the company’s application subject to customary conditions. First day of trading in the company’s shares is expected to be 21 June 2017.
BONESUPPORT is an innovative and rapidly growing commercial stage orthobiologics1 company, based in Lund. The company develops and commercializes innovative injectable bioceramic bone graft substitutes that remodel to the patient’s own bone and have the capability of eluting drugs directly into the bone void. BONESUPPORT’s marketed synthetic bone graft substitutes CERAMENT® BVF, CERAMENT G and CERAMENT V are all based on the company’s novel and proprietary CERAMENT technology platform.
The company’s products are targeting a large addressable market opportunity across trauma, chronic osteomyelitis (bone infection), revision arthroplasty (replacement of a joint prosthesis) and infected diabetic foot. The company’s research and development is focused on the continuing development and refinement of its existing technology to extend its use into additional indications by the elution of other drugs and therapeutic agents.
BONESUPPORT’s products are based on an innovative technology backed by an intellectual property portfolio of approximately 100 registered and/or pending patents. BONESUPPORT has a nine year track record of safety and efficacy in treating patients with an estimated number of 30,000 procedures performed to date with its products worldwide based on sales data.
BONESUPPORT’s total sales increased from SEK 41 million in 2014 to SEK 105 million in 2016, representing a compound annual growth rate of 60 percent. The company’s financial target is to achieve revenue exceeding SEK 500 million in the financial year 2020, with a gross margin exceeding 85 percent and a positive operating profit.