Brain+

Entering the commercialization phase

Since the IPO in November 2021, Brain+ has successfully scaled the management team, advanced in the R&D pipeline, attracted valuable collaborations, and, importantly, landed the Company’s first Big-Pharma partnership. Brain+ is now ready to enter the commercialization phase, roughly two years ahead of plan, with a launch in Denmark in Q4 2022 and Germany expected in Q2 2023. With the expected pipeline of product launches, Analyst Group estimates net sales of EUR 2.1m by 2024, and with an applied EV/S multiple, a potential present value per share of  DKK 4.1 is derived in a Base scenario.

• Strong Momentum In The Commercialization Phase

In December 2021, Brain+ landed its first large pharma partnership deal with RoX Health (Roche) which gave increased momentum within the German market and enabled Brain+ to accelerate R&D and identify a faster route to the market. As a result, Brain+ has been able to advance the commercial launch for its first dementia product CST-Therapist Companion by approximately two years, with an expected launch in Denmark in Q4 2022 and Germany in Q2 2023. Germany has established itself as a leader in the adoption of digital medicine and is, therefore, a global reference market for DTx and succeeding there creates a strong springboard to other global markets for Brain+ going forward.

• Promising Strategic Collaborations

In addition to the already established partnership with RoX Health, Brain+ has reached other important milestones which lays the foundation for a successful commercial launch in Germany in 2023. In March 2022, Brain+ was selected to Biogen’s and EIT Health’s Neurotech-prize program, which gave access to world-class expertise within the German market as well as valuable support to shape the business model and go-to-market strategy for the Company’s products. Further, Brain+ partnered up with the  German medical distributor Coopmed in August 2022, to work on the commercialization in Germany.

• A Material Funding Event Around The Corner

In conjunction with the capital rounds in 2021 (IPO and Pre-IPO), Brain+ issued shares, each including an accompanying warrant. Each of the warrants gives the holder the right to subscribe for a new Brain+ share in October 2022 at a 30% discount to the market price, which will be determined based on the VWAP during the 10-day period leading up to the Exercise window. The proceeds from the warrants will be used to fund further advancements in product development activities and for the projected launch and initial commercialization of Brain+ first dementia product on the Danish and German markets in 2023.