New CFO at Neola Medical
Neola Medical has strengthened its management team, adding David Folkesson as the new CFO. He joins at an important stage for the company, which is currently preparing for clinical validation of Neola. BioStock has contacted David to find out more about his background and how he sees the journey that currently lies ahead.
The Lund-based company Neola Medical is developing the medical device Neola for continuous lung monitoring in premature infants. The product is based on a spectroscopic method, developed at Lund University that enables early detection and treatment of complications in this highly sensitive patient group.
With its sights set on a US launch, the company is currently preparing for clinical studies with the product. During the spring, a so-called IECEE CB scheme certificate was obtained, which certifies that Neola is safe and performs as it should. Neola has also shown good results in a usability study, where American nurses were asked to evaluate the product in a neonatal care setting. The company has thus secured two important components for the upcoming FDA application to be allowed to sell the product in the US.
Successful fundraising
Another important aspect for achieving success in the project is the financials. Despite the barren climate in the capital market, the company succeeded in raising SEK 20 million in a directed share issue at the end of 2023, which was made at a premium to the share price at the time. Neola Medical has since also received a USD 25,000 grant after Neola was awarded a silver medal in the 2024 Stanford PDC Accelerator Pitch Competition, a prestigious competition funded in part by the FDA that aims to promote the development of pediatric medical devices.
Strengthening with new CFO
The work to secure financing for continued development will be led by David Folkesson, newly appointed CFO at Neola Medical. He has previously been CFO for both listed and private companies, and he has a background as an auditor at Deloitte and financial advisor at Pragati. Folkesson is expected to contribute to the company’s continued journey, according to CEO Hanna Sjöström:
– We are very pleased to welcome David Folkesson to Neola Medical. He brings valuable knowledge from various companies and with his results-oriented and business experience, he will be a key player in our growth journey and in our commercialization phase, especially as we approach the market launch in the US.
CFO tells us more
BioStock has talked to David Folkesson, to find out more about his background and what it was that attracted him to Neola.
To start with, David, can you tell us a little more about your background and how you think your experience will best be used in your new role?
– For the past eight years, I have acted as CFO on a consultancy basis in both listed and unlisted companies. My previous experience in business development gives me, as part of the company’s management team, the opportunity to drive Neola Medical’s upcoming commercialization phase. This is particularly relevant now that the company is getting closer to a market launch in the US.
What attracted you to Neola?
– The CFO assignment at Neola Medical felt inspiring and attractive by having the opportunity to combine the development of an incredibly important medical device that has the potential to improve neonatal care from day one at the clinic and at the same time working with a very inspiring team led by CEO Hanna Sjöström. The company has an exciting development and is in a significant phase where I look forward to both working with the operational part of the business and being an important part of the company’s growth journey.
It has been quite a struggle financially for many life science companies in recent years. How do you see the financing landscape today?
– It has been a difficult time for many. I believe it is important that companies continue to create high confidence and interest from shareholders, which Neola Medical has succeeded in doing by starting 2024 with strengthened cash position and an expanded shareholder base after a directed share issue at the end of 2023. It was also impressive that, during the harsh climate in the capital market, the company was able to do a cost-effective capital raise that was made at a premium to the share price at the time.
What are the biggest opportunities as CFO at a smaller company like Neola?
– I have spent most of my career in companies the size Neola Medical. What I appreciate about companies of this size is mainly short decision-making paths and a great team spirit, where everyone helps each other to reach the goal.
Finally, what are you most looking forward to in your new role?
– Two things, firstly, to have the opportunity to work with Neola Medical’s potential at management, board and owner level, and secondly, to contribute to Neola, the company’s medical device, reaching the clinics to improve the care of premature babies.
The content of BioStock’s news and analyses is independent but the work of BioStock is to a certain degree financed by life science companies. The above article concerns a company from which BioStock has received financing.
