Today June 21, trading of BONESUPPORT™’s shares commences on Nasdaq Stockholm, and the offering has been set at SEK 29 per share. The offering attracted strong interest among Swedish and international investors.
The final price of the offering has been set at SEK 29 per share, corresponding to a market capitalization of SEK 1,416 million based on the total number of outstanding shares in BONESUPPORT following the offering, providing the over-allotment option (defined below) is fully utilized. In total, 17,241,379 new shares in BONESUPPORT are issued in the offering, corresponding to issue proceeds of SEK 500 million in total before issue costs and SEK 461 million after issue costs.
Immediately following the completion of the offering, and assuming that the over-Allotment option is exercised in full, BONESUPPORT’s largest shareholders will include HealthCap (13.5 %), Industrifonden (9.8 %), Lundbeckfond Invest (9.8 %), Swedbank Robur Fonder (9.2 %), Tredje AP-fonden (8.3 %), Carl Westin (5.5 %) and Tellacq (5.3 %).
BONESUPPORT is an innovative and rapidly growing commercial stage orthobiologics company, based in Lund, Sweden. 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™ BONE VOID FILLER (BVF), CERAMENT™ G and CERAMENT™ V1 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.
The entire press release can be found on BONESUPPORT’s website.