Symetis announces intention to float on SIX Swiss Exchange

Symetis is a leading Swiss medical technology company active in the fast growing TAVI (transcatheter aortic valve implantation) market • Offering of primary shares to raise approximately CHF 80 million, excluding 15% over-allotment option

Lausanne/Ecublens, Switzerland, September 1, 2015 – Symetis SA, a leading Swiss medical technology company, focused on transcatheter aortic valve implantation (TAVI), announced today its intention to float its shares and list on SIX Swiss Exchange in 2015. Proceeds from the initial public offering (IPO) will enable the company to accelerate and expand its commercial activities in the EU, strengthen its proprietary product pipeline and technology platform, as well as expand its activity in Asia and the United States.

TAVI is a lifesaving minimally invasive treatment indicated for patients suffering from severe aortic stenosis who are deemed too high a risk to undergo a standard open-heart surgical aortic valve replacement. TAVI is principally performed through two different access routes: the transfemoral (TF) access through the femoral artery and the transapical (TA) access through the apex or tip of the heart. The TF approach represents approximately 85% of the European TAVI market.

TAVI is a large and fast growing market. The first CE mark approval for a TAVI product was granted in 2007 and the first U.S. FDA approval was granted in 2011. Following commercial launch, the worldwide TAVI market has grown rapidly due to favorable responses from physicians and patients. According to a 2013 study by Millennium Research Group, revenues from the sale of TAVI products totaled USD 850 million in 2013 and were estimated to grow to approximately USD 2.5 billion by 2020. More recent estimates by market participants and independent research analysts suggest that the size of the market in 2014 was between USD 1.1 billion and USD 1.5 billion and that it may grow to approximately USD 3 billion by 2019. Based on recent market dynamics, the Company believes these estimates to be reasonable.

Symetis’s first product, the ACURATE TA, received CE mark approval and was launched in 2011. In less than three years, the ACURATE TA became the second most used transapical valve in Europe. In late 2014, Symetis received CE mark approval and launched the ACURATE neo/TF, targeting the transfemoral segment. The Company believes the ACURATE neo/TF has been well received by physicians and patients and is expected to gain significant market share as a result of the unique design, delivery concept, and ease-of-use that are the hallmarks of the ACURATE product family. These elements have allowed both the ACURATE TA and ACURATE neo/TF to achieve outstanding clinical outcomes.

The company launched its first two products through a direct sales force in Germany, Austria and Switzerland, which together represent approximately 50% of the European TAVI market. Symetis recently expanded its commercial activities in selected European countries through a network of distribution partners supported by the Symetis support team. The company recorded revenues of CHF 17.9 million in 2014 and CHF 10.8 million in the first half year of 2015, representing a growth rate of 68% in constant currencies compared to the first half year of 2014.

“The TAVI field is driven by innovation and Symetis has demonstrated its ability to develop and successfully bring unique solutions to market. The IPO will provide Symetis with the means and the visibility to go further and faster both on the innovation and commercial fronts with the goal to secure its place among the top TAVI players,” said Jacques R. Essinger, CEO of Symetis. “With market data showing the TAVI market to reach USD 3 billion by 2019, TAVI is poised to become one of the largest segments in the cardiovascular space”.

TAVI: A fast growing market

TAVI is one of the fastest growing segments in the medical devices sector. The size and growth of the TAVI market are driven by a number of factors, including a continual increase in the number of patients requiring aortic valve replacement. These factors include the high risk associated with open heart surgery for patients of advanced age or who have life threatening co-morbidities, the reluctance of patients to undergo open heart surgery and the shorter hospital stay and rapid recovery times associated with TAVI relative to traditional surgical aortic valve replacement. Over time, TAVI procedures are expected to replace an increasing proportion of the traditional open-heart surgical repair market.

About the IPO

Symetis will issue primary shares only in the proposed IPO and intends to complete the offering in 2015. The gross proceeds are expected to be approximately CHF 80 million. In addition, the syndicate banks will be granted a 15% over-allotment option. The proceeds of the IPO will be used to accelerate commercial expansion in Europe, reinforce the R&D effort and conduct clinical trials for expansion outside Europe (including Japan and the United States). Furthermore, the proceeds are intended to finance the expansion of manufacturing capacity in the mid-term, potentially license or acquire synergistic technologies and/or products, strengthen the balance sheet and for general corporate purposes. Symetis’ existing investors have committed to subscribe to CHF 15 million in any potential equity offering.

Banking syndicate

In preparation for the proposed IPO, Credit Suisse AG has been appointed as Global Coordinator and Joint Bookrunner and Jefferies International Limited as Joint Bookrunner. Bank am Bellevue AG and Bank Vontobel AG are acting as Co-Managers.

