International development strategy pursuit in Asia and in the United States
Press release Ecully, 29 March 2021 – 6 p.m.
Continued international development
- Workshop in Thailand dedicated to Spineway implants and instruments
- Signature of a distribution agreement in the United States
Spineway, specialized in the design of innovative surgical implants and instruments for the treatment of severe disorders of the spine, continues its international development with the organization of a workshop in Thailand on the use of its products, and the signature of a distribution agreement in the US state of Ohio.
About fifty spinal surgeons met on 17 March 2021 at the Faculty of Medicine in Khon Kaen, Thailand, for a workshop on the use of the surgical implants and instruments sold by Spineway. Led by a senior surgeon, this workshop allowed participants to familiarize themselves with Spineway’s implant lines and the relevant operating techniques.
Spineway has had a presence in Thailand since 2016 via an exclusive distribution deal, and its revenue is growing on this territory1 thanks to both its dynamic distribution partner and the Thai government’s response to the COVID-19 pandemic. Thanks to this presence on the Asian continent, Spineway continues to develop its know-how with leading surgeons in seven countries in this region.
Signature of a distribution agreement in the United States
Spineway is launching its return on the North American market with the signature of a distribution agreement for the state of Ohio. The instruments and implants have been delivered by Spineway, and surgeries are scheduled to begin in April.
Solid cash position to support development
As announced, the Group continued to reinforce its available funds, in particular via the exercise of tranches of convertible bonds totaling €11.5M2 in 2021, allowing it to achieve a cash position of €15.6M on 26 March 2021.
As a reminder, the total financing negotiated under the Negma contract is of €40M, which corresponds to 16 000 convertible bonds with a par value of €2 500 and granted until June 2022. To date, €22.9M have already been raised,3 of which €16.9M in cash.4 The corresponding shares are already in circulation5 although the latest conversions will only be officially included by Euronext on 31 March.