Karolinska Development-backed regenerative implant producer OssDsign has booked $15.8m after selling out the original issue for its forthcoming listing, and is now looking to generate up to $2.4m from the overallotment.

OssDsign, a Sweden-based regenerative implant producer backed by Karolinska Development, the investment arm of Karolinska Institute, is looking to raise an additional Skr22.7m ($2.4m) from its listing on the Nasdaq First North exchange after raising $15.8m from the original allotment. The initial issue was approximately 117% oversubscribed, with each share selling for $2.87. Roughly 74% of the allotment was sold to institutional investors including Alto Invest, Handelsbanken Fonder, Lancelot Asset Management and Consensus Asset Management, along with private investors and management including chairman Simon Cartmell and board member Anders Qvarnström. OssDsign began trading on Nasdaq First North on May 24. Karolinska Development’s diluted stake amounts to 18%, down from the 25% it held in March 2019. Karolinska Development expects the shares to positively affect its second-quarter earnings by around SEK12m ($1.3m), so long as the share price meets projections at the end of the first quarter. Founded in 2011 as Oss-Q, OssDsign develops bioceramic implants that treat craniofacial bone defects by transforming into bone tissue at the site of the defect during healing. Cash from the placement is expected to help OssDsign seize business growth opportunities. The spinout is based on research from Karolinska University Hospital and Uppsala University. Karolinska Development co-led a $10.8m round for OssDsign in 2015 together with SEB Venture Capital, the investment arm of financial services provider SEB. Fouriertransform, a division of Swedish state-owned VC firm Saminvest, also co-led the 2015 round, before a $6.9m private placement in February 2019 backed by Alto Invest and unnamed investors from Sweden. OssDsign also secured $2m in funding from Karolinska Development and its KCIF Co-Investment Fund at an undisclosed date.

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