Senzime has successfully completed a directed issue of 4,545,000 shares, at a subscription price of SEK 22 per share, raising proceeds of approximately SEK 100 million.
A number of Swedish and international institutional investors, including The Fourth Swedish National Pension Fund, Swedbank Robur Microcap, TIN Fonder, Handelsbanken Fonder, FE Småbolag Sverige and ÖstVäst Capital Management, as well as certain existing shareholders participated in the Directed Issue.
In connection with the Directed Issue, the company has agreed to a lock-up undertaking, with customary exceptions, on future share issuances for a period of 180 days after the settlement date of the Directed Issue. In addition, the company’s board of directors and management team, have agreed not to sell any shares in Senzime for a period of 180 days after the settlement of the Directed Issue, subject to customary exceptions.
Finance an acceleration of the commercialization strategy
The reason for deviating from the shareholders’ preferential right was to raise capital in a time and cost-effective manner, to finance an acceleration of the commercialization strategy and also to further diversify the shareholder base with Swedish and international institutional investors.
The net proceeds from the Directed Issue is intended to be used to continue to strengthen the organization to support the company’s commercialization strategy including build own sales organization in the US and Germany to accelerate market penetration, increase the sales rate of monitors according to the Consignment-model1 and focus on pay-per-use contracts in the sale of sensors, broaden the product portfolio with segmented offering to address hospitals and clinics with lower patient volumes, as well as develop AI algorithms and cloud services, and organize part of the production process in-house to strengthen Senzime’s know-how, facilitate product development, de-risk and improve gross margins.
The company expects that the accelerated commercialization strategy, on the back of the long-term global trend underpinning the transition to digital monitoring of patients, will further increase net sales growth sequentially in 2022 and 2023.
Photo of Pia Renaudin, CEO, Senzime