Sanuwave Archives - Medical Design Sourcing

Sanuwave to go public in $127.5M SPAC merger

Wound care company Sanuwave Health announced that it entered into a business combination agreement with SEP Acquisition Corp.

The merger with SEP, a special purpose acquisition company (SPAC), aims to create a Nasdaq-listed company. Upon the transaction’s completion, the combined company expects to operate under the Sanuwave name and the “SNWV” ticker. The proposed transaction values Sanuwave at $127.5 million.

According to a news release, Sanuwave expects its investors to have an approximately 69.6% equity ownership. This assumes the combined company received approximately $13 million in gross proceeds at closing. It includes $12 million from non-redeeming holders of SEPA’s Class A common stock and other PIPE investors, plus $1 million from the SPAC sponsor.

Approximately $8.5 million in capital has already been committed, including $7 million in shares of SEPA’s Class A stock.

“SEPA is a strong, value-…

Sanuwave appoints new CEO

Sanuwave recently announced it appointed Morgan Frank as chief executive officer, effective immediately.

Frank has served 19 years as founder and principal of Manchester Management, Sanuwave’s largest outside shareholder, and has served as chair of the Sanuwave board of directors since August 2022.

Former CEO Kevin Richardson will remain on the board of directors of Sanuwave and continue in an active role as chief strategic officer.

“Having now been Sanuwave’s Chairman for nearly a year, I believe strongly in the Company and its mission to bring efficacious and cost-effective technology to the wound care market,” Frank said in a news release. “This is a very exciting time in our lifecycle as we seek to rapidly expand our manufacturing and explore and expand our commercial and strategic options. I would like to thank Kevin for his role in assembling this impressive product suite and setting the stage for future success.”

Prior to joining the …

MedTech 100 roundup: Up-and-down week for industry

Medtech stocks highlighted the topsy-turvy nature of the market last week, but ultimately finished the seven days nearly unchanged.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 89.77 points at the end of last week (Aug. 14). Overall, medtech stocks saw a 0.13% increase from the 89.65-point total at the same time a week prior (Aug. 7).

On Aug. 13, the index reached 90.4 points, a total that nearly poked past the previous mid-pandemic high (90.45), which came just last week.

The most recent high mark represents just a -2.1% dip from the Feb. 19 high point of 92.32, while the tally at the end of the week marks a -2.8% decrease from that pre-pandemic high.

Meanwhile, the S&P 500 Index saw a 0.64% increase from Aug. 7 to Aug. 14, and the Dow Jones Index fared even better, rising 1.8% over the same period of time.

Medtech’s lowest point during the COVID-19 pandemic remains at …

Sanuwave completes Celarity buy

Sanuwave Health (OTC:SNWV) announced that it completed its acquisition of Celularity’s UltraMist ultrasound healing therapy platform.

In June, the companies announced an exclusive agreement for the purchase, which includes exclusive partnership rights for Celularity’s wound care biologic products. Celularity develops allogeneic cellular therapies engineered from postpartum human placenta, in cancer, infectious disease and degenerative disease.

Along with the products, the announcement claimed that 25 wound care professionals would be set to join Sanuwave from Celularity.

Funding for the acquisition included a mix of funded term debt, a seller note and equity in the form of a private placement. The private placement generated gross proceeds of approximately $24 million, with over 60% purchased by existing investors and insiders, according to a news release.

H.C. Wainwright & Co. acted as the exclusive placement agent for the priv…

Sanuwave announces intent to acquire Celularity’s UltraMist

Sanuwave Health (OTC:SNWV) announced that it entered into an exclusive agreement to acquire Celularity’s UltraMist ultrasound healing therapy platform.

The non-binding letter of intent includes the acquisition of UltraMist and exclusive partnership rights for Celularity’s wound care biologic products, according to a news release. Celularity develops allogeneic cellular therapies engineered from postpartum human placenta, in cancer, infectious disease and degenerative disease. Along with the products, 25 wound care professionals are set to join Sanuwave from Celularity.

Suwanee, Ga.-based Sanuwave expects the transaction to close next month and will provide funding for the acquisition with funded term debt and equity. Existing Sanuwave shareholders, directors and officers have committed over $5 million at 25¢ per share to assist.

Sanuwave engaged William Blair for investment banking services to arrange, negotiate and assist in the placement of de…

Sanuwave partners with The Mobile Health Company

Sanuwave Health announced that it is partnering with its former president’s new business, The Mobile Health Company (MHC).

Former Sanuwave president Shri Parikh launched MHC as a mobile solution for wound care and other treatments to be streamlined directly to a patient’s home setting. In launching MHC, Shri is resigning from Sanuwave, but will remain as an active company advisor.

“I’m very excited about this collaboration with Sanuwave,” Shri said in a news release. “What [MHC] offers is particularly valuable now, a time where patients are fearful and limited to getting essential care they need. In wound care, amputation is an almost certain outcome for DFU patients that go untreated.

“With MHC, we can offer continuous care, in a safe and clean environment, with state of the art technologies, such as dermaPace, to reduce the systems’ chronic care costs burden, while improving patient compliance and outcomes.”

Part of…