HealthTech startup Sequana Medical secures €24 million to fuel US launch of alfapump

Ghent-based Sequana Medical, a pioneer in treating fluid overload for liver disease, heart failure, and cancer, has secured €24 million in fresh financing, extending its cash runway until the end of 2025.

This funding package includes a €4 million unsecured subordinated convertible loan from major shareholders Partners in Equity and EQT, as well as a €20 million share subscription facility with GEM Global Yield LLC SCS. The company also has the option to increase GEM’s commitment to €60 million, once the initial amount is drawn down.

CEO Ian Crosbie shared his optimism about the financing and the upcoming commercial rollout: “2025 is a landmark year for Sequana Medical with the US commercial launch of the alfapump planned for mid-Q3, following the FDA approval of our PMA for this breakthrough device in December 2024. We are very pleased with the strong feedback we have received from US hepatologists who are eager to offer the alfapump to their patients, and the potential that it offers to virtually eliminate the need for therapeutic paracentesis and transform their quality of life.

“Through this financing package, we have the platform to demonstrate the clear market opportunity for alfapump, and our ability to effectively access this through our small specialty commercial team targeting US liver transplant centres. We are delighted with the continued strong support from our key shareholders and lenders, as well as the new equity commitment from GEM.”

Founded in 2006, Sequana Medical has developed the alfapump, an implantable pump system designed to eliminate the need for repeated therapeutic paracentesis in liver disease patients. Having secured FDA approval for its Pre-Market Approval (PMA) application in December 2024, the company is preparing for its US commercial launch in mid-Q3 2025, initially targeting 90 liver transplant centres.

The €4 million convertible loan will be provided by Partners in Equity and EQT, with the potential for additional lenders from a previous financing round to roll over their investments into the new loan. The terms allow for conversion into company shares at a 25% discount to the volume-weighted average trading price, offering flexibility for investors while ensuring the company maintains liquidity during its critical US expansion.

Meanwhile, the €20 million share subscription facility with GEM enables Sequana Medical to issue shares over a three-year period, with an option to extend this commitment up to €60 million. GEM, a Luxembourg-based alternative investment group with offices in Paris, New York, and the Bahamas, has structured the agreement to provide funding on demand, allowing the company to manage its financial strategy in alignment with commercial milestones.

Additionally, Sequana Medical has renegotiated its existing debt agreements, securing improved repayment terms for loans from Kreos Capital and PMV Standaardleningen NV, further strengthening its financial position.

With US commercialisation on the horizon, Sequana Medical is positioning itself for a pivotal year. The alfapump system, which has already been designated a Breakthrough Device by the FDA, has reportedly already demonstrated its ability to drastically improve patient quality of life by reducing the need for repeated hospital visits.

The company plans to launch with a small, specialised sales force, targeting high-value liver transplant centres that handle the majority of cases.

By securing this financing, Sequana Medical aims to execute its US market strategy efficiently, while continuing development of its Direct Sodium Removal (DSR) therapy, which has shown promising results in addressing fluid overload in heart failure patients.

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