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.
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