SEK 378m raised through directed share issue

Lighthouse | 28 May 2020

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  • Bonesupport has raised SEK 378m (gross) through an over-subscribed directed share issue. 10.5m shares were issued at SEK 36, representing a 2.7% discount to the 10-day weighted average. The new shares are expected to become available from 29th May and will increase the total number of shares to 64.4m (a 19.5% increase).
  • New funds will be used to scale up the company’s proven business model, with around 70% of proceeds directed into commercial activities. This principally will be supporting the launch of CERAMENT G into the important US market (with emphasis on driving clinical adoption) and in further improving sales and marketing in Europe, where the focus on commercial execution has shown good results.
  • Investment will also be made in gaining regulatory approvals in new markets, manufacturing improvements (including in automation and increased capacity), progressing the R&D pipeline, supporting clinical studies, and for general corporate purposes.
  • The accelerated book build was organised by Skandinaviska Enskilda Banken AB and Carnegie Investment Bank AB as Joint Bookrunners. The shares were placed with a mixture of Nordic and international institutions. The main existing shareholders, Stiftelsen Industrifonden, HealthCap V L.P. and Tellacq AB, have agreed to a 180 day lock up.

Trinity Delta view: Bonesupport has made major inroads in implementing its growth strategy for CERAMENT as it seeks to affect a paradigm shift in the way that bone voids are treated. The antibiotic eluting CERAMENT G & V have gained commendable traction and become the option of choice for many influential surgeons in the markets where they are available. A similar clinical uptake in the commercially important US market would be transformative for Bonesupport.

De Novo filing with the FDA in April, means that first CERAMENT G approval in chronic osteomyelitis could occur in late 2020, with a potential launch in early 2021. FDA approval in the trauma indication is contingent on data from the FORTIFY study, with pending FDA discussions to determine the final stage of the study. This fund raise allows management to plan and execute a more ambitious North American launch programme.

Our valuation and forecasts will, as is usual, be suspended until we have revised our models; we will aim to do as soon as is practicable. For context, our prior valuation was SEK2.27bn or SEK43.3/share.


28 May 2020

Price (SEK)37.1
Market Cap (SEKm)1,953
Primary exchangeOMX Stockholm
Company CodeBONEX
Corporate clientYes

Company description

Bonesupport is a Swedish orthobiologics company focused on developing and commercialising a pipeline of unique injectable drug eluting bioceramic bone graft substitutes based on its proprietary CERAMENT technology.


Lala Gregorek
+44 (0) 20 3637 5043

Franc Gregori
+44 (0) 20 3637 5041


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