2023-09-28
Segulah Medical Acceleraion AB (“SMA”) has made a commitment regarding an investment in Senzime AB (publ) (“Senzime” or “the Company”). As previously communicated in a press release from the Company, Senzime’s board of directors has resolved on a directed share issue of SEK 117 million, led by SMA together with Carnegie Fonder and existing shareholders Fjärde AP-fonden, Crafoordska Stiftelsen, Handelsbanken Fonder, Fredrik Rapp, and Swedbank Robur.
Senzime is a Swedish medical device company that develops and markets patient monitoring systems. Medical procedures, particularly those involving anesthesia, encompass dynamic and intricate physiological responses that need to be accurately monitored. The increasing utilization of neuromuscular blocking agents in anesthesia has been a game-changer in surgery and are now used in approximately 50 % of all surgeries. However, traditional, non-quantitative methods to monitor neuromuscular blockade have been associated with an increased risk for complications. Senzime’s TetraGraph system enables quantitative monitoring of neuromuscular blockade, and is designed for real-time observation of neuromuscular function during and post-surgery, aiming to prevent anesthesia related complications. The TetraGraph system offers a new gold standard in neuromuscular monitoring, in line with new clinical guidelines in both US and Europe.
“SMA has followed Senzime for quite some time and we’re now convinced that the company has started an exciting growth story and will therefore invest SEK 50 million. Senzime has managed to standout in the competitive US market by recently securing several large top-tier US accounts including hospital systems, university hospitals and several large hospitals, accounts with the potential to generate significant recurring revenues each year. Securing large top-tier accounts underscores the global applicability and excellence of Senzime’s patient monitoring solutions, which SMA is excited to be a part of going forward.”, comments Maria Tell, Investment Director at Segulah Medical Acceleration.
Senzime’s share issue is directed to a limited number of new and existing investors, including the new shareholders SMA and Carnegie Fonder. Existing shareholders participating in the issue are Fredrik Rapp, Fjärde AP-fonden, Crafoordska Stiftelsen, Handelsbanken Fonder, and Swedbank Robur, all of whom have expressed a long-term commitment to the Company. The issue consists of a total of 18,000,000 shares at a subscription price of SEK 6.50 per share, corresponding to a premium of 1.5 % compared to the average price of the last 20 days (VWAP). Through the share issue, Senzime will receive a total of SEK 117 million (before transaction costs).
“We are now closing another successful directed issue and welcome additional long-term institutional investors. The market interest has been significant, and Senzime is now well-capitalized and has the right fundamentals to realize the strategic and financial plan” comments Philip Siberg, CEO at Senzime in a press release from the Company.
The proceeds from the issue will primarily be used to continue strengthening the Company’s commercial expansion related to the recently published European and American guidelines, ensure delivery in innovation projects, and finance the Company’s general working capital needs in light of expected growth.
The issue is conditional upon approval by a general meeting, which is scheduled for October 19 2023. Shareholders representing a total of approximately 55 % of the shares and votes in the Company have declared that they will vote in accordance with the proposal at the meeting. Subscription commitments have been made for SEK 99,775,000 of the issue volume and declarations of intent for the remaining SEK 17,225,000.
enzime is a Swedish medical device company that develops, manufactures, and markets CE- and FDA-cleared patient monitoring systems. Senzime’s employees worldwide are committed to the vision of a world without anesthesia- and respiratory-related complications. The company markets an innovative portfolio of solutions, including the TetraGraph® and ExSpiron® 2Xi for real-time monitoring of neuromuscular and respiratory functions, typically under and after surgery. The goal is to help eliminate in-hospital complications, and radically reduce health care costs related to surgical and high acuity procedures.
Senzime targets a market opportunity valued more than SEK 40 billion per year, and operates with sales teams in the world’s leading markets. The company’s shares are listed on Nasdaq Stockholm Main Market (SEZI). More information is available at www.senzime.com.
About Segulah Medical Acceleration AB
Segulah Medical Acceleration (“SMA”) is a Scandinavia-based investment company focusing on innovative medical technology companies with global potential. SMA’s objective is to be an active partner and help its portfolio companies accelerate growth and internationalization and reach commercial proof of concept. SMA’s geographic investment remit is focused on Scandinavia and other Western European countries. The areas within Medtech that SMA prioritizes include medical devices and consumables, diagnostics, life science tools, and digital technologies. www.segulahmedical.com