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Biotech Biom'Up wishes to raise 33,2 M EUR in exchange

The company specializing in surgical haemostasis, Biom'Up announced on Tuesday want to raise 33,2 million euros on the occasion of its IPO to finance its development strategy.

The amount could be increased to 43,9 million in the event of full exercise of the extension clause and the over-allotment option, the company said in a statement.

The company located near Lyon has set the indicative range of its entry price on the Euronext market in Paris between 9,50 euros and 11,50 euros.

The proceeds will be used to provide the company with "additional resources to contribute to the financing of its development plan" in order to become "a major global player in the production and distribution of hemostatic products in the medium term".

The company's historic shareholders have undertaken to participate in the capital increase of 10,1 million.

Biom'Up, whose flagship product is designed to control bleeding during surgical operations, aims at a 15% futures market share in the US and major European countries in an estimated market of 1,2 billion .

The company warns that it will not be able to self-finance the investments necessary to achieve this objective and will have to look for new sources of financing, possibly via new capital increases.

Biom'Up is seeking marketing authorization in the United States in mid-2018 from its haemostatic powder Hemoblast Bellows whose first sales were made in Europe in 2017.

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