VC-backed Sequana Medical sets IPO price range

The price range of €8.50-9.00 gives the firm an implied market cap of €119.5m at its midpoint. With 3,235,294 new shares on offer, the company expects to raise at least €27.5m and expects to float on 11 February.

The sale will involve a public offering to retail and institutional investors in Belgium, and a private placement to institutional buyers globally. It aims to use the raised capital to fund medical research, a European commercial roll-out and the partial repayment of its debt.

The flotaion is the seventh PE- or VC-backed IPO on the Brussels Euronext since 2008. Recent IPOs include the 2017 float of Balta Industries, a rug maker backed by Lone Star Funds; and Bone Therapeutics, a pharmaceuticals company that was also backed by a group of VCs.

An €8.2m series-C extension was raised in October 2015, with capital injected by BioMedPartners, Capricorn Venture Partners, Entrepreneurs Fund Management, Life Sciences Partners (LSP), Neomed Innovations and VI Partners.

In April 2014, LSP led the company's €18.9m series-C funding round. It followed a series-B round with Capricorn, BioMed and Entrepreneur Fund co-leading a €18.3m investment alongside the existing backers in 2011.

NeoMed and VI Partners invested €4.4m in Sequana in September 2006.

Founded in 2006 in California as NovaShunt, the company relocated to Zurich in 2007 using proceeds from its series-A funding round, which it also used to hire technical staff and to complete the final design of its maiden product. Following its series-B round, the company was renamed Sequana Medical. Its pump products help to manage liver, bladder and heart diseases. The company says it is benefiting from unhealthy lifestyles and ageing populations. Its headquarters are now in Belgium.

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