Commenting on the transactions
“So far in 2021 we have received MDR certification, launched our NMSC (non-melanoma skin cancer) indication in Europe and filed an application for reimbursement coverage with CMS in Florida, US. With the share issues, we will further accelerate our strategic growth areas and our market penetration in the US by applying for reimbursement in additional regions.
Furthermore, we will continue to develop our skin barrier application with a focus on securing additional partnerships. In summary, the share issues provide SciBase with the financing needed to achieve reimbursement in the US, while also strengthening the shareholder base through welcoming new local and international institutional owners such as ÖstVäst Capital Management and the specialist investor Van Herk Investments B.V. Through its investments in BioInvent, Immunicum and Zealand Pharma, Van Herk has shown great success in life science and in addition they also have good knowledge within the field of skin cancer.”, says Simon Grant, CEO of SciBase.
SciBase AB is a global medical technology company based in Stockholm, Sweden that develops unique point-of-care devices for the evaluation of skin disorders such as skin cancer and atopic dermatitis. SciBase’s first product, Nevisense, helps clinicians detect melanoma, the most dangerous type of skin cancer. Further development has led to Nevisense also being used as a tool to assess the skin barrier and non-melanoma skin cancer. Nevisense is based on substantial research and has achieved excellent results in the largest clinical study ever conducted on the detection of malignant melanoma. Nevisense is CE marked in Europe, has TGA approval in Australia and an FDA approval (PMA) in the United States. SciBase technology is based Electrical Impedance Spectroscopy (EIS) combined with Artificial Intelligence (AI) algorithms that interpret the varying electrical properties of human tissue to detect malignancies and abnormalities. SciBase Holding AB is listed on First North Growth Market (“SCIB”). Further information is available at www.scibase.com.
What the Analyst Says
- SciBase´s engine for sales-growth is its AI and Electrical Impedance Spectroscopy (EIS)-based technology platform, where the first application of the point-of-care diagnostic Nevisense is for accurate melanoma detection.
- Despite Covid-19, Scibase delivered quarterly and YoY sales growth in 2020. In Germany, quarterly- and YoY profitability was achieved locally. SciBase´s share price has developed from EUR 0.16 in Q2 2020 to EUR 0.82 in Q1 2021. Broader reimbursement is a concrete growth driver for medtech companies.
- Near term triggers include filing for Medicare coverage of CPT® III code in selected US states in Q2 followed by coverage assignment expected from Q3. During Q2 2021, non-melanoma skin cancer detection application was launched in Germany.