Symetis announces IPO on SIX Swiss Exchange

Proceeds from the initial public offering (IPO) will enable the company to accelerate and expand its commercial activities in the EU, strengthen its proprietary product pipeline and technology platform, as well as expand its activity in Asia and the United States.

Symetis' TAVI is a lifesaving minimally invasive treatment indicated for patients suffering from severe aortic stenosis who are deemed too high a risk to undergo a standard open-heart surgical aortic valve replacement. TAVI is principally performed through two different access routes: the transfemoral (TF) access through the femoral artery and the transapical (TA) access through the apex or tip of the heart. The TF approach represents approximately 85% of the European TAVI market.

TAVI is a large and fast growing market. The first CE mark approval for a TAVI product was granted in 2007 and the first U.S. FDA approval was granted in 2011. Following commercial launch, the worldwide TAVI market has grown rapidly due to favorable responses from physicians and patients. Estimates by market participants and independent research analysts suggest that the size of the market in 2014 was between USD 1.1 billion and USD 1.5 billion and that it may grow to approximately USD 3 billion by 2019.

Symetis’s first product, the ACURATE TA, received CE mark approval and was launched in 2011. In less than three years, the ACURATE TA became the second most used transapical valve in Europe. In late 2014, Symetis received CE mark approval and launched the ACURATE neo/TF, targeting the transfemoral segment. The Company believes the ACURATE neo/TF has been well received by physicians and patients and is expected to gain significant market share as a result of the unique design, delivery concept, and ease-of-use that are the hallmarks of the ACURATE product family. These elements have allowed both the ACURATE TA and ACURATE neo/TF to achieve outstanding clinical outcomes.

Growth rate of 68%
The company launched its first two products through a direct sales force in Germany, Austria and Switzerland, which together represent approximately 50% of the European TAVI market. Symetis recently expanded its commercial activities in selected European countries through a network of distribution partners supported by the Symetis support team. The company recorded revenues of CHF 17.9 million in 2014 and CHF 10.8 million in the first half year of 2015, representing a growth rate of 68% in constant currencies compared to the first half year of 2014.

About the IPO
Symetis will issue primary shares only in the proposed IPO and intends to complete the offering in 2015. The gross proceeds are expected to be approximately CHF 80 million. In addition, the syndicate banks will be granted a 15% over-allotment option. The proceeds of the IPO will be used to accelerate commercial expansion in Europe, reinforce the R&D effort and conduct clinical trials for expansion outside Europe (including Japan and the United States). Furthermore, the proceeds are intended to finance the expansion of manufacturing capacity in the mid-term, potentially license or acquire synergistic technologies and/or products, strengthen the balance sheet and for general corporate purposes. Symetis’ existing investors have committed to subscribe to CHF 15 million in any potential equity offering.

About Symetis
Symetis was founded in 2001 as a spin-off from ETH Zurich. In 2006 however the company started a second time with a new technology and moved from Zurich to Lausanne. Today, the Company employs 92 employees at its headquarters in Lausanne/Ecublens, Switzerland and 142 employees at its manufacturing site in Belo Horizonte, Brazil. It is financed by leading European venture capital firms, including Endeavour Vision, Truffle Capital, Novartis Bioventures, Wellington Partners, Banexi Venture Partners, Aravis Venture, Vinci Capital, NBGI Ventures and BiomedInvest.

(SK)