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Injeq Oyj

Finland
Invesdor Alumni
Equity
MedTech
Highly Scalable

MedTech growth company improves patient safety with a smart needle


Marketing content

Key investment highlights

Complete and licensed product – Injeq is a Finnish medical technology company currently in the commercial expansion phase having received a CE certification for its first product, the IQ-Tip®, in late 2021.

Solution to a predominant problem – The IQ-Tip® is a new, safe and more efficient alternative to the current lumbar puncture methods bringing real added value to doctors and patients all over the world.  

Solid growth strategy with first steps already implemented – Injeq is currently scaling in the European market after which it aims to expand its distributor network and operations to new markets. Injeq currently has distributor agreements in 14 European countries and additionally in Kuwait and Taiwan.

Scaling business model currently in ramp-up phase – Injeq’s technology is scalable and can also be expanded to cover other application areas than lumbar punctures. Injeq has begun first deliveries of the IQ-Tip®.

Capable and highly experienced management – Injeq’s highly capable and experienced management and board of directors are committed to develop the Company.

First name last name, position

„Injeq Oyj is a Finnish MedTech company with a mission to deliver smart medical solutions for demanding patient care. The IQ-Tip® smart needle is unique on the market.

Our technology has the potential to transform the way that lumbar punctures are conducted for adults, newborns and people with difficult anatomy. Furthermore, Injeq intends to bring equal, affordable healthcare to all including patients in developing regions of the world.

Injeq aims to explore the possibilities of a potential technical listing on the Nasdaq First North Growth Market as soon as possible after the funding round.

Become part of this transformation and help us to expand our global presence!"

Dr. Timo Hänninen, CEO

Investment information

Type:
Equity offering
Invested so far:
€947,262.05
Equity offered:
1.91 – 10.44 %
Price per share:
€5.65
min investment 150 shares
Number of existing shares:
4,553,939
Fully diluted shares:
5,693,939
Pre-money valuation:
€25,729,755.35
Offered units:
530,974
Funding purpose:
Growth
Offered in:
FI, DE, AT
Broker:
Invesdor GmbH
License:
ECSPR

Overview

Company profile

Injeq, founded in 2010, offers unique smart needles for demanding patient injections, such as lumbar punctures.  

The Company’s first product, the Injeq IQ-Tip®, provides real time information of when the needle has reached its target, which significantly increases the success rate of injections. 

Injeq’s IQ-Tip® received CE certificate in December 2021 after three successful clinical trials. 

Injeq currently has distributors in 14 countries across Europe and additionally in Kuwait and Taiwan. Injeq has plans to expand its distributor network globally in the EMEA, Americas and APAC regions. 

The global special needles market is estimated to reach €14.9bn in 2027 of which the addressable market for Injeq is estimated at €1.8bn. 

Developments since the last funding round with Invesdor

Find out more about what has happened since the last crowdfunding.

Products

First generation IQ-Tip®️ smart needle  

The IQ-Tip® needle consists of the following components, sold together or separately: the IQ-Tip® analyzer, the disposable IQ-Tip® spinal needle (three different lengths) and the disposable IQ-Tip® cable connecting the needle to the analyzer. Injeq’s IQ-Tip® received CE certificate in December 2021 after three successful clinical trials.  

Injeq’s IQ-Tip® spinal needle and cable 

  • The design of Injeq’s IQ-Tip® spinal needle is unique 
  • Spinal needles are manufactured and sold in three different lengths 
  • The cable serves as a connector component for the Injeq IQ-Tip® spinal needle and analyzer 
  • The spinal needle and cable are sterile and disposable 

Description

Injeq IQ-Tip® analyzer 

  • Injeq’s IQ-Tip® analyzer is designed to identify the tissue at the tip of the needle and report in real time when the spinal needle hits the cerebrospinal fluid 
  • The IQ-Tip® analyzer works when it is connected to the disposable and sterile IQ-Tip® spinal needle and IQ-Tip® cable, and it measures the bioimpedance of the tissue touching the tip of the needle 200 times per second at 15 different frequencies 
  • The IQ-Tip® analyzer facilitates the doctor's work in lumbar punctures. The analyzer gives both an alarm sound and a visual alarm when the tip of the needle hits the spinal fluid 
  • The IQ-Tip® analyzer is a reusable product and is typically sold through distributors as a one-time purchase to hospitals 

The indication areas of the smart needle are: 

Neonatology: Performing lumbar punctures on newborns is challenging for anatomical and physiological reasons. The IQ-Tip® needle's bioimpedance spectroscopy provides information when the tip of the needle has reached the cerebrospinal fluid (CSF) and gives an alarm thereby. 

