Nyxoah raises up to €85 million in successful IPO
Nyxoah, a medical technology company, announced it raised up to €85 million in its initial public offering. The company's shares have been admitted to trading on Euronext Brussels.
Nyxoah S.A., a medical technology company focused on sleep disordered breathing solutions, announced on September 16, 2020, the successful completion of its initial public offering (IPO). The company raised gross proceeds of approximately €73.7 million, or approximately €84.75 million (USD 100 million) if the overallotment option is exercised in full.
The final offer price was set at €17 per share. This values the company at an initial market capitalization of approximately €364.21 million, rising to approximately €375.26 million assuming full exercise of the overallotment option. The proceeds are intended to fund the company's ongoing clinical studies and commercialization strategy.
"Nyxoah's successful IPO is a testament to the unique and disruptive solution developed by Nyxoah to tackle Obstructive Sleep Apnea and confirms the existing unmet need in the large and continuously growing global OSA market," said CEO Olivier Taelman. "The sustained interest shown by leading global investors, combined with the continued support from existing investors, will enable the company to continue executing its strategy."
Nyxoah's Genio® system has received CE marking in Europe for the treatment of OSA. However, the company notes that while regulatory approval does not guarantee clinical efficacy, future clinical trials and marketing authorizations, particularly in the United States, are crucial for its commercial success. The company also faces financial risks related to its historical operating losses and need for additional funding.