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Hemcheck's Newsletter - January 2021
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Welcome to the January Newsletter from Hemcheck
Hemcheck’s continued journey into 2021 has had a flying start. With an important contract signed with Capio S:t Göran´s Hospital in the last days of December, which is now under implementation, the raising of new capital through a directed rights issue and a new distributor agreement with ATC regarding Kuwait, there has been a lot of positive developments.
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With the new capital raised we will be able to accelerate our efforts with focus on the commercialization of our product portfolio and also the ongoing product development of the new product for the blood-gas market.
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We are working hard in our pursuit of helping more healthcare providers and patients in reducing the issues related to hemolysis. To meet the needs of our ongoing efforts and growth we are also in the process of hiring new team members which we are hoping to announce shortly.
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The Hemcheck team is looking forward to 2021 and the possibilities it brings along with the hopes of also seeing an end to the pandemic situation.
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In this newsletter you can read more about the raising of new capital and the contracts with Capio S:t Göran´s Hospital, ATC and Hemakim.
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The agreement with Capio S:t Göran´s Hospital
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Hemcheck Sweden AB has signed an agreement with Capio S:t Göran’s hospital regarding delivery of readers and one-time disposables (v-Test) for usage at the emergency department. After the successful clinical study that was performed at the emergency department and finalized early 2020, Capio S:t Göran has decided to resume the usage of the solution during January 2021. The goal is to evaluate Hemcheck’s solution at a larger scale and to reduce the frequency of hemolyzed blood samples reaching the central laboratory from the emergency department, thereby improving for patients, staff and the hospital. The agreement will approximately imply revenues of ca 100 000 SEK per month.
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We are currently training Capio S:t Göran’s staff and rolling out the solution in the emergency department. There are over 100 nurses working in the ED so it takes time until everyone has received training, which is very important for the impact we will have.
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Extension of the trial agreement with Hemakim
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Hemcheck extended the evaluation agreement with Hemakim Tibbi Ürünler San.Ve Tic. A.S (”Hemakim”) to the end of May 2021. The evaluation agreement, that is now extended a second time, was formed to evaluate the collaboration and market opportunity, however the current pandemic has created challenges to get access to local hospitals delaying the evaluation. The new extension is expected to give enough time to complete the evaluation. After the extended evaluation period, the agreement can be extended into a distribution agreement with the same terms as earlier communicated.
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The raising of new capital
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Hemcheck performed a directed share issue of 3 580 000 shares at a price of 4.20 SEK per share on January 19th. The share price was set according to an accelerated bookbuilding-process carried out by Corpura Fondkommission AB.
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The investors in the Directed Issue were a number of new and current professional Swedish investors and provided Hemcheck with ca 15 MSEK before transaction costs.
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The directed issue has been done to strengthen Hemcheck´s financial position and create conditions to:
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- Continue focusing on securing additional reference and end customers, studies, as well as collaborations with external parties such as distributors and other potential partners,
- Finalize the development/CE-marking process and launch of Hemcheck´s new product for the blood gas market including related patent processes,
- Invest in a more efficient production process related to the one-time disposable tests
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Distribution agreement signed with Advanced Technology Company K.S.C.P. regarding distribution in Kuwait
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Hemcheck signed an exclusive distribution agreement with Advanced Technology Company K.S.C.P. (“ATC”), one of the leading distributors of medical equipment in Kuwait. The agreement will be in force from Feb 1st and valid until the end of Dec 2023, concerning the Kuwaiti market. We believe this agreement with ATC is a very good first step into the GCC region.
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