Rights Issue 2023
ViroGates needs additional capital to invest in the three initiatives:
1) Promote new application areas and continue reimbursement processes in Europe
Push the application of suPAR within guiding treatment in sepsis patients to previous, existing, and new hospital customers, building upon the results from the study of the Hellenic Sepsis Group, cf. company announcement no. 15 of 22 September 2023. Pursue already established processes for reimbursement in selected key markets. Current efforts are focusing on reimbursement schemes in Germany and France in the outpatient and acute care segment, respectively.
2) Obtain marketing approval and initiate expansion to the US
Continue collaboration with Sobi on submitting a 510k application (marketing authorization) for emergency department use of suPARnostic® before licensed roll-out. Approach strategic partner in entering the US market.
3) Approach the health clinics and longevity segment
Develop new marketing approach and sales channels for the use of suPARnostic® in the longevity field. Establish connections to KOLs within the area. This is a segment new to ViroGates, and there is already significant interest in suPARnostic® from health clinics globally.
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ViroGates has achieved extensive scientific evidence, developed several applications of the suPARnostic® products, and experienced revenue growth since the IPO in 2018. However, the COVID-19 pandemic challenged the core business, as it periodically limited the use of suPARnostic® to a single application, namely in patients with a suspected COVID-19 infection, at the hospitals. Despite the pandemic also allowing for entry into new hospitals, it has proven more difficult than expected to convert these hospitals into the use of suPARnostic® for general triaging in acute care as COVID-19 wore off, variants got milder, and fewer patients were hospitalized. These challenges have negatively impacted revenue for the first nine months of 2023, and it has been necessary to restart many customer activities in the acute care segment. ViroGates needs to ensure sufficient runway to continue the efforts toward realizing the full potential of the acute care segment, partly through the promotion of new application areas in acute care (sepsis patients) and the continuing work on reimbursement in key markets. Furthermore, ViroGates has identified two additional initiatives with significant potential that can boost growth.
Offering and timeline
ViroGates is offering new shares for a maximum of DKK 15 million to continue efforts in the acute care segment as well as promote the two additional growth initiatives, as described.
You can exercise your subscription rights through your custodian (bank) and read more about the share issue in the investment brochure on this page.
We hope for your support in bringing the initiatives to life and creating a better and more efficient health system for the benefit of all.
Learn more about how suPAR is used in different settings
Historical financial reports
Annual Report 2022
We are proud of our achievements in 2022, despite still operating in uncertain market conditions. We reached record sales levels in ViroGates’ history, with a net revenue of 10.2 DKK million. We created a sales uptake of suPARnostic® products for use in assessing the severity of COVID-19 patients, despite COVID-19 variants becoming milder and hospitalizations decreasing all over Europe. We worked proactively to explain the value of using our products more broadly in acute care triage, both to new and existing customers. In 2023, we will continue the effort towards converting our COVID-19 customers to emergency department use. We currently experience that the value of a clinical customer is too low, and we need to address this issue in 2023. We do look very much forward to the commercial launch of our newly developed product suPARnostic® POC+.
Annual Report 2021
2021 was an exciting year for ViroGates. The company delivered revenue growth of 43% and achieved extraordinary scientific results. However, the global COVID-19 continued to affect the business negatively with many hospitals unable to onboard new technologies during a state of emergency. Despite the challenges, ViroGates welcomed several new customers across markets and managed to shift sales further towards clinically relevant products.
Documents
Articles of association
Application form – Subscription with and without subscription rights
ViroGates A/S – Certificate of registration
Click here to download ViroGates certificate of registration.
“We look forward to execute our revised strategy plan, including approaching new market opportunities within longevity and health screenings”.
– Jakob Knudsen, Chief Executive Officer, ViroGates
IR contact
Jakob Knudsen
CEO
Tel. +45 2113 1336
Certified Advisor
Västra Hamnen Corporate Finance
Per Lönn
Tel. +46 40 200 250
