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Sedana Medical to raise 375M Swedish kronor from directed new share issue

Sedana Medical AB (publ) launched a directed new share issue to raise 375 million Swedish kronor in gross proceeds from certain Swedish and international institutional investors.

The Sweden-based company, which develops and sells medical technology and devices, will sell 2,896,000 shares in the offering at 129.50 Swedish kronor apiece. Investors participating in the offering include AXA IM, Handelsbanken Fonder, Joh. Berenberg Gosslier & Co. KG, Swedbank Robur, the Third Swedish National Pension Fund and Öhman Fonder.

The company plans to use proceeds to fund activities leading to marketing authorization approval in the U.S. for AnaConDa, a disposable medical device that administers volatile anesthetics to mechanically ventilated patients, and IsoConDa, an inhalation therapy to sedate intensive care patients.

The company said it will not issue additional shares for six months after the announcement of the outcome of the directed new share issue.

Pareto Securities is the sole manager and book runner for the offering, while Roschier is legal adviser.

As of Oct. 11, US$1 was equivalent to 9.79 Swedish kronor.