Navamedic ASA: Proposes IPO for Medtech division
Oslo, 14 May 2019 – The Board of Directors of Navamedic ASA (OSE: NAVA) has decided to propose for the Extraordinary General Assembly to separately list the Medtech division on the Oslo Stock Exchange in the third quarter of 2019. The division is commercialising Sippi®, a new proprietary system for digital, wireless, urine measurement in global markets, with a significant long-term revenue potential.
“The Medtech division is commercialising Sippi, a new standard for urine monitoring which enables automated digital measurement, with a global market potential. This is the last manual and non-digitalized viral parameter within the Intensive Care Units and we see solid value creation opportunities for the Sippi product family ahead. As there are few market synergies between commercialising medical technology on a global market and our core business of growing a market access platform for pharma companies in Northern Europe, the Medtech division deserves a separate growth platform. Consequently, the Board will propose to list the division on the Oslo Stock Exchange as a separate company to maximise the value creation potential, " says Kathrine Gamborg Andreassen, Chief Executive Officer of Navamedic.
The Board of Directors will propose for the Extraordinary General Assembly to split the company and separately list the Medtech division on the Oslo Stock Exchange in the third quarter of 2019.
Sippi® offers a new standard for urine monitoring in hospitals by enabling automated digital measurement. Safe and accurate monitoring of patients’ urine production is a vital parameter for all intensive care patients and for selected patients treated in other wards. In addition to this, Sippi® prevents biofilm build-up via its proprietary technology and alerts healthcare professionals if biofilm reaches critical levels.
“Sippi is addressing two major problems in the health care industry: Hospital acquired infections and stressed out personnel allowed too little time to spend on patients. As the next generation digital, wireless, urine measurement and infection prevention system, Sippi is approaching attractive markets with a unique, clinically validated and regulatory approved product which meets a significant medical need. As we say to our customers, Sippi simplifies patient care and prevents infections," Gamborg Andreassen says and continues:
"The proprietary Sippi technology represents significant long-term revenue opportunities in excess of NOK 250 million annually, and we look forward to present the detailed plan for the separate listing and the new strategy in the third quarter."
Carnegie has been retained as advisor for the listing of the Medtech division on the Oslo Stock Exchange.
The company is hosting a presentation of the first quarter 2019 figures at Felix Konferansesenter, Aker Brygge, Oslo, Wednesday 15 May. The presentation will start at 08.30 and will be webcasted live on www.navamedic.com.
For further information, please contact:
Kathrine Gamborg Andreassen, CEO, Navamedic
Mobile: +47 951 78 860
Toril Ås, CFO, Navamedic
Mobile: +47 957 01 071
Navamedic ASA, established in 2002, provides a state-of-the-art market access platform for delivering pharmaceutical products to patients, hospitals and pharmacies in the Nordics. The company is also introducing Sippi®, a new system for digital urine measurement, to the global markets. Navamedic is headquartered in Oslo, Norway, and listed on the Oslo Stock Exchange (ticker: NAVA).
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.