BUSINESS CASE: SANIFIT
Largest capital increase of a Spanish Biotech company
Sanifit is a clinical-stage biopharmaceutical company focused on treatments for progressive vascular calcification disorders with the lead compound is SNF472, a novel small molecule. The company was founded in 2004 as a spin-off of the University of Balearic Islands and has offices in Mallorca (Spain) and San Diego (USA).
Sanifit evolution
| Metrics (k€) | 2009 | 2019 |
|---|---|---|
| R&D | 408 | 20.055 |
| Capitalization | 800 | 113.200 |
| Number of Employees | 5 | 25 |
| Patent Family | 5 | 11 |
| Headquarters | ES | ES y US |
Challenges
Sanifit in 2010 was in the preclinical phase of the development of the SNF472 drug in the cardiovascular field, an exciting adventure with its challenges of the sector. In this context to help to overcome these challenges, the company outsourced its financial management and hired Timonel Consulting in January 2010.
Customer Benefits
Sanifit has top-level financial advice.
Cost savings by outscoring the financial management role.
Flexibility and service adopted to the circumstances.
Support decision-making process with comprehensive analysis and reports.
Greater focus on the business.
Financial and KPI reporting according to the requirements of investors.
Up to date company information, ready for the preparation of the capital increase rounds and for fundraising process.
Main functions of Timonel Consulting
Treasury Management
Monthly Reporting
KPIs
R&D – activation and deduction
Audit Coordination
Budgeting / Forecasting
Support for obtaining public funding
Obtaining Bank financing
Hedging foreign exchange risks (USD)
Due Diligence
Capital increase
Economic justification of the public funding
Timonel Consulting started its financial management service with 15 hours per month, increasing gradually to 50 hours per month to meet the needs of the company:
2010: 15 hours / month
2011: 15 hours / month
2012: 55 hours / month
2013: 35 hours / month
2014: 40 hours / month
2015: 40 hours / month
2016: 15 hours / month
2017: 40 hours / month
2018: 45 hours / month
2019: 50 hours / month
Results
- In 2019 Sanifit begins phase 3 of the clinical investigation of the SNF472 drug
- Capital increase of € 113.2M:
- € 0,3M (2010)
- € 0,5M (2012)
- € 3,6M (2014)
- € 36,6M (2015)
- € 72,2M (2019)
- Obtaining public funding (ENISA, CDTI, Innocash, Innpacto, Retos)
- Obtaining subsidies (Torres Quevedo, ICEX, CAIB, Industrial Promotion, SPTO, Eurostars)
- Obtaining bank guarantees
- Monetization of the R&D deduction
“We are very satisfied with our experience with Timonel Consulting, especially with David. We have been collaborating for 10 years, he is a fully dedicated, great professional with outstanding organization skills.”
Joan Perelló – CEO Sanifit
BUSINESS CASE: SANIFIT
Largest capital increase of a Spanish Biotech company
Sanifit is a clinical-stage biopharmaceutical company focused on treatments for progressive vascular calcification disorders with the lead compound is SNF472, a novel small molecule. The company was founded in 2004 as a spin-off of the University of Balearic Islands and has offices in Mallorca (Spain) and San Diego (USA).
Sanifit evolution
| Metrics (k€) | 2009 | 2019 |
|---|---|---|
| R&D | 408 | 20.055 |
| Capitalization | 800 | 113.200 |
| Number of Employees | 5 | 25 |
| Patent Family | 5 | 11 |
| Headquarters | ES | ES y US |
Challenges
Sanifit in 2010 was in the preclinical phase of the development of the SNF472 drug in the cardiovascular field, an exciting adventure with its challenges of the sector. In this context to help to overcome these challenges, the company outsourced its financial management and hired Timonel Consulting in January 2010.
Customer Benefits
Sanifit has top-level financial advice.
Cost savings by outscoring the financial management role.
Flexibility and service adopted to the circumstances.
Support decision-making process with comprehensive analysis and reports.
Greater focus on the business.
Financial and KPI reporting according to the requirements of investors.
Up to date company information, ready for the preparation of the capital increase rounds and for fundraising process.
Main functions of Timonel Consulting
Treasury Management
Monthly Reporting
KPIs
R&D – activation and deduction
Audit Coordination
Budgeting / Forecasting
Support for obtaining public funding
Obtaining Bank financing
Hedging foreign exchange risks (USD)
Due Diligence
Capital increase
Economic justification of the public funding
Timonel Consulting started its financial management service with 15 hours per month, increasing gradually to 50 hours per month to meet the needs of the company:
2010: 15 hours / month
2011: 15 hours / month
2012: 55 hours / month
2013: 35 hours / month
2014: 40 hours / month
2015: 40 hours / month
2016: 15 hours / month
2017: 40 hours / month
2018: 45 hours / month
2019: 50 hours / month
Results
- In 2019 Sanifit begins phase 3 of the clinical investigation of the SNF472 drug
- Capital increase of € 113.2M:
- € 0,3M (2010)
- € 0,5M (2012)
- € 3,6M (2014)
- € 36,6M (2015)
- € 72,2M (2019)
- Obtaining public funding (ENISA, CDTI, Innocash, Innpacto, Retos)
- Obtaining subsidies (Torres Quevedo, ICEX, CAIB, Industrial Promotion, SPTO, Eurostars)
- Obtaining bank guarantees
- Monetization of the R&D deduction
“We are very satisfied with our experience with Timonel Consulting, especially with David. We have been collaborating for 10 years, he is a fully dedicated, great professional with outstanding organization skills.”
Joan Perelló – CEO Sanifit