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EnterNext, the new NYSE Euronext subsidiary designed to develop and promote the market for SMEs, has confirmed the listing on NYSE Alternext in Paris of Medical Device Works, a noted pioneer in organ isolation technology used to treat malignant tumours.
Founded in 2004, Medical Device Works is developing a kit of minimally invasive devices used in surgery to temporarily isolate affected organs from the normal blood flow, allowing the chosen circuit to receive local chemotherapy at high concentrations. The company’s flagship product is PILP, a system based on single-use catheters that can be combined with standard surgical kits. Medical Device Works aims to become an international standard-setter in cancer surgery.
Medical Device Works (NYSE:ALMDW) was listed through a private placement with qualified investors of 334,541 shares for €2.5 million. The admission price was €7.50 per share, and total market capitalisation on the day of listing was around €11.5 million.
“Our autumn season is off to a strong start with the listing of Medical Device Works—a welcome addition to the pool of ambitious and innovative companies already present on NYSE Alternext, the organized market’s benchmark for small and mid-sized companies,” said Eric Forest, EnterNext Chairman and CEO. “EnterNext is delighted to assist Medical Device Works at this decisive stage in its growth, at a time when PILP, the company’s flagship product, is gearing up to be licensed Europe-wide and is set to up-end the technologies used to fight liver cancer. Listing will boost the company’s capacity to develop treatments for other high-mortality tumours.”
Hervé de Kergrohen, CEO of Medical Device Works, added “We are very proud to see our company listed on NYSE Alternext in Paris. Our technology—a unique approach designed to treat liver cancer more effectively by repeated isolation of the organ—has been developed with the support of our traditional shareholders and clinical partners. It will now benefit from the visibility offered by stock-exchange listing, which makes this an essential step for Medical Device Works, with a view to obtaining approval for CE marking in 2014.”.
In eight years, €2.8 billion has been raised on NYSE Alternext, with half through secondary issues—by companies from countries including Belgium, Canada, China, France, Italy, Luxembourg, the Netherlands, Spain, the UK and the US. Their market capitalisation totals over €6 billion. Today 187 companies are listed on NYSE Alternext.
