Nyxoah, which is commercializing a nerve stimulator implant for obstructive sleep apnea, raised $85 million by offering 2.8 million shares at $30, roughly in line with the as-converted last close of its shares on the Euronext Brussels (NYXH). Existing shareholders Cochlear Investments and ResMed had indicated an interest in buying up to $34 million of the IPO (40% of the deal). At pricing, Nyxoah commands a fully diluted market value of $768 million.
Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for the treatment of moderate to severe obstructive sleep apnea. Obstructive sleep apnea affects approximately 936 million people globally between the ages of 30 to 69, and is associated with increased mortality risk and comorbidities. The company began commercializing its Genio system in Europe in July 2020, and generated €0.2 million in revenue during the 1Q21. It is currently conducting a pivotal trial designed to support marketing authorization in the US.
The Mont-Saint-Guibert, Belgium-based company plans to list on the Nasdaq under the symbol NYXH. Piper Sandler, Stifel, and Cantor Fitzgerald acted as joint bookrunners on the deal.