In haemato-oncology: it is particularly important to avoid bleeding into the spinal cavity during a lumbar puncture with leukaemia patients. This kind of bleeding may introduce leukaemia cells from blood to the central nervous system area causing secondary cancers for instance in brains. 

In neurological diseases, lumbar punctures are performed for both diagnosis and drug administration directly into the spinal cavity. Good quality samples are needed for correct diagnosis. The most common neurological diseases, where lumbar punctures are used are meningitises, Alzheimer’s and Parkinson’s diseases, neuroborreliosis, multiple sclerosis (MS disease), amylotropic lateral sclerosis (ALS) among others. 

In emergency care, lumbar punctures can be performed by less experienced medical professionals. An IQ-Tip-assisted® lumbar puncture can give a safer feeling for the physician facing the challenge and simultaneously improve the patient experience. The very special customer group are the paramedics, who work in extremely difficult conditions on the field. Their user comments and improvement ideas are important for Injeq’s R&D team. There are early ideas that the next application area of the sensing needle can come from this particular area. 

Injeq uses patented technology, and currently, there are no competing products on the market. A strongly regulated market and sales license already obtained in Europe create a significant head start compared to potential competitors. 

Business model

Injeq uses a dealer-operated sales channel. The resellers are selected based on their existing distribution field, currently mainly from resellers already active in the field of neonatology, neurology, paediatric oncology and emergency care. Currently, Injeq IQ-Tip® is available in sixteen countries (Austria, Czech Republic, Denmark, Finland, France, Germany, Italy, Kuwait, Liechtenstein, Norway, Poland, Slovakia, Slovenia, Sweden, Switzerland, and Taiwan), out of which seven are new distributors signed since the last year. 

1. Sale of analyzers 

  • Selling IQ-Tip® analyzers as a one-time transaction generates income for Injeq 
  • IQ-Tip® analyzers are also leased and rented to customers, which lowers the purchase threshold 
  • IQ-Tip® analyzers can also be delivered without equipment costs with a contract based on annual usage of IQ-Tip® needles and cables (consumables) 

2. Sale of consumables 

  • Sale of IQ-Tip® analyzers as a one-time transaction starts the sale of IQ-Tip® spinal needles and IQ-Tip® cables as disposable products 
  • The majority of revenue is generated by disposable products, from which Injeq receives a recurring cash flow 
  • Profitability will improve as sales and production volumes of the IQ-Tip® needles and cables increase and unit production cost decrease 

3. New application areas 

  • Injeq's technology is scalable and expandable to new application areas 
  • New possible application areas include for example injections of cancer drugs, cancer sampling of internal organs, joint punctures and blood vessel punctures 
  • Cooperation with pharmaceutical companies promotes the development of new precision medicines and vaccines 
  • New application areas (with the help of the scientific advisory board) possess great potential for new revenue streams and growth 

Market

Sales of the Injeq IQ-Tip® equipment started at the end of 2021 when Injeq received the CE marking for its products. At the moment, Injeq is commercialising and scaling its business, first with the existing IQ-Tip® needle in Europe. By the end of May 2023, Injeq has signed distribution contracts with 14 European countries as well as Taiwan and Kuwait outside Europe. Marketing authorisation processes in other countries, such as China and the US, will be initiated as soon as possible, allowing for global expansion with the existing product. 

