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Injeq Oyj

Finland
Invesdor Alumni
Equity
MedTech
Health

Precision means caring, and gives confidence to both patient and physician
Marketing content

Why to invest

Total Addressable Market (TAM) size is over €1bn and growing 7% p.a. 
 

Injeq’s clinically proven product is unique, patented and difficult to copy.

Alzheimer Disease is expanding very rapidly in Western World and the treatment of Dementia is expected to cost $2.8tn in 2030​.

New neurological drugs for Alzheimer Disease need more lumbar punctures to be made in hospitals​.

We need to lower the threshold for lumbar punctures and at the same time increase the safety and accuracy of the procedure.

First name last name, position

"Injeq needle has generated enthusiastic feedback from doctors all over the world. The sales of the present Injeq IQ-Tip® needle system has been challenging due to its price point- despite it's clear clinically proven advantages. Injeq's management has recognised the need to push the price point closer to that of regular needles to lower the barrier to enter new markets, scale the sales to a global level and reach a material market position as soon as possible. Injeq has started developing the Injeq 2.0 analyzer which has a substantially lower price point and allows Injeq to penetrate the market from a completely different angle. Injeq 2.0 analyzer is currently in laboratory tests at Injeq and it is expected to be on the market in 2025. At the same time Injeq is expecting to obtain FDA approval in 2026 which opens a completely new market for Injeq where the need for the highest quality products with the lowest risk for patients is resulting to a winning formula.​
 ​
Injeq is now raising €2-3M to finalise the Injeq 2.0 analyzer, clinical trials, FDA approval and global expansion. Injeq is convinced that the Injeq 2.0 analyzer will allow Injeq to expand rapidly on a global level driven by the lower price point and superiority of the needle compared to regular needles. The €2M minimum funding will also allow Injeq to fully convert the convertible bond which Injeq issued in 2022 after Injeq's planned IPO was discontinued due to Russia's invasion of Ukraine. In addition to enable Injeq to convert the convertible bond the new funding is expected to give Injeq a runway of 18 - 24 months, sufficient to get the Injeq 2.0 on the market.”​ 

Dr. Timo Hänninen, CEO of Injeq Oyj

Investment information

Type:
Equity offering
Invested so far:
€70,870.00
Equity offered:
44.53 – 54.63 %
Price per share:
€0.50
min investment 1,000 shares
Number of existing shares:
4,982,986
Fully diluted shares:
16,944,038
Pre-money valuation:
€2,491,493.00
Offered units:
6,000,000
Funding purpose:
Growth
Broker:
Oneplanetcrowd International B.V
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, Injeq IQ-Tip®, provides real time information 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 and an FDA Breakthrough Device Designation in August 2023. ​The company currently has distributors in 15 countries across Europe and in Kuwait, Hong Kong, Taiwan and Saudi Arabia. Injeq has plans to expand its distributor network globally in EMEA, the Americas and APAC.

The global special needles market is estimated to reach €14.9bn in 2027 of which the potential addressable market for Injeq is estimated to be around €1.8bn. The Bioimpedance Spectroscopy technology and needles can be used in many different clinical application areas that the company is investigating currently.

Developments since the last funding round with Invesdor

Find out more about what has happened since the last funding round.

Company Info 

Company name: Injeq Oyj
Managing Director: Timo Hänninen
Business ID number: 2367283-8
Founding Year: 2010
Address: Biokatu 8,​
33520 Tampere
Industry: Medtech
Number of employees: 14
Locations Tampere
Website: https://injeq.com/
Social Media:  ​   ​

Products


The first generation IQ-Tip® smart needle is on the market , the 2nd generation analyzer is under development. 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. The second generation analyzer will remove the need for a cable in the system making it more cost efficient as well as more intuitive to use. The same product can be sold in all countries as it does not need any language variants.​

  • Injeq’s IQ-Tip® spinal needles are manufactured and sold in three different lengths​
     
  • The design of Injeq’s IQ-Tip® spinal needle is unique​
     
  • The spinal needle and cable are sterile and disposable

Injeq needle

Both the 1st generation IQ-Tip® analyzer as well as the 2nd generation analyzer are 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 single use IQ-Tip® micro analyzer is connected to the needle directly.​

​The IQ-Tip® analyzer facilitates the doctor's work in lumbar punctures. The analyzer gives an alarm when the tip of the needle reaches the spinal fluid. 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.

