PRESS RELEASE
REGULATED INFORMATION
10 July 2024, 06:00 p.m. CEST
SEQUANA MEDICAL ANNOUNCES NEW SHARE CAPITAL AMOUNT
AND NEW NUMBER OF SHARES
Ghent, Belgium, 10 July 2024 - Sequana Medical NV (Euronext Brussels: SEQUA)
(the "Company" or "Sequana Medical"), a pioneer in the treatment of fluid
overload in liver disease, heart failure and cancer, announces today that in the
context of the confirmation of the contribution in kind of the receivables
outstanding under the unsecured and subordinated convertible loan agreement
entered into on 7 February 2024 between the Company and existing shareholders
Partners in Equity and Rosetta Capital (and as approved in principle by the
general shareholders' meeting on 23 May 2024), the Company's share capital has
increased on 10 July 2024 from EUR 3,752,904.03 to EUR 4,169,575.15 and the
number of issued and outstanding shares has further increased from 36,221,596 to
40,243,518 ordinary shares, through the issuance of a total of 4,021,922 new
shares at an issue price per share of EUR 0.825.
The total current number of outstanding subscription rights amounts to
4,672,109, which entitles their holders (if exercised) to subscribe to
5,331,624 new shares with voting rights in total, namely:
* up to 261,895 new shares can be issued upon the exercise of 90,780 share
options that are still outstanding under the 'Executive Share Options' plan
for staff members and consultants of the Company, entitling the holder
thereof to acquire ca. 2.88 new shares when exercising one of his or her
share options (the "Executive Share Options");
* up to 730,802 new shares can be issued upon the exercise of 730,802 share
options (each share option having the form of a subscription right) that are
still outstanding under the '2018 Share Options' plan for directors,
employees and other staff members of the Company and its subsidiaries,
entitling the holder thereof to acquire one new share when exercising one of
his or her share options (the "2018 Share Options");
* up to 864,223 new shares can be issued upon the exercise of 864,223 share
options (each share option having the form of a subscription right) that are
still outstanding under the '2021 Share Options' plan for directors,
employees and other staff members of the Company and its subsidiaries,
entitling the holder thereof to acquire one new share when exercising one of
his or her share options (the "2021 Share Options");
* up to 1,000,000 new shares can be issued upon the exercise of 1,000,000
share options (each share option having the form of a subscription right)
that are still outstanding under the '2023 Share Options' plan for
directors, employees and other staff members of the Company and its
subsidiaries, entitling the holder thereof to acquire one new share when
exercising one of his or her share options (the "2023 Share Options");
* up to 302,804 new shares can be issued to Bootstrap Europe S.C.SP. upon the
exercise of 10 warrants (each warrant having the form of a subscription
right) that are still outstanding that have been issued by the extraordinary
shareholders meeting of 27 May 2022 (the "Bootstrap Warrants");
* up to 1,060,606 new shares can be issued to Kreos Capital VII Aggregator
SCSp. upon the exercise of 875,000 warrants (each warrant having the form of
a subscription right) that are still outstanding that have been issued by
the extraordinary shareholders meeting of 10 February 2023 (the "Kreos
Warrants")(1); and
* up to 1,111,294 new shares can be issued upon exercise of 1,111,294
subscription rights that are still outstanding that have been issued by the
board of directors (within the framework of the authorized capital) on 27
April 2023 and 10 May 2023 in the framework of the private placement of new
shares and new subscription rights (the "2023 Investor Warrants").
This announcement is made in accordance with Article 15 of the Belgian Act of 2
May 2007 on the disclosure of major participations in issuers of which shares
are admitted to trading on a regulated market and regarding miscellaneous
provisions.
For more information, please contact:
Sequana Medical
Ian Crosbie
CEO
E: IR@sequanamedical.com (mailto:IR@sequanamedical.com)
T: +44 7973 42 99 17
About Sequana Medical
Sequana Medical NV is a pioneer in treating fluid overload, a serious and
frequent clinical complication in patients with liver disease, heart failure and
cancer. This causes major medical issues including increased mortality, repeated
hospitalizations, severe pain, difficulty breathing and restricted mobility.
Although diuretics are standard of care, they become ineffective, intolerable or
exacerbate the problem in many patients. There are limited effective treatment
options, resulting in poor clinical outcomes, high costs and a major impact on
their quality of life. Sequana Medical is seeking to provide innovative
treatment options for this large and growing "diureticresistant" patient
population. alfapump® and DSR® are Sequana Medical's proprietary platforms that
work with the body to treat diuretic-resistant fluid overload, delivering major
clinical and quality of life benefits for patients and reducing costs for
healthcare systems.
The Company's Premarket Approval (PMA) application for the alfapump was
submitted to the US FDA in December 2023 and accepted for substantive review in
January 2024, having reported positive primary and secondary endpoint data from
the North American pivotal POSEIDON study in recurrent or refractory ascites due
to liver cirrhosis. US market approval of the alfapump is anticipated before the
end of Q1 2025 with US commercial launch planned for H2 2025.
Results of the Company's RED DESERT and SAHARA proof-of-concept studies in heart
failure support DSR's mechanism of action as breaking the vicious cycle of
cardiorenal syndrome. All three patients from the non-randomized cohort of
MOJAVE, a US randomized controlled multi-center Phase 1/2a clinical study, have
been successfully treated with DSR, resulting in a dramatic improvement in
diuretic response and virtual elimination of loop diuretic requirements. The
independent Data Safety Monitoring Board approved the start of the randomized
MOJAVE cohort of up to a further 30 patients, which is planned after alfapump US
PMA approval. Sequana Medical is listed on the regulated market of Euronext
Brussels (Ticker: SEQUA.BR) and headquartered in Ghent, Belgium. For further
information, please visit www.sequanamedical.com.
Important Regulatory Disclaimers
The alfapump® system is currently not approved in the United States or Canada.
In the United States and Canada, the alfapump system is currently under clinical
investigation (POSEIDON Trial) and is being studied in adult patients with
refractory or recurrent ascites due to liver cirrhosis. DSR® therapy is still in
development and it should be noted that any statements regarding safety and
efficacy arise from ongoing pre-clinical and clinical investigations which have
yet to be completed. There is no link between DSR therapy and ongoing
investigations with the alfapump system in Europe, the United States or Canada.
Note: alfapump® and DSR® are registered trademarks.
Forward-looking statements
This press release may contain predictions, estimates or other information that
might be considered forward-looking statements. Such forward-looking statements
are not guarantees of future performance. These forward-looking statements
represent the current judgment of Sequana Medical on what the future holds, and
are subject to risks and uncertainties that could cause actual results to differ
materially. Sequana Medical expressly disclaims any obligation or undertaking to
release any updates or revisions to any forward-looking statements in this press
release, except if specifically required to do so by law or regulation. You
should not place undue reliance on forward-looking statements, which reflect the
opinions of Sequana Medical only as of the date of this press release.
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1 On 8 July 2024, the Company agreed to submit a proposal to the Company's
general shareholders' meeting to amend the exercise price of the Kreos Warrants.
The amended exercise price of the Kreos Warrants will be equal to the lower of
(i) EUR 0.825 per share, and (ii) the issue price per share in any other future
equity or equity linked investment in the Company completed prior to the
exercise of the relevant Kreos Warrants. The number of new shares issuable upon
exercise of the Kreos Warrants has been calculated on the basis of the
aforementioned exercise price of EUR 0.825 per share.
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