Aerocrine AB, a Swedish medical technology company founded in 1997, develops and commercialises products for improved management and care of asthma. The NIOX monitoring devices developed by Aerocrine measure the nitrogen content of the patient’s exhaled breath for the diagnosis and control of airway inflammation. Until now, routine assessment of airway inflammation has not been possible. The NIOX and NIOX MINO devices are designed for use in both clinical settings and the home. Asthma is a growing global health problem and it is now estimated that as many as 300 million people suffer from asthma worldwide. The direct annual healthcare costs of asthma in the US and Europe are estimated at approx. EUR 26 billion (approx. SEK 240 billion).
Aerocrine doubled its net sales in 2006 and the company has succeeded to grow profitably. The company has sought growth particularly in Germany, where it has established a sales organisation to market the NIOX MINO device. Aerocrine has an approval for marketing of NIOX by the FDA in the US. The objective of the IPO is to expand Aerocrine’s ownership base and to create prerequisites for future value creation and continuity of business operations.
CapMan Life Science invested in Aerocrine in 2005 and the company has shown good development during the investment period. The pre-IPO immediately prior the listing raised a total of SEK 225 million (EUR 24 million). The subscription price of shares in issue was SEK 25 per share, corresponding to a market capitalisation of approx. SEK 1 150 million (EUR 122 million).
Following the IPO CapMan funds own 2 769 160 listed shares in Aerocrine, representing 6 per cent of the company’s stock. The shares are subject to a 12-month lock-up period.
For further information, please contact:
Johan Bennarsten, Partner, CapMan Life Science, tel. +46 8 545 854 72 or +46 707 49 56 59