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Brighter: Approvals in the UAE and Saudi Arabia - Edison

Brighter recently announced that both the United Arab Emirates (UAE) Ministry of Health and Prevention (MOHAP) and the Saudi Food and Drug Authority (SFDA) have provided market approvals for the Actiste device. While all necessary regulatory approvals have been obtained in the UAE, commercialisation in Saudi Arabia will require additional regulatory approvals, such as for consumables, but those are expected to be granted in the coming months. Additional registration efforts are also underway in Malaysia, Singapore, Thailand and Indonesia and are about to start in Kuwait, Oman and Bahrain.

UAE and Saudi market approvals

Brighter announced approval in the UAE and Saudi Arabia for the Actiste device. While additional regulatory approvals are necessary in Saudi Arabia, those are expected in the coming months. The company expects to use a mix of business-to-consumer (B2C), business-to-business (B2B) and business-to-government (B2G) channels to commercialise Actiste.

High diabetes prevalence in GCC area

Brighter is focusing initially on the Gulf Cooperation Council (GCC) region as this area has an especially high level of unmet need in diabetes. Prevalence ranges from 10.1% to 16.3% of the populations on an age-adjusted basis. In total, 1.2 million adults in the UAE and another 4.3 million in Saudi Arabia are estimated to have the disease.

Progress at Camanio

Camanio, Brighter’s subsidiary that specialises in digital solutions and services for home care, announced that it was included in a nationwide framework agreement in Sweden regarding stationary and mobile care alarms. The agreement is valid for four years and Camanio is one of just five companies included. Additionally, the company announced that sales of the BikeAround jDome and digital therapy animals to municipalities and communities totalled SEK1m on 3 November alone.

Valuation: SEK1,225m or SEK5.64 per basic share

We have lowered our valuation to SEK1,225m or SEK5.64 per share, from SEK1,252m or SEK5.76 per share, mainly due to lower net cash though this was partially offset by rolling forward our NPVs. Brighter had SEK14.4m in gross cash (SEK1.8m net debt) at the end of Q320. We project it will need to raise an additional SEK60m over the rest of the year (previously SEK110m) and SEK175m in 2021. We lowered the financing needs for the rest of the year in part due to lower operating expenses than we expected.

Research 20201124
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