Stock exchange : the medtech French Biom’Up up 38 million for internationalisation

The medical technology firm Biom’Up announced in a press release that it has raised to 38.1 million euros by introducing them to the Paris stock Exchange. “Biom’Up could raise up to € 43.9 million in the event of full exercise of the over-allotment option”, added the company.

The ipo price has been fixed at 10.50 euro per share, in the middle of the range initially announced. The market capitalization of the company is “about 113 million euros”, according to the release.

The ipo should allow Biom’Up to fund its development and marketing of its flagship product, Hemostat Bellows, designed to control bleeding during surgical operations. Biom’Up hopes to obtain a marketing authorisation on the market in the United States by mid-2018.

Global ambitions

Founded in 2005, the company wants to “capture a market share of 15% in a market estimated at approximately $ 1.2 billion” and become a global company.

She wants to build on the increase in the production capacity at its site in Saint-Priest (Rhône), and the commissioning of a new production plant, potentially on the american continent.

The hemostatic products, which allow to stop or reduce bleeding in the operating room, “represent a world-wide market growth of more than 2 billion dollars”, according to the company.

According to Biom’Up, the demand for institutional securities “was also strong in France and internationally, notably in the United States and the United Kingdom”. The action will make its debut Friday on the compartment C of the regulated market of Euronext.

(With AFP)

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