PMD begins trading on Nasdaq Nordic following reverse acquisition

Cork medical devices firm holds 97.7% of the shares in Promore

Minister of State at the Department of Finance Jennifer Carroll MacNeill and Myles Murray, founder of Cork medical devices firm PMD, ringing the opening bell of the Nasdaq Stockholm Exchange. Picture: Nasdaq

Swedish biotechnology firm Promore Pharma has completed the reverse acquisition of Cork medical devices company, PMD Solutions.

The deal saw Promore purchase all shares in PMD for approximately €11m, which was paid by newly-issued shares in the Stockholm-based firm.

Following the completion of the reverse acquisition, which was approved on December 29, the company has changed its name from Promore Pharma to PMD Device Solutions and the company’s ticker symbol will change from PROMO to PMDS on the Nasdaq Stockholm Exchange (Nasdaq Nordic). 

The deal will see the Cork firm hold 97.7% of the shares in Promore.

Founded in 2011 by Myles Murray, PMD Solutions specialises in respiratory rate monitors and employs more than 20 people. 

The firm's primary product, RespiraSense received FDA approval in 2022 and last July, PMD joined an accelerator programme to support Britain's National Health Service. 

Currently, RespiraSense is used in 25 hospitals across Britain and Ireland.

PMD generates over €2.8m in annual recurring revenue with gross margins of approximately 80%.

Established in Stockholm in 2002, Promore Pharma specialises in therapeutic peptides. 

Last year, the company entered voluntary liquidation following a failed clinical trial for its product Ensereptide, with this deal seeing the proposed windup overturned.

Mr Murray was joined at the opening bell ceremony by minister of State at the Department of Finance Jennifer Carroll MacNeill; Barbara Jones, Irish ambassador to Sweden; and Declan Caulfield, president of the Irish Chamber of Commerce in Sweden.

PMD is seeking to continue increasing its market share in Britain with Germany and the US to follow with initial market access activities.

The board of PMD said a listing on the Nasdaq Stockholm Exchange will provide confidence in discussions with potential customers and partners and an increased interest in PMD from the public, investors, and other stakeholders. 

It said the deal would give PMD access to the capital market to fund the firm's growth plans and ambitions to expand into new markets globally.

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