Investors



Company Information

Interim Summary

TurnoverQ2 2017

9 549

TSEK

EBITDAQ2 2017

673

TSEK

Christer Ahlberg
President and CEO

CEO comments

It was a source of great pride for all Sedana Medical employees that the company was listed on Nasdaq First North in Stockholm on 21 June 2017. I would like to take this opportunity to thank all shareholders, old and new, for their support and their faith in us as a company.

The listing provides us with the opportunity and the financial fundamentals to be able to realise our vision of making inhalation sedation with IsoConDa and AnaConDa a global standard method for sedation of mechanically ventilated patients in intensive care. We hope to achieve this ambitious vision because the AnaConDa technology and the pharmaceutical IsoConDa (isoflurane) offer a solution that addresses the problems that today’s intravenous sedatives cause or do not adequately solve.

During the quarter, we worked hard on the listing of the company, but also dedicated considerable effort to our key strategic goals by focusing on:

  • Obtaining approval for inhalation sedation therapy in intensive care by registering the medicinal product IsoConDa in Europe through a registration study that has now been initiated in Germany with recruitment of both clinics and patients. We are working intensively with our partners to reach this milestone. Over the next 18 months we will dedicate substantial effort to successfully conducting this study.
  • The second strategic goal is to continue to grow in terms of sales, primarily in our test market, Germany. The second quarter shows continued strong overall net sales growth of 34% compared with the corresponding period in 2016. In addition to acquiring more German customers and increasing sales among existing customers, sales are beginning to take off in our second market, France. While the sales figures are modest in relation to Germany, important new clinics have been added during the quarter, which will benefit future sales. We are particularly pleased that we are becoming established in more clinics in France since we have essentially applied the same strategy as in Germany.

In addition to favourable sales growth in Germany and in Europe at large, we have also taken the first step in Asia, where AnaConDa was launched in South Korea and the first patients have now been treated. We have previously entered into an exclusive agreement with the South Korean distributor DaeSeuk Med Co. Ltd. for the rights to market and sell AnaConDa in South Korea.

South Korea is a good reference country for registration of AnaConDa in other Asian markets in the future.

During the quarter, an agreement was reached with the US medical device provider Teleflex Medical to finally settle the existing royalty structure for the AnaConDa products. As a result of the agreement, we no longer have any royalty obligation.

Despite our heavy investments and increasing costs to facilitate growth, EBITDA was SEK 0,67 million for the second quarter and SEK 1,1 million for the first half of 2017 which is an indication of ongoing strength.

Continued sales growth is well in line with our high growth targets and we continue to see strong demand from many customers.

The first half of the year shows that the company is well-positioned to lead the initiative to offer the first commercial solution for inhalation sedation in intensive care, a market with a sales potential of SEK 10-20 billion annually.

Christer Ahlberg, President and CEO

 Read the interim report in its entirety here.

Calendar
for financial year 2017

Date Event
31 May 2017 Q1 2017 Interim report (1 January – 31 March 2017)
31 August 2017 Q2 2017 Interim report (1 January – 30 June 2017)
30 November 2017 Q3 2017 Interim report (1 January – 30 September 2017)
28 February 2018 Q4 2017 Interim report (1 January – 31 December 2017)

Annual & Interim Reports

2016 2017
Annual Reports (only available in Swedish)
Interim Reports
Q1  Sedana Medical – Interim Report Q1 2017
Q2  Sedana Medical – Interim Report Q2 2017
Q3
Q4
Others
Content

Corporate Governance

Corporate governance includes information about our Board of Directors, the management team, guidelines for remuneration to the senior management, our auditors, general meetings and our articles of association.

Board of Directors

The registered office of the company is situated in the municipality of Danderyd. The Board of Directors shall consist of not less than three (3) and not more than six (6) members, with not more than three (3) deputy members. Currently the Board of Directors consists of five (5) members elected at the Annual General Meeting on 19 May 2017 for the period until the end of the next Annual General Meeting.

