BRUSSELS (Reuters) – Belgian company Nyxoah plans to list on Euronext Brussels as it looks to raise 60 million euros ($70.9 million) for development and sales of its treatment for breathing disorder sleep apnoea.
Current shareholders have already committed to subscribing for an aggregate of at least 15 million euros in the offering due to take place in late September.
Nyxoah believes the proceeds, together with existing cash and revenue, will meet its requirements for at least 12 months as it seeks to commercialise its treatment, initially in certain European countries.
Nyxoah is developing its neurostimulation therapy Genio and says it is the first battery-free, minimally invasive and leadless neurostimulator implant.
Obstructive sleep apnoea affects 936 million people worldwide aged 30 to 69, with 425 million suffering moderate to severe symptoms for whom treatment would be required, Nyxoah said in a statement.
The company has obtained reimbursement status for patients in Germany, recently secured approval from the U.S. Food and Drug Administration to initiate a trial there and expects approval for use in Australia later this year.
Nyxoah has not decided how it might go about selling its product in the United States.
Degroof Petercam NV/SA and Belfius Bank NV/SA are acting as Joint Global Coordinators and Joint Bookrunners for the offering, set to consist of an initial public offering in Belgium and placements of shares in the United States and elsewhere.
($1 = 0.8458 euros)
(Reporting by Philip Blenkinsop; Editing by Kirsten Donovan)
