Stockpicker intervjuar Genetic Analysis CEO Ronny Hermansen
02.09.2021

Stockpicker intervjuar Genetic Analysis CEO Ronny Hermansen

Genetic Analysis är ett innovativt diagnostikbolag – baserat i Norge – med mer än tio års erfarenhet inom forskning och produktutveckling inom diagnostik av det mänskliga mikrobiomet (tarmfloran). Vi har intervjuat bolagets VD, Ronny Hermansen, inför noteringen på Spotlight Stock Market den 1 oktober.

Vänligen berätta lite om dig själv och din bakgrund

– After completing my MScBA degree from the University in Aalborg, Denmark, I started working in the diagnostic industry in 1992. In 1997 I joined Axis Biochemicals (later Axis-Shield) that became a world leader within Point of Care (PoC) diagnostics. I had the position as Group CFO in Axis-Shield plc (LSE) where I worked out of London since 2007 until we were acquired by Alere Inc (now a part of Abbot Inc). I joined Genetic Analysis (GA) in 2014. I would say that I have acquired extensive experience from the diagnostic industry, both from big companies, start-ups and how to develop a successful diagnostic company.

Kan du beskriva Genetic Analysis och Er verksamhet för Stockpickers läsare?

– GA is one of the pioneers in the human microbiome field and was founded in 2008. This was done by some leading researchers (Professor Knut Rudi and Professor Kjetil Jakobsen) from NMBU (Norwegian University of Life Sciences) who realized that the absence of suitable technology limited the possibilities of performing microbiota analysis.

These researchers contributed to developing the technology that was later patented and commercialized as the GA-map® platform, the first standardized routine diagnostic solution for the microbiome market.

The first marker on the platform is the CE marked GA-map® dysbiosis test and it detects any bacterial imbalance (dysbiosis) in the gut microbiota and profiles this imbalance.

Today, our business is to commercialize the GA-map® platform through Labs that are currently doing microbiome analysis and to perform research and development activities to add more diagnostic markers onto our platform.

In addition, GA has a broad collaboration with researchers in academia and Pharma. One of our biggest assets in these collaboration projects is our large biobank with patient samples from different disease groups.

Hur ser er affärsmodell ut?

– The business model of GA is to establish our routine diagnostic tools in the microbiome testing market. By placing our GA-map® diagnostic platform into labs, these laboratories will start performing our tests. GA will generate recurring revenues from the reagent kit sales to the labs. GA also generates revenues from its in-house service lab in Oslo that can perform testing services for small volume customers, like for medical specialists, smaller labs and researchers in academia and Pharma. Today GA sells products through a distribution model with non-exclusive distributors in the EU and the US. To build strong distribution will be our main focus moving forward.

The GA-map Dysbiosis Test is mainly used to support the choice of treatment for IBS (Irritable Bowel Syndrome) patients, and to some extent IBD (Inflammatory Bowel Disease) patients. We work to expand the use of our patented technology and to develop new biomarkers that can expand the menu on our platform.

Our site in Oslo performs development activities (new markers and software) and manufacturing of our reagent kits.

Ni genomför just nu en emission om initialt cirka 60 MSEK och går mot en notering på Spotlight Stock Market 1 oktober i år. Vad ska ni använda emissionslikviden till?

– Our GA-map® Dysbiosis Test is now CE marked and launched in the EU and the US. However, we would need to further fuel our platform's commercialisation and take market share in the existing market. We would also like to grow the market and to expand geographically into new regions.

In addition, to ramp up our commercial sales, we will need to scale up manufacturing and strengthen the administrative systems.

Vilka är de största riskerna i Er verksamhet?

– The microbiome market is expected to be the next game changer in the healthcare market, but it is still at an early stage. Therefore, development of new products will always have a risk related to market size and the regulatory approval paths, and thus the time to market.

During the pandemic, GA and the diagnostic industry have also seen that we are vulnerable towards situations where patients sit at home and do not see their doctor. And this has also led to a situation where the whole health care system has put less focus on other diseases than COVID.

Hur ser Er konkurrens ut och vad skiljer Er från denna?