Thomas Eklund Chairman
of the Board
  • Born: 1967
  • Position: Board member and Chairman of Sedana Medical since 2014.
  • Education and professional experience: Thomas holds an MBA from the Stockholm School of Economics. 25 years of experience from leading positions in banking, life science and healthcare. CEO, Investor Growth Capital (renamed as Patricia Industries) during 2002–2012, a private equity company owned by Investor AB with a focus on long-term investments in technology, industrial and healthcare. Former board member in life science companies, e.g. Swedish Orphan International AB (chairman) and Carmel Pharma AB.
  • Other current engagements: Chairman, BoMill AB, Swevet AB, Moberg Pharma AB (publ) and Itrim Holding AB. Board member, Swedencare AB (publ), Boule Diagnostics AB, Biotage AB, Rodebjer Form AB, Memira Holding AB, Excillum Aktiebolag, Neoventa Medical AB, TEDCAP AB and Eklund Konsulting AB.
  • Shareholding in Sedana Medical: 396,215 shares via Eklund Konsulting AB, 26 warrants representing 104,000 shares. Independent in relation to the Company and its management and in relation to major shareholders.
Sten GibeckMember
of the Board
  • Born: 1943
  • Position: Member of the Board of Sedana Medical since 2005. Formerly Chairman of the Board.
  • Education and professional experience: Sten holds a higher business economics qualification from the National Swedish Union of Clerical Employees. Sten is a former owner and CEO of Louis Gibeck AB during its journey from being a small distribution company to achieving a leading position in its field in e.g. Germany, France, Japan and the USA.
  • Other current engagements:
  • Shareholding in Sedana Medical: 2,105,744 shares.
    Independent in relation to the Company and its management but not in relation to major shareholders.
Bengt Julander Member
of the Board
  • Born: 1953
  • Position: Member of the Board of Sedana Medical since 2011.
  • Education and professional experience: Bengt is a qualified pharmacist, M.Sc. from Uppsala University. Bengt has more than 30 years of experience in the life science industry. Owner and Board member of Linc AB, with investments in the pharmaceutical and medtech industry.
  • Other current engagements: Board member of Stille AB, Bringwell AB (publ), Nefecon AB, Swevet AB, ProEquo AB, Pharmalink AB, Knil AB, Busulipo AB, nWise AB, Swevet Holding AB and Pharmalink Nordic AB.
  • Shareholding in Sedana Medical: 1,821,901 shares via Linc AB.
    Independent in relation to the Company and its management but not in relation to major shareholders.
Ola Magnusson
Member
of the Board
  • Born: 1948
  • Position: Member of the Board of Sedana Medical since 2005. Formerly CEO of Sedana Medical (2005 – 2011).
  • Education and professional experience: Ola holds an upper secondary school qualification in engineering specialising in chemistry from Gothenburg Technical Upper Secondary School. Ola has more than 25 years of experience in the pharmaceutical industry in Pharmacia and Kabi and 20 years of experience in the medical device industry in Louis Gibeck AB (CEO) and Hudson RCI as managing director EMEA. Presently Ola is responsible for the ongoing clinical trials in Germany.
  • Other current engagements: Chairman of the Board of Transcutan AB and member of the Board of Hammarplast Medical AB, Miris AB, Miris Holding AB (publ), Eataway AB and Magiola Consulting AB.
  • Shareholding in Sedana Medical: 1,427,867 shares via Magiola Consulting AB and 37 warrants representing 148,000 shares. Not independent in relation to the Company and its management, independent in relation to major shareholders.
Michael Ryan Member
of the Board
  • Born: 1957
  • Position: Member of the Board of Sedana Medical since 2005. Former CEO of Sedana Medical (2011 – 2017).
  • Education and professional experience: Michael holds a Master of Industrial Engineering (1st Class Honours) from University College Dublin. Michael has more than 25 years of experience in leading positions in the manufacturing industry and 15 years of experience in leading positions in the medtech industry.
  • Other current engagements: CEO in Sedana Medical Ltd and TecScan Ireland Ltd. Member of the Board of Venn Life Sciences Ltd, a CRO company listed at AIM, Irrus Investment Ltd and Salmur Ltd.
  • Shareholding in Sedana Medical: 1,108,083 shares and 35 warrants representing 140,000 shares.
    Not independent in relation to the Company and its management, independent in relation to major shareholders.