About Symetis

Symetis SA is a leading Swiss medical technology company, focused on transcatheter aortic valve implantation (TAVI). The company’s products, ACURATE TA™ and ACURATE neo/TF and their delivery systems are based on proprietary design and delivery technologies and are marketed and sold in key markets in Europe and in other geographies. Symetis believes that the ACURATE family of products offers superior performance characteristics and is well positioned to target the estimated USD 3 billion TAVI market in 2019. The company generated revenues of CHF 17.9 million in 2014 and CHF 10.8 million in the first half of 2015. The Company employs 92 employees at its headquarters in Lausanne/Ecublens, Switzerland and 142 employees at its manufacturing site in Belo Horizonte, Brazil. It is financed by leading European venture capital firms, including Endeavour Vision, Truffle Capital, Novartis Bioventures, Wellington Partners, Banexi Venture Partners, Aravis Venture, Vinci Capital, NBGI Ventures and BiomedInvest.

For more information visit www.symetis.com

Press release - German Version
Press release - French Version


Media inquiries

Hans Herklots                                                Christophe Lamps (Swiss media)
Director Investor Relations                          Dynamics Group
+41 79 598 7149                                           +41 79 476 2687
hans.herklots@symetis.com                     cla@dynamicsgroup.ch

Legal notice

This announcement is not an offer to sell, or a solicitation of an offer to purchase, any securities of the Company, nor shall it or any part of it form the basis of, or be relied on in connection with any contract or investment decision. This announcement is not for publication or distribution (directly or indirectly) in or to the United States, Canada, Australia, Japan or any other jurisdiction in which such distribution would be unlawful.

This announcement is not an offer of securities for sale in the United States. The securities to which this announcement relates have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. There will not be a public offering of securities in the United States.

This announcement is not an offering circular within the meaning of Article 652a of the Swiss Code of Obligations, nor is it a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange or a prospectus under any other applicable laws. Investors should not subscribe for or purchase any securities referred to in this announcement except on the basis of information in any prospectus (and any supplement(s) thereto) which may be published in due course. Copies of any prospectus will, following publication, be available from the Company’s registered office. This document does not constitute a recommendation regarding the shares.

The contents of this communication, for which the Company is responsible, have been approved by Credit Suisse AG, which is regulated by the United Kingdom Financial Conduct Authority, solely for the purposes of Section 21 of the United Kingdom Financial Services and Markets Act 2000. Credit Suisse AG is acting for the Company and no one else in relation to the proposed offer of the Company’s securities and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for giving advice in relation to the proposed offer.

This communication is being distributed only to, and is directed only at (a) persons outside the United Kingdom, (b) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), and (c) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as "relevant persons"). Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. Any person who is not a relevant person should not act or rely on this communication or any of its contents.

In connection with the offer or sale of the securities referred to herein, the Global Coordinator may over-allot the securities or effect transactions with a view to supporting the market price of the securities at a level higher than that which might otherwise prevail. Any stabilization action or over-allotment will be conducted by the Global Coordinator in accordance with all applicable laws and rules.

This document is an advertisement and is not a prospectus for the purposes of EU Directive 2003/71/EC (the “Directive”) and/or Part VI of the United Kingdom Financial Services and Markets Act 2000. A final form prospectus will be prepared and made available to the public in accordance with the Directive. Investors should not subscribe for any securities referred to in this document except on the basis of information contained in the final form prospectus. The final form prospectus, when published, will be available from the offices of the Company.

This announcement contains statements that are, or may be deemed to be, forward‐looking statements. In some case, these forward‐looking statements can be identified by the use of forward‐looking terminology or subjective assessments, including the words “expects”, “targets”, “designed”, “intends” or “plans” or comparable terminology or by discussions of plans, objectives, targets, goals, future events or intentions. These forward‐looking statements include matters that are not historical facts or which may not otherwise be provable by reference to past events, and are based on assumptions. By their nature, forward‐looking statements are subject to known and unknown risks and uncertainties because they relate to events and/or depend on circumstances that may or may not occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these statements and forecasts. Past performance of the Company
cannot be relied on as a guide to future performance.

The information, opinions and forward‐looking statements contained in this announcement speak only as at its date, and are subject to change without notice. Neither the Company nor any other person undertakes any obligation to review, update, confirm, or to release publicly any revisions to any forward‐looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.

Each of the bookrunners and managers is acting exclusively for the Company in connection with the planned offering. They will not regard any other person as their respective client in relation to the planned offering and will neither be responsible nor provide protection to anyone other than the Company, nor will they provide advice to anyone other than the Company in relation to the planned offering, the contents of this announcement or any other matter referred to herein.

NOT FOR RELEASE, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL

In the European Economic Area, with respect to any Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the "Prospectus
Directive") this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.

The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to US persons (as such term is defined in Regulation S under the Securities Act) unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. The issuer of the securities has not registered, and does not intend to register, any portion of the offering in the United States, and does not intend to conduct a public offering of securities in the United States.

These materials shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.