– Several players serve the current diagnostic market for the gut microbiome with various platforms mostly based on sequencing tools. Sequencing platforms are excellent tools for research activities.

As pharma companies are now launching so-called microbiome-altering drugs, there will be a strong focus on having standardized routine-based diagnostic tools within the microbiome field. GA is the only company out there that has developed a test platform based on a classical clinical diagnostic principle, a so-called PDT (Pre Determined Target) approach. We have pre-defined which bacterial signature to be identified, and then we only look for that signature. The results will automatically be compared to a healthy normal range. The GA-map® platform does not require a reference database and therefore no further biostatistical work is needed. All this makes the GA-map® platform cheaper, faster and better than research based platforms when it comes to routine diagnostic use. In addition, we have clinically validated, and CE marked our GA-map® Test.

Hur stor är Genetics potentiella marknad?

– Today we estimate that 500 000 tests are being done annually in the EU and the US. This is alone a very interesting market for us to enter. The market is predicted to grow at a CAGR of 22% year by year. By 2027 some report that the market will grow up to 1,7 billion USD. GA believe we can fuel this market growth and at the same time we need to take market shares from the exciting test and research market.

Enligt dig, vilka är de främsta skälen till att man skall investera i Genetic?

– Of course, it is up to each investor to decide what is their target and timeframe on their investments. Still, I have personally invested both money and time in GA because I’m impressed by the technology and the strong GA-team behind. I do believe in the long-term positive development of the microbiota market. GA is already a pioneer globally in this fast-growing market and we believe our technology will be a game changer for medicine in the future.

Avslutningsvis om du blickar fem år framåt i tiden, hur ser Genetic ut då?

– My ambition is to further strengthen our position as the leading company for standardized gut microbiota testing worldwide. We will have strong growth and profitability coming from our current pipeline. We have launched new products that will aid in the treatment regime of IBD patients and diabetes patients, and thus significantly improve the lives of these patients.


Erbjudandet i sammandrag

Teckningstid: 30 augusti - 13 september 2021.

Teckningskurs: 78,00 NOK per unit, motsvarande 7,80 NOK per aktie. Teckningsoptioner av serie TO 1 och TO 2 utfärdas vederlagsfritt.

Minsta teckningspost: 70 units (motsvarande 5 460 NOK). Varje unit består av tio (10) aktier, sex (6) teckningsoptioner av serie TO 1 och sju (7) teckningsoptioner av serie TO 2.

Emissionsvolym: Initial emissionsvolym om högst cirka 60 miljoner norska kronor (brutto) och det totala sammanlagda beloppet, som bolaget kan erhålla genom utnyttjande av teckningsoptioner, uppgår till cirka 101 miljoner norska kronor (brutto).

Teckningsåtagande: Genetic Analysis har erhållit teckningsåtagande om cirka 48 miljoner norska kronor, motsvarande cirka 80,4 procent av den initiala delen av emissionen av units.

Värdering (pre-money): 134 miljoner norska kronor.

Planerad första handelsdag: Aktier och teckningsoptioner av serie TO 1 och TO 2 är planerade att tas upp till handel på Spotlight Stock Market den 1 oktober 2021.

Ticker och ISIN -kod för aktierna: GEAN och NO0010692130.

Ticker och ISIN -kod för teckningsoptioner i serie TO 1: GEAN TO 1 och NO0011054223.

Ticker- och ISIN -kod för teckningsoptioner i serie TO 2: GEAN TO 2 och NO0011054231.

Teckningsoptioner TO 1: Teckningsoptioner av serie TO 1 berättigar innehavaren att teckna en (1) nyemitterad aktie till ett pris om 9,30 NOK under perioden 2 november till 16 november 2022. Vid nyttjade av alla teckningsoptioner av TO 1 kommer bolaget att erhålla cirka 43 miljoner norska kronor (brutto).

Teckningsoptioner TO 2: Teckningsoptioner av serie TO 2 berättigar innehavaren att teckna en (1) nyemitterad aktie till ett pris om 10,70 NOK under perioden 8 november till 22 november 2023. Vid nyttjade av alla teckningsoptioner av TO 2 kommer bolaget att erhålla cirka 58 miljoner norska kronor (brutto).