Affluent Medical announces the launch of a capital increase of around €13 million (with PSR maintained by shareholders)
"This capital increase is an essential milestone in accelerating the progress of current studies and targeting CE markings for Artus and KaliosTM by the end of 2024, followed by their commercial launch in 2025."
Sébastien Ladet, CEO of Affluent Medical
Affluent Medical announces today the launch of a capital increase with preferential shareholder subscription rights ("PSR") for a gross amount of approximately €13.0 million through the issue of Redeemable Share Subscription Warrants ("ABSARs"), likely to be increased to approximately €14.3 million in the event of full exercise of the extension clause (the "Capital Increase").
Sébastien Ladet, Chief Executive Officer of Affluent Medical, said: "Affluent Medical enters 2023 with a clear roadmap and strong ambitions. We are on track, backed by a strong and experienced management team, to take the next clinical steps to bring our three innovative medical devices to market. This capital increase is an essential milestone in accelerating the progress of current studies and targeting CE markings for Artus and KaliosTM by the end of 2024, followed by their commercial launch in 2025. Every day, millions of patients around the world suffer from mitral insufficiency and urinary incontinence, severe and disabling conditions, without truly effective and lasting treatment to date. Our primary objective remains to be able to offer these millions of patients a long-term therapeutic solution to restore a quality of life significantly affected by these diseases."
The proceeds of the Capital Increase are intended to provide the Company with some of the resources necessary to continue financing its requirements over the 12 months following the approval of the Prospectus relating to the ABSAR issue. However, the Company will continue to face the critical challenge of its 12 months financing, the maximum residual uncovered need is estimated at 5.0 million euros.The net proceeds will be used to finance the clinical development of Affluent Medical's various medical devices.
For more information on the on going capital increase: https://www.affluentmedical.com/