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Polish medtech company MediSensonic plans Warsaw IPO

Reuters
·1 min read

GDANSK (Reuters) -Polish medical technology company MediSensonic, known for creating clinical-grade diagnostic and therapeutic devices, plans to launch an initial public offering (IPO) on the Warsaw Stock Exchange in the fourth quarter, it said in a statement on Thursday.

MediSensonic has so far raised over 50 million zlotys ($13 million) from grants and investors. The latest capital increase, through the issuance of G series shares, brought the company's valuation to over 70 million zlotys ($18.30 million).

"I believe that the positive market assessment and the building of a strong shareholder structure will allow us to further develop and strengthen our position in the global MedTech market," said MediSensonic CEO Robert Gromada.

The funds raised from the planned IPO will go towards the development of technologies in dentistry, cardiology and the diagnosis, treatment and management of diabetes.

"The proceeds from the IPO... will permit us to independently finance trials and certifications, thus avoiding pressure to sell any of our products," MediSensonic's deputy CEO Marcin Malinowski said.

One of the company's leading projects is Glucowave, a planned fully non-invasive device for needle-free blood glucose control.

According to statistics cited by the company, the potential group of the project recipients may amount to about 500 million people, while its average market value is estimated at $294.7 million. The project is currently undergoing clinical trials.

($1 = 3.8258 zlotys)

(Reporting by Rafal Wojciech Nowak; Additional Reporting by Mateusz Rabiega; Editing by Alexandra Hudson and Emelia Sithole-Matarise)