OssDsign prepares public listing

OssDsign, a Sweden-based regenerative implant producer backed by Karolinska Development, the investment arm of Karolinska Institute, is aiming to list on the Nasdaq First North following a Skr151.3m ($15.8m) initial public offering.
The company will issue 5.5 million shares priced at about $2.90 each, implying a pre-money valuation for OssDsign of $35.1m.
Approximately 74% of the shares, worth some $11.7m in total, have already been subscribed to by institutional and private investors including Alto Invest, Handelsbanken Fonder, Lancelot Asset Management and Consensus Asset Management. OssDsign will also have a $2.7m overallotment option available in the event of strong investor interest.
Karolinska Development, which owned a 25% diluted stake in OssDsign as of March 2019 expects its earnings to rise by $1.3m in the second quarter of 2019 should the share issue perform as anticipated.
Founded in 2011 as Oss-Q, OssDsign makes bioceramic implants for craniofacial bone defects that convert into bone tissue during the healing process.
The implants are fitted according to the physical requirements of each individual patient through 3D printing and computer-assisted design technologies.
Proceeds from the offering will be used to capitalise on opportunities for further business growth. OssDsign is based on research from Karolinska University Hospital and Uppsala University.
OssDsign last raised $6.9m in a private placement in February 2019 backed by Alto Invest and unnamed individuals from Sweden, following a $10.8m round in 2015 featuring Karolinska Development that was co-led by SEB Venture Capital, the corporate venturing arm of financial services provider SEB.
Fouriertransform, a division of Swedish state-owned VC firm Saminvest, also co-led the 2015 round, adding to $2m in capital OssDsign had raised from Karolinska Development and its KCIF Co-Investment Fund at an undisclosed date.
Viktor Drvota, chief executive of Karolinska Development, said: “OssDsign has developed positively and there is a huge growth opportunity in the company. It is rational to now raise further capital in order to fully utilise this opportunity and build significant shareholder value over time.”