Spinal fluid

Business model

Injeq needle

Injeq needle

​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 eighteen countries out of which nine are new distributors signed since the last funding round. ​

​

1. Sale of analyzers  ​

  • Selling IQ-Tip® analyzers and micro analyzers as disposable products
     

2. Sale of needles  ​

  • Sale of IQ-Tip® spinal needles as disposable products from which Injeq receives a recurring cash flow  ​
  • Profitability will improve as sales and production volumes of the IQ-Tip® needles increase and unit production cost decrease  
    ​

3. Sale of Services​

  • When Injeq makes the wireless version of the micro analyzer product, Injeq can offer services to hospitals as well as analysis of the data. No person identifiable information is stored in IQ-Tip® Data. The data collection will be implemented in the next version of the second generation analyzer.
     

4. New application areas  ​

  • Injeq's technology is scalable and expandable to new application areas  ​
  • New possible application areas include for example injections of pneumothorax identification, 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

​At the moment, Injeq is commercialising and scaling its business with the existing IQ-Tip® needle in Europe. By the end of February 2024, Injeq has distribution contracts to cover Austria, Czech Republic, Denmark, Finland, France, Germany, HongKong (SAR), Italy, Kuwait, Liechtenstein, Norway, Poland, Romania, Saudi Arabia, Slovakia, Slovenia, Sweden, Switzerland, and Taiwan. Marketing authorisation processes in other countries will be initiated as soon as possible, allowing for global expansion with the existing product.​

​

  • The global market for 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 following neurological diseases like Alzheimer, Parkinson's, and Meningitis.  ​
  • Many neurological patients are treated in Emergency Care where the IQ-Tip gives more confidence to first aid doctors who normally do not make lumbar punctures​
  • Spinal anesthesia is the largest market of spinal needles and IQ-Tip can be used to this market, but in some countries the current 22G needle is not standard for spinal anaesthesia​
  • These application areas, Neonatology, Hemato-oncology, Neurology, Emergency Care and Spinal anaesthesia, are representing an about $300M annual market​

Management

  

Timo Hänninen, CEO

Timo Hänninen

CEO

  • Over 30 years of experience in leading technology companies and international business ​
  • 10 years as CEO ​in different companies
  • At Injeq since 2022 ​
  • D.Sc. (Industrial Mgt), MBA

  

Tomi Numminen, CoB

Tomi Numminen

Chairman of the Board

  • Member of the Board since May 2022, Chairman since June 2022 ​
  • Working in MedTech and pharmaceutical companies over 30 years and has experience from both start-ups and publicly listed companies ​
  • Experience from a successful MedTech IPO in Finland ​
  • Chairman of the Board in Bioretec Ltd. (listed on NASDAQ OMX Helsinki), in Uniogen Oy and Endicum Oy ​
  • M.Sc. (Econ.)

  

Timo Elomaa, COO

Piritta Setälä

 Board Member and Scientific Advisory Board Member​

​

  • Specialist in anesthesiology and intensive care, special qualification in emergency medicine ​
  • Works as the assistant chief physician of Pirkanmaa's Wellbeing District Emergency Services​
  • Member of Pirha Emergency Services' emergency medicine and the national HEMS operation research groups​
  • Member of the Board since 2023, Scientific Advisory Board Member​
  • Medical Doctor (MD, PhD.)

Distribution of company shares

Shareholder

Shares

Votes
1 EAKR-Aloitusrahasto Oy (Tesi) 873 955 17,5 %
2 Estate of Riitta Seppänen-Kaijansinkko 478 956 9,6 %
3 Katja Paassilta 319 750 6,4 %
4 Kai Kronström 218 633 4,4 %
5 Jari Hyttinen 204 230 4,1 %
6 Secium Oy 100 750 2,0 %
7 Garuda Oy 91 800 1,8 %
8 Pepexport Oy 85 000 1,7 %
9 Axel Cedercreutz​ 75 000 1,5 %
10 Asko Brax 67 947 1,4 %
11 Other shareholders 2 466 965 49,5 %
TOTAL 4 982 986 100 %

Company structure

Injeq Oyj is solely owned by its shareholders and neither parent nor daughter companies exist.

