#Sweden #Stockholm #Nevisense #A.I. #SciBase

SciBase Secures SEK 19 Million and Plans for Additional Funding

In an important financial maneuver, SciBase Holding AB has announced a directed share issue aimed at raising approximately SEK 19 million. This decision, made under the authority granted by the annual general meeting held on June 13, 2024, is a crucial step for the Swedish medical technology company.

The share issue is aimed at Castle Biosciences, Inc., marking a significant partnership that positions SciBase strongly within the dermatology landscape. Additionally, the board has expressed intentions to execute further financing through an additional directed share issue, projected at about SEK 11 million. This latter round of funding is contingent on the upcoming approval from the next annual general meeting scheduled for June 17, 2025.

“Our collaboration with Castle Biosciences not only enhances our strategic partnerships but also introduces a major shareholder who shares our vision,” noted Jesper Høiland, Chairman of the Board at SciBase. “We aim to accelerate our market reach and expand our innovations in dermatology.”

This new funding initiative positions SciBase to further develop Nevisense, its innovative platform designed for early detection and prevention of skin diseases. Nevisense integrates AI technology and advanced electrical impedance spectroscopy (EIS), enhancing diagnostic accuracy for dermatological conditions, particularly skin cancer. The company has already launched Nevisense in the U.S. market, which accounts for most of the potential market growth.

For instance, in 2024, the U.S. market for Nevisense saw a remarkable sales growth of approximately 177%. Reports have indicated even higher quarterly growth rates, suggesting an intense demand for innovative dermatological solutions. SciBase's partnership with leading U.S. physicians and Key Opinion Leaders (KOLs) is fundamental as the company works to establish Nevisense as the industry standard.

In addition to the U.S. expansion, SciBase is proactively investing in product developments aimed at addressing other skin conditions, including atopic dermatitis. New research collaborations and product innovation initiatives seek to amplify their market presence. Recently, a collaboration agreement was also established with Castle Biosciences to develop diagnostic tests for skin ailments using EIS technology.

The latest funding will significantly support commercialization efforts, including product development and operational capital needed for sales and marketing activities. Funds from the directed issues will facilitate the overall corporate strategy to capture growth opportunities and position the company favorably in a competitive marketplace.

Each share in the directed issues is set to be priced at SEK 0.40, reflecting a modest premium over recent closing prices, indicating a balanced approach to engaging potential investors amidst favorable market conditions. Overall, the board emphasized that these strategies aim to foster a robust ownership base while navigating the ever-evolving market dynamics.

While intending to expand its base of strategic, professional investors willing to participate in future fundraising efforts, SciBase’s board has believed that immediate capital raising through directed issues aligns well with market conditions and shareholder interests.

As outlined in the company’s expansion plan, the success of these funding rounds will hinge upon shareholder support as well as strategic partnerships that are presumed to enhance SciBase’s operational capacities.

In conclusion, as SciBase pursues innovative solutions in dermatology, the directed share issues represent critical steps towards solidifying its market position, enhancing its offerings, and ultimately, contributing to improved patient outcomes through advanced diagnostic techniques. The future looks promising for SciBase as it continues to innovate and expand its footprint in the competitive therapeutic landscape.