In your latest report comment, you said Integrum didn't need to raise additional capital. How does that square with the directed share issue?
Our comment in the report was based on the fact that we have sufficient coverage to sustain operations without additional capital. The directed share issue now decided by the board sets the stage for a more forward-leaning scenario, where we build greater financial flexibility that gives us better opportunities to capture the potential that exists within the company. That, combined with the fact that several institutional investors have expressed interest in becoming long-term owners in Integrum, means this share issue creates good conditions for us to do the right things at the right time. A lot is happening in both the US and Europe right now, and if our cash position is too small, it will hold us back because we would then constantly need to focus on short-term stability rather than what is right for the company in the somewhat longer term. Over the past 18 months, we have carried out a comprehensive review of the company, its assets, markets, and organization. That transition has itself required capital, and what we're seeing now is the opportunity to scale up from a considerably more stable foundation.
You have recently returned from your latest trip to the US, what was your focus this time?
We attended AOPA's annual assembly, held this year in Las Vegas. It is the largest meeting in the prosthetics industry in the US, where, among others, a great many prosthetists gather. I attended the same meeting a year ago, then in Orlando, and I can see that a great deal has happened since. Significantly more people are talking about osseointegration, more have treated their first patients, and more are curious. Even though the technology has been around for a long time, it's clear that it is now gaining broader traction. For us, this is a positive signal, and it was very valuable to be present at the AOPA meeting, since it is precisely prosthetists who meet our existing patients and, above all, our future ones. I also had the opportunity to join a clinic visit where a prosthetist had a session with a patient who, for the first time, got to put weight on their leg after an S2 surgery. The opportunity for individuals to gain a new, active life is still what inspires the most. We have incredible technology, and it needs to reach more people.
The proceeds from the share issue are also going to be used for your operations in Ukraine, can you tell us about Integrum’s plans there?
Ukraine has recently announced a government-funded pilot program under which 25 patients will receive skeletal-anchored prostheses. This pilot program is expected to be expanded over time. To be ready to offer our skeletal-anchored prostheses at an increasing scale, we need to start preparing now, both organizationally and logistically. There are, of course, significant uncertainties in a program like this, but our assessment is that the Ukrainian state's ambition is clear, and it is therefore strategically right for us to be as prepared as possible for when the program can eventually be broadened.