Developments at Injeq Oyj since the last funding round

Needle

  • In Product Development Injeq has made a significant progress in analyzer development and reached a working prototype stage of a single use user friendly and cost efficient analyzer.​
  • On the research side Injeq has started the fourth clinical study with all Finnish University Hospitals. ​
  • In Production Injeq has been taking into use the new computer aided manufacturing tools to ease the load for their operators.​
  • In Sales and Marketing Injeq has expanded geographically to new regions such as HongKong, Saudi-Arabia and Kuwait as well in new European countries such as Romania. The major part of Injeq's pharmaceutical company collaboration has been in the area of neurology diseases and especially in Alzheimer and Parkinson's diseases that normally are diagnosed from CSF samples.​
  • Starting in Q3, 2023 and continuing throughout Q1, 2024 Injeq has further optimised their cost-structure to reflect the current market conditions and extend their runway.​

Use of funds

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Maximum Scenario

(€3.0M collected in the financing round)

  • Proceed with the new analyzer and expand to new markets starting the approval process with FDA to enter USA​

  • Convertible Bond from 2022 will be converted into shares

  • 30 % new development​

  • 30 % sales and marketing​

  • 40 % operations

Icon 2

Medium Scenario

(€2.5M collected in the financing round)

  • Proceed with the new analyzer and start selling it in Injeq’s current markets.​

  • The extra money will give Injeq possibility to increase the speed of development​

  • Convertible Bond from 2022 will be converted into shares

  • 25 % new development​

  • 25 % sales and marketing​

  • 50 % operations

Icon 3

Minimum Scenario

(€2.0M collected in the financing round)

  • Proceed with the new analyzer and start selling it in Injeq’s current markets.​

  • Convertible Bond from 2022 will be converted into shares

  • 20 % new development​

  • 20 % sales and marketing​

  • 60 % operations

Financial figures & growth

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Valuation

Icon Money

Injeq's non-diluted pre-money valuation is  €2,491,493 corresponding to a price per share of €0.50. This valuation represents the boards view of a fair market valuation under the current market conditions. Injeq's post-money valuation in the previous funding round was €26M offering the investors the opportunity to invest at a substantially lower valuation. Since closing the last funding round Injeq has made significant progress in product development and expanded into new markets.​

Injeq is continuously evaluating exit opportunities as they arise. Read more about the exit scenarios below. 

​Injeq Oyj planned to launch an IPO in 2022, but after the War in Ukraine the financial markets changed rapidly. Basically all Finnish IPOs were discontinued and the interest rates started to rise (Euribor +4,4% in two years). This has caused a dramatic change in the number of listings in Helsinki NASDAQ as only two new listings have taken place in two years and few de-mergers and moves from First North to main list. In 2021 there were 23 listings on the FirstNorth compared to only one in 2023. Hence the listings have dropped 80% p.a. Fundraising through public IPO is almost impossible at the moment.​

Injeq is now launching a share issue to its shareholders and bondholders with a significantly lower valuation to raise the needed €2-3M. In the coming two years Injeq aims to find an industrial investor to help Injeq in selling the products globally. When the sales will increase, Injeq can look for a merger or possibly an IPO if the IPO market has improved remarkably.

Exit scenarios

Icon 1

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

Icon 2

Listing on the Nasdaq First North Growth market: One possible exit scenario is a listing on the Nasdaq First North Growth Market. Listing the share on the Nasdaq First North Growth Market through a 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.  

Icon 3

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 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

Notice:

In this update section you will find, among other things, answers to investor questions that reach us. The answers shown originate from the respective entrepreneur and are therefore marked accordingly. Invesdor does not undertake any separate verification of the information received after the start of the financing phase.

If you have any questions about the company, send them directly to us at service@invesdor.com.