Management team

Christer Ahlberg
CEO
  • Born: 1971
  • Position: CEO of Sedana Medical since February 2017.
  • Education and professional experience: Christer holds an BSc in business administration and economics from Örebro University.Former experience in the pharmaceutical industry includes CEO at Unimedic Group (2010–2016), CEO at Eisai AB (2005–2010) and more than 10 years of experience in leading positions in sales and marketing at e.g. AstraZeneca, Meda and Wyeth.
  • Other current engagements: Member of the Board of Directors, PharmaControl MQL AB.
  • Shareholding in Sedana Medical: 260,000 shares and 184,200 warrants representing 184,200 shares.
Maria Engström
CFO
  • Born: 1972
  • Position: Chief Financial Officer of Sedana Medical since February 2017.
  • Education and professional experience: Maria holds an BSc in business administration and economics from Stockholm University. Former managing director at Cross Pharma AB (2015–2016) and Head of Business Control at Medivir AB (2012–2014). More than 15 years of experience in positions as finance manager, head of business control and controller at Biovitrum, Bristol Myers Squibb and Ericsson.
  • Other current engagements: Board Member in FAYSIT – Finance At Your Service In Tyresö AB.
  • Shareholding in Sedana Medical: 3,850 shares and 60,782 warrants representing 60,782 shares via FAYSIT – Finance At Your Service In Tyresö AB.
Ron Farrell
Director R&D
  • Born: 1956
  • Position: Director of R&D at Sedana Medical since 2011. COO of Sedana Medical Ltd.
  • Education and professional experience: Ron has a graduateship in Plastics and Rubber from the Institute of London (GPRI). More than 37 years of experience in the manufacturing industry at e.g. Oral-B Laboratories, Gillette, Vistakon, Tech Group, Artema Medical and Kayfoam Woolfson. Main areas of competence include engineering, quality assurance, supply chain, development and operation management.
  • Other current engagements: Member of the Board of Directors of Limed Ltd.
  • Shareholding in Sedana Medical: 898,897 shares and 55 warrants representing 220,000 shares.
Robert vom Dorp
Sales Director
  • Born: 1970
  • Position: Sales Director at Sedana Medical AB since 2010, employee since 2005.
  • Education and professional experience: Robert holds an MBA in economics from the University of Applied Sciences at Hochschule Koblenz. Has also studied industrial organisation. Experience in sales in the medtech industry since 2001 as account manager within anaesthesia, ventilation and intensive care at Hudson RCI and Teleflex Medical. Sales manager at Sedana Medical with responsibilities for marketing, sales, strategy and operations in Germany, Austria and Switzerland.
  • Other current engagements:
  • Shareholding in Sedana Medical: 7,500 shares and 26 warrants representing 104,000 shares.
Michael Ryan
Business development adviser
Ola Magnusson
Business development adviser

Guidelines for remuneration to senior management

The main principle is that remuneration and other employment conditions for members of senior manage¬ment shall be based on market terms and be competitive in order to ensure that the group can attract and retain competent senior managers at a reasonable cost for the company.

The total remuneration for senior management shall consist of fixed salary, variable remuneration, pension and other benefits.

The Board fee is decided by the Annual General Meeting. In so far as board members elected by the Annual General Meeting are performing work that stretches beyond the tasks of the Board of Directors, it shall be possible to pay them for such work. Such remuneration shall be market-based and shall be approved by the Board of Directors.

At the Annual General Meeting on 19 May 2017 it was resolved that the fees payable to the Board of Directors for the period until the end of the Annual General Meeting 2018 shall amount to a total of SEK 350,000, of which SEK 150,000 shall be paid to the Chairman of the Board of Directors and SEK 50,000 to each of the other ordinary board members.

Auditor

Christina Kallin Sharpe, authorised public accountant at R3 Revisionsbyrå was re-elected as auditor for the company until the end of the next Annual General Meeting.

General Meeting

The General Meeting of shareholders is the highest decision-making entity in Sedana Medical AB. At the General Meeting, all shareholders are invited to exercise their rights according to their respective shareholdings.

Shareholders wishing to participate in General Meetings must be listed as a shareholder in a printout or other presentation of the entire share register reflecting the circumstances five weekdays before the General Meeting and notify the company no later than the date specified in the notice of the General Meeting. A shareholder may be accompanied by advisers at a General Meeting only if he or she notifies the company of the number of advisers in accordance with the procedure prescribed for in respect of notice of attendance to be made by a shareholder.

Articles of Association

§ 1 Name of the company
The name of the company is Sedana Medical AB (publ).

§ 2 Registered office of the Board of Directors
The registered office of the company shall be situated in the municipality of Danderyd.

§ 3 Object of the company’s activities
The object of the company’s activities is to develop, manufacture and market pharmaceuticals and medical-technical products, and other activities compatible therewith.

§ 4 Share capital
The share capital shall be not less than SEK 800,000 and not more than SEK 3,200,000.

