Setterwalls has advised Sedana Medical AB (publ) in connection with its IPO on Nasdaq First North Stockholm. Pareto Securities AB were Sole Manager and Bookrunner.

The offering, which was substantially over-subscribed, comprised 5,128,205 shares, corresponding to approximately 31,5 percent of the total number of shares in the company after the offering. The company has also granted Pareto Securities an over-allotment option to purchase up to 769,230 additional shares in the offering. The total value of the offering amounts to approximately SEK 100 million and, assuming that the over-allotment option is exercised in full, the total value of the offering amounts to approximately SEK 115 million. The offering was made at a fixed price amounting to SEK 19.50 per share, which corresponds to a total value of the Company’s outstanding shares amounting to approximately SEK 206 million before the offering.

Sedana Medical is a medical technology company active within the field of sedation (treatment with sedative drugs). The Company has for a long time sold the medical device AnaConDa, which for the first time enables inhalation sedation in the intensive care setting. The therapy is widely supported by medical literature showing its many advantages over the current standard intravenous sedation. No pharmaceutical company has up until now applied for registration of the indication of inhalation sedation in the intensive care and use for this indication is thus considered off label and may currently not be marketed.

The main rationale for pursuing the Offering is to fund the ongoing clinical registration study for Sedana Medical’s drug candidate IsoConDa in Europe. The study is a non-inferiority study, in which the study has to demonstrate that IsoConDa (isoflurane) is not inferior to propofol, which is currently the standard of care. The study, which will include up to 550 patients, was initiated in the fourth quarter of 2016 and is scheduled to end in the fourth quarter of 2018. The aim of the study is initially to obtain marketing approval for IsoConDa in Europe, which is expected to occur in the fourth quarter of 2019. Subject to obtaining marketing approval, Sedana Medical is expected to be the first company in the world to offer an approved solution for inhalation sedation in the intensive care.

Setterwalls’ team was led by partner Mattias Detterfelt and consisted primarily of Anders Grefberg (Equity Capital Markets), Malin Albert (Life Sciences), Linnea Björkstrand (Equity Capital Markets), Karl-Johan Nörklit (Tax) and Alexander Lindmark (Tax).