  • The global market for aspiration and biopsy needles and unclassified special needles is worth €1.1bn (2020) and it is estimated to grow to €1.8bn by 2027 
     
  • Injeq’s goal is to expand the market both geographically and into new application areas 
     
  • The first target market is Europe and lumbar punctures for children with leukaemia. ALL is the most common type of cancer for children 
     
  • Injeq's sales strategy includes covering the total need for demanding lumbar punctures for each children's hospital within a reasonable transition period 
     
  • The market potential in European children's hospitals for ALL cases is around €15m per year (Injeq’s estimate) 
     
  • Approximately 89,000 new cases of ALL occur worldwide each year, and the number is predicted to increase to more than 93,000 patients by 2027. About half of the ALL patients are children and young people 
     
  • In Europe, the number of ALL cases is estimated to remain relatively stable – around 11,000 cases per year 
     
  • The treatment program of an ALL patient includes up to 20 anticancer drugs administered into the spinal canal 

Management

  

first name last name, position

Timo Hänninen

Chief Executive Officer

  • Over 30 years of experience in leading technology companies and international business 
  • Over 8 years as CEO 
  • Injeq CEO since 2022 
  • D.Sc. (Tech.), MBA  

  

first name last name, position

Timo Elomaa 

Chief Operating Officer

  • Over 25 years of experience in leading technology companies and international business 
  • At Injeq since 2014 
  • M.Sc. (Tech.) 

  

first name last name, position

Päivi Lehtonen

Head of Sales

  • Over 25 years of experience in international sales and general executive positions 
  • At Injeq since 2023  
  • M.Sc. (Econ.) 

  

first name last name, position

Tomi Numminen

Chairman Of the Board

  • Member of the Board since May 2022. Chairman since June 2022 
  • Mr. Numminen has been working in MedTech and pharmaceutical companies over 26 years and he has experience from both start-ups and publicly listed companies. Has experience from a successful technical listing for a MedTech company in Finland 
  • Chairman of the Board in Bioretec Plc (listed on NASDAQ OMX Helsinki), in Uniogen Oy and in Endicum Oy 
  • M.Sc. (Econ.) 

  

first name last name, position

Tommi Rasila 

Vice Chairman

  • Serial entrepreneur and professional Board Member in many corporations 
  • Founded multiple companies e.g., Sample Rate Systems Oy that was sold to a US based company in 2000 
  • Mr. Rasila operates in the Boards of Juvenes Oy and Techila Technologies Oy 
  • D.Sc. (Tech.) in Business Strategy 

Company structure

Injeq Oyj is solely owned by its shareholders and neither parent nor daughter companies exist. Injeq has more than 1200 shareholders that own the Company and for each share having the same rights and responsibilities. 

Distribution of company shares

  • Injeq has over 1,200 shareholders, most of whom have joined through Invesdor's funding rounds 
  • Injeq has 4,553,939 shares outstanding 
  • All shares belong to the same share series 
  • EAKR-Aloitusrahasto Oy is the largest shareholder with 19.2% ownership 
  • Finnvera sold EAKR-Aloitusrahasto Oy to Tesi (Suomen Teollisuussijoitus Oy) in an arrangement made on 30 September 2021, and the management of the 23 target companies in the fund's portfolio was transferred to Tesi as a result of the sale 
  • Other large owners include the inventors of the innovation Katja Paassilta, Riitta Seppänen-Kaijansinkko (death estate) and Jari Hyttinen 
  • The 10 largest shareholders own 55.2% of the shares 

Shareholder

Shares

Votes 

1 EAKR-Aloitusrahasto Oy (Tesi)

873,955

19.2 %

2 Death estate, Riitta Seppänen-Kaijansinkko 478,956 10.5 %
3 Katja Paassilta 319,750 7.0 %
4 Kai Kronström 218,633  4.8 %
5 Jari Hyttinen 203,230  4.5 %
6 Secium Oy 100,750  2.2 %
7 Garuda Oy 91,800 2.0 %
8 Pepexport Oy 85,000 1.9 %
9 Axel Cedercreutz 75,000 1.7 %
10 Asko Brax 67,947 1.5 %
11 Other shareholders 2,038,918  44.8 %
TOTAL 4,553,939  100 %

Developments at Injeq since the last funding round

  1. In 2022 and 2023, Injeq Oyj became a Public Limited Liability Company (Oyj)​ and signed distributor contracts in 16 countries (Austria, Czech Republic, Denmark, Finland, France, Germany, Italy, Kuwait, Liechtenstein, Norway, Poland, Slovakia, Slovenia, Sweden, Switzerland, and Taiwan RoC).​  
     
  2. Injeq Oyj increased sales by 660% in 2022 (from €10,000 to €76,000)  
     
  3. Injeq Oyj has recruited new Management, Finance and Sales personnel incl. Head of Sales in 2023 who are focusing on driving sales growth through current and new distributors. 
     
