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Bonesupport closes $57m IPO

June 29, 2017 By Fink Densford

BoneSupport

BoneSupport said last week it closed its initial public offering, raising a total of approximately $57.1 million (SEK 500 million), not including an over-allotment option.

The Swedish company, which is developing the Cerament G injectable antibiotic-eluting bone graft substitute, said it floated approximately 17.2 million new shares at $3.40 per share (SEK 29) in the round, raising approximately $57.1 million before issue costs and $54 million (SEK 461 million) after issue costs.

Bonesupport also issued an over-allotment option for 2.6 million shares and an additional $8.7 million (SEK 75 million), bringing the total number of shares offered in the round to 48.8 million, according to a press release.

In the offering, cornerstone investor Swedbank Robur Fonder AB and existing shareholders HealthCap V L.P., Stiftelsen Indusrifonden, Lundbeckfond Invest A/S, Carl Wesin Ltd, Tredje Ap-fonden, Tellacq AB, OFP V Advisor AB and Arctic Funds PLC agreed to acquire approximately $27.6 million in shares, corresponding to approximately 41% of the shares in the round.

Trading in the company commenced on June 21 on Nasdaq Stockholm under the ticker “BONEX”.

“We welcome Bonesupport to the Nasdaq Stockholm main market. We continue to see a strong inflow of health care sector companies leveraging the public markets as a platform for future growth, and Bonesupport will make an exciting addition to that list,” Nasdaq European listings head Adam Kostyál said in a press release.

“I am delighted with the strong support we have generated from both new investors, including Swedbank Robur, and our existing investors. The backing of these high quality investors highlights the significant potential of Bonesupport’s Cerament products. Our IPO will provide us with the funds we need to execute our strategy of driving sales in both the US and Europe, generating additional clinical data to enhance the competitive positioning of our products and completing the Fortify study, which is key to gaining US approval for Cerament G. Our stronger financial position will also allow us to invest in our pipeline of new products that are designed to promote bone growth. This strategy provides the foundation for our 2020 financial targets and will allow us to generate significant value for our shareholders,” CEO Richard Davies said in a press release.

($1 = SEK 0.1141165494)

Filed Under: Business/Financial News, Featured, Initial Public Offering (IPO), Orthopedics Tagged With: Bonesupport

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