§ 5 Number of shares
The number of shares shall be not less than 8,000,000 and not more than 32,000,000.

§ 6 Board of Directors
The Board of Directors shall consist of not less than three (3) and not more than six (6) members with not more than three (3) deputy members. The members are to be elected annually at the Annual General Meeting until the end of the next Annual General Meeting.

§ 7 Auditors
The company shall have a minimum of one (1) and a maximum of two (2) auditors, with a maximum of two (2) deputy auditors.

§ 8 Place of General Meetings
Any General Meeting of the company shall be held in Danderyd or Stockholm.

§ 9 Notice of General Meeting
Notices of General Meetings shall be made by announcement in the Swedish Official Gazette (Sw. Post- och Inrikes Tidningar) and by making the notice available on the company’s website. At the same time as notice is given it shall be announced in Dagens industri that a notice has been made.
Shareholders wishing to participate in General Meetings must be listed as shareholder in a printout or other presentation of the entire share register reflecting the circumstances five weekdays before the General Meeting and notify the company no later than the date specified in the notice of the General Meeting. The last mentioned date may not be a Sunday, other public holiday, Saturday, Midsummer’s Eve, Christmas Eve or New Year’s Eve and may not occur earlier than the fifth weekday before the general meeting. A shareholder may be accompanied by advisers at a General Meeting only if he or she notifies the company of the number of advisers in accordance with the procedure prescribed for in respect of notice of attendance to be made by a shareholder.

§ 10 Annual General Meeting
The following matters shall be addressed at the Annual General Meeting:

1. Election of Chairman of the meeting

2. Preparation and approval of the voting register

3. Election of one or two persons to attest the minutes

4. Determination of whether the meeting has been duly convened

5. Approval of the agenda

6. Presentation of the annual report and auditor’s report and, where applicable, the consolidated financial statements and the auditor’s report on the group

7. Resolutions regarding:

(a) adoption of the balance sheet and income statement and, where applicable, the consolidated balance sheet and the consolidated income statement

(b) disposition av bolagets vinst eller förlust enligt den fastställda balansräkningen

(c) discharge from liability for the Board of Directors and the managing director

8. Determination of fees to be paid to the Board of Directors and the auditors

9. Determination of the number of board members and, where applicable, deputy members, and the number of auditors and, where applicable, deputy auditors

10. Election of the Board of Directors and auditors

11. Any other business incumbent on the meeting according to the Swedish Companies Act or the articles of association

§ 11 Financial year
The company’s financial year shall be 1 January – 31 December.

§ 12 CSD clause
The shares of the company shall be registered in a CSD register in accordance with the Central Securities Depositaries and Financial Instruments Accounts Act (Sw. lagen (1998:1479) om värdepapperscentraler och kontoföring av finansiella instrument).

Ownership

Below is Sedana Medical’s ownership structure as of June 30, 2017.

Name Number of shares Shareholding (%)
Sten Gibeck 2,105,744 12.92%
Linc AB 1,821,901 11.18%
Magiola Consulting AB 1,427,867 8.76%
Michael Ryan 1,108,083 6.80%
HealthInvest Partners AB 900,000 5.52%
Ron Farrell 898,897 5.51%
Alto Invest SA 769,230 4.72%
Brohuvudet AB 512,820 3.15%
Zaragatero Ltd 503,404 3.09%
Nyenburgh Holding B.V. 445,009 2.73%
Ten largest shareholders 10,492,955 64.36%
Others 5,810,353 35.64%
TOTAL1): 16,303,308 100%

1) Total number of outstanding shares after convertibles and share loans have been converted,
before excersise of overdraft options.

Warrant programmes

Sedana Medical has two outstanding warrant programmes with a total maximum dilution of 1 350 149 shares.

Warrant 2014/2019, total maximum dilution of 1 040 000 shares, exercisable until 31 December 2019
at a strike price of 2,50 SEK/share.

Warrant 2017/2021, total maximum dilution of 310 149 shares, exercisable until 31 January 2021
at a strike price equalling 130% of the IPO price.

Presentations

Date Description Material
29 June 2017 Trading Direkt Interview with CEO Christer Ahlberg (Swedish). Click here to view.

Shares

Share
ISIN-code
Share
Shortname
Current
Share Price
SE0009947534 SEDANA  Click here!
Certified Adviser: Pareto Securities AB – Tel: +46 (0)402 50 00 – Berzelii Park 9, P.O. Box 7415, 103 91 Stockholm, Sweden

IPO


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