  4. Injeq Oyj initiated a new project to decrease the costs of the cables and analyzers and invested in a scalable after-market platform and improved its production capabilities. These all are needed to address the largest MedTech markets.
     
  5. Injeq Oyj started discussions with the larger pharmaceutical companies and In-vitro diagnostics (IVD) companies to start collaboration.​ 
     
  6. Injeq Oyj indicated three new application areas like neurology, neonatology and emergency care in addition to the original paediatric haemato-oncology (children’s leukaemia).​ 
     
  7. Injeq Oyj has initiated the process of FDA’s Breakthrough Device Designation. Injeq IQ-Tip® system fulfils the criteria for Breakthrough Device as it can be a life-saving medical device in leukaemia care, and it represents breakthrough technology where no approved or cleared alternatives exist. 

Use of funds

Icon 1

Scenario I

(€3m funding collected in the financing round)

  • This scenario allows the Company to conduct a technical listing on the Nasdaq First North Growth Market  
  • A major part of the funds will be used for working capital 
  • A large share of the funds will be used for improving the European market access and development of production processes 
  • The funds will further be used in: 
    • Accelerating commercialization and expansion in the EU 
    • Scaling production 
    • Smaller investments needed for the development of new markets and for expanding into non-EU markets (FDA) 
    • Exploring other strategic opportunities 
    • Advancing other opportunities’ clinical studies 

Icon 2

Scenario II

(€1.5m collected in the financing round)

  • The major part of the funds will be used for working capital 
  • A small share of the funding will be used for European market access and development of production processes 
  • The funds will further be used to:  
    • Accelerate commercialization and expansion in the EU 
    • A small share of the funding will be used for the development of new markets and for expanding into non-EU markets (FDA) 
  • If Injeq collects less than €3m funding, Injeq will continue the fundraising process with the clear goal of raising at least €3m and a technical listing on the Nasdaq First North Growth Market. 

Icon 3

Scenario III

(Minimum funding of €0.5m collected in the financing round)

  • In the minimum funding scenario Injeq will use the full financing volume for working capital. 
  • Injeq will continue the fundraising process with the clear goal of raising at least €3m to allow a technical listing on the Nasdaq First North Growth Market. 

Financial figures & growth

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Valuation

Icon Money

Injeq Oyj’s pre-money valuation is €25,729,755.35. ​ The valuation is based on the previous rounds added with the latest achievements on the market. Injeq has raised three earlier equity financing rounds and one convertible bond through Invesdor. The last equity financing round was raised in 2020 at a €13,2 million post-money valuation. 

Since the last equity financing round, Injeq has received a license for the IQ-Tip® product according to the European Medical Device Regulation (MDR 2017/745). The Company has also made the Quality Management System ISO13485 and MDR compliant and ​received CE certification for Injeq’s products by TÜV SÜD (0123).

More detailed information on the valuation of the company can be found in the information memorandum.

Exit scenarios

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Technical listing on the Nasdaq First North Growth market: The most probable exit scenario is a listing on the Nasdaq First North Growth Market. Listing the share on the Nasdaq First North Growth Market through a technical listing will be explored as soon as possible after the funding round has been completed. The listing is expected to provide liquidity to the shareholders, open new financing opportunities for Injeq as well as increased visibility.

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Trade sale to an industry partner: A potential exit scenario is that a large MedTech company, including the large needle manufactures, acquires Injeq partly or fully either after a potential technical listing or by making an offer for a share in the Company prior to a potential technical listing. Such a trade sale could offer the current shareholders the opportunity to sell their shares fully or partly. 

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Acquisition by a VC: As the medical technology industry is consolidating there is a possibility that a venture capitalist sees an opportunity to develop the Company and acquires Injeq either partly or fully either after a potential technical listing or by making an offer for a share in the Company. Such a sale could offer the current shareholders the opportunity to sell their shares fully or partly.

Documents

Investment related documents

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Updates

Prolongation of the funding round

The Board of Directors decided to prolong the subscription period until August 28th 2023.

Invesdor is a Eurocrowd
platform member.

Ausgezeichnet als Top-Innovator 2021

Awarded as the best
Crowdinvesting platform 2023.

ECSP lizensiert

Invesdor is licensed under the
ECSP regulation of the EU.