Nyxoah sets price for U.S. public offering at $9.25 per share

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MONT-SAINT-GUIBERT, Belgium - Nyxoah SA (Euronext Brussels/Nasdaq: NYXH), a medical technology company specializing in the treatment of Obstructive Sleep Apnea (OSA), has priced its underwritten public offering in the United States.

The offering includes 5,374,755 ordinary shares at $9.25 each, with an anticipated gross proceeds of approximately $50 million. The offering, which is expected to close on May 28, 2024, is subject to customary closing conditions.

The company also granted underwriters a 30-day option to purchase up to an additional 806,213 shares at the same price. Cantor Fitzgerald & Co. is the sole book-running manager for the offering, with Degroof Petercam serving as a co-manager.

Nyxoah plans to use the net proceeds for various purposes including pre-commercialization and commercialization activities in the U.S., gathering clinical data, financing research and development for the next generation of its Genio system, and other general corporate activities, which may include investments and acquisitions.

The Genio system by Nyxoah is a leadless and battery-free hypoglossal neurostimulation therapy for OSA, a common sleep disorder associated with increased mortality risk and cardiovascular conditions. The company aims to offer OSA patients solutions that enable them to enjoy restful nights and a better quality of life.

This offering is made pursuant to an effective shelf registration statement on Form F-3 filed with the U.S. Securities and Exchange Commission and became effective on January 6, 2023. The final prospectus supplement and accompanying prospectus, when available, can be obtained from Cantor Fitzgerald & Co.

It is important to note that this press release does not constitute an offer to sell or a solicitation of an offer to buy these securities. The offering is available only to qualified or institutional investors and is not open to the public in jurisdictions where such an offering would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The company has taken necessary steps to comply with regulatory requirements, including the related parties procedure of Article 7:97 of the Belgian Companies and Associations Code in connection with the potential participation of Robert Taub, the chairman of the board, in the offering.

This news is based on a press release statement from Nyxoah.

InvestingPro Insights

As Nyxoah SA (Euronext Brussels/Nasdaq: NYXH) proceeds with its public offering in the United States, the company's financial and market metrics provide a clearer picture for potential investors. With a market capitalization of $259.86 million, Nyxoah is positioning itself to leverage the proceeds from this offering to further its commercial and developmental ambitions.

An InvestingPro Tip highlights that analysts are anticipating sales growth in the current year, which aligns with the company's aggressive commercialization plans in the U.S. This optimism is further supported by the substantial revenue growth Nyxoah has experienced over the last twelve months, with a notable increase of 78.99%. This figure suggests a strong upward trajectory in the company's sales performance, potentially enhancing investor confidence.

On the flip side, another InvestingPro Tip indicates that analysts do not expect the company to be profitable this year, which is corroborated by a negative P/E ratio of -6.44. This metric may raise caution among investors, as it reflects the company's current lack of profitability. Moreover, the cash burn concern is substantiated by the company's operating income margin at -895.46%, highlighting the significant expenses incurred in relation to its revenue.

Still, the company's liquid assets surpassing short-term obligations suggest a degree of financial stability that could reassure investors of its ability to meet immediate financial commitments. For those interested in a deeper analysis, there are additional InvestingPro Tips available that could provide further insights into Nyxoah's financial health and market position.

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