Monsenso’s offer of DKK 16-20 million (€ 2-2.6 million) in new shares have been extremely well received by both professional and private investors, which together have subscribed for over DKK 47 million (over € 6.3 million), corresponding to the maximum offering being oversubscribed by 238%.

The subscription period closed on 29 May 2020. The company’s offering of up to 3,773,585 shares, at a price of DKK 5.30 per share has come to an end and will provide the company with gross proceeds of DKK 20 million and result in a market cap of DKK 70.04 million (€ 9.3 million)

“The IPO offering was very well received by professional and private investors, including the great participation in our online investor meetings. We have now received the necessary funding to strengthen our sales efforts, customer support and to further develop our mHealth solution for mental health. We now have to live up to the trust and expectations coming from our 2,219 new shareholders. We look forward to being a listed company and welcoming the continued support from our many new shareholders.” says CEO Thomas Lethenborg

The first trading day on Nasdaq First North Growth Market Denmark is expected to be on 10 June 2020. You can read more about the IPO here.

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The partnership aims to grant the insurance sector access to Monsenso’s product mHealth Solution, which is an assisting tool in the prevention, early intervention and treatment of mental illnesses. Thomas Lethenborg, CEO at Monsenso, emphasizes the importance of partnerships for the company:

“Monsenso is looking to build sustainable, long-term partnerships, with the ultimate goal of delivering better care, to more people, at a lower cost”

The technology of  health improves patient-engagement, increasing an individual’s desire to play a more active role in their treatment. It enables patients to self-monitor their lifestyle and their symptoms, helping them recover faster from mental illness. Currently it is being used in a clinical capacity in the UK, Denmark, Norway, Sweden, Germany and Australia to support the treatment of a wide range of mental and behavioral disorders.

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Joint forces for better solutions to treat mental illness

Monsenso and Gen Re will work jointly on facilitating insurance companies, like medicare insurance online, to offer an enhanced service to their customers: By offering the solution, insurers can actively support their customers return to work more quickly, and avoid becoming ill again, an advantage for both, insurers and customers.

“The objective of this partnership is to promote the use of mHealth technology among insurance companies. With this technology, their customers can get better faster by receiving better mental health care, while reducing costs at the same time”, says Thomas Lethenborg.

Having the desire to deliver the best innovative new technology solutions to customers, Gen Re bring their extensive insurance industry knowledge to the partnership, as Jules Constantinou, Regional Manager for Gen Re Life/Health in the UK and  Ireland, points out:

“It is important that the life insurance industry embrace new technologies and new processes in order to remain relevant in the lives of customers going forward. Clinical medicine is also evolving and we are very pleased to announce this partnership with Monsenso, which should improve outcomes for insurance claimants who are battling mental illness”

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“We are approaching treatment in a way that has never been done before. There are currently a few mHealth solutions that offer a double-loop treatment modal for patients and care providers. However, Monsenso will be the first company ever to develop and implement an mHealth platform that involves patients, care providers and family caregivers in the treatment of mental illness,” – says CEO Thomas Lethenborg

The main triple-loop function starts when the patients are encouraged by their care providers to download the Monsenso smartphone app that will allow them to invite their care providers and family caregivers to access their data. The smartphone app will be used to fill in routine self-assessments that reveal their current state of mind, and to collect sensor data. It can also be used as a self-management tool that allows patients to manage their symptoms and the behaviors that trigger those symptoms.

Once invited by the patient, a family caregiver will be able to access the patient’s aggregated data and fill in the routine assessments evaluating the patient’s state of mind. Patient information and relevant data will be accessed through a web portal which makes it convenient for all interested parties.

“The caregiver module, currently under development, will be ready to be rolled out in Q3 2016, and will initially be used for two years,” – says Thomas Lethenborg

Monsenso ApS has been successfully helping mental patients with its mHealth solutions. They have developed solutions for patients suffering from depression, obesity, diabetes etc. and have also received various funding for their success and contribution. The company aims to move forward and provide a better lifestyle for patients suffering from mental illness.

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The mHealth solution aims to reduce the number of readmissions among psychiatric patients. The development and trial is part of the research project, RADMIS; a collaborative project between Monsenso, the mental health services in the Capital Region of Denmark, and the Technical University of Denmark. The overall budget of the project is 10.1 million DKK (€1.3 million).

Monsenso ApS is an innovative technology company offering an mHealth solution to help optimize the treatment of mental disorders. The project’s focus is on depression and bipolar disorder which are the leading cause of disability worldwide; imposing a very high burden for society in terms of cost, lost productivity and mortality. Patients with these affective disorders are hospitalized more frequently than any other patient groups. The treatment of depression and bipolar disorder includes medication, psycho-education, and Cognitive Behavioral Therapy (CBT).

The RADMIS project aims to establish clinical evidence that Monsenso mHealth solution can reduce the number of hospital readmission of patients with depression and bipolar disorder. It also seeks to decrease the symptoms and increase the quality of outpatients by using a unique method of smartphone CBT.

“This intelligent smartphone-based monitoring and treatment platform for depression and bipolar disorders is the first of its kind; there are no similar solutions available on the market.” says Thomas Lethenborg, CEO at Monsenso.

Smartphones are equipped with powerful sensing, computation and communication capabilities so they provide a unique platform to monitor and treat patients with depression and bipolar disorder. They also provide a rich multi-media and communication platform for Ecological Momentary Intervention (EMI) enabling patients to receive context-aware treatment in real-time, including medication reminders and CBT.

The project’s main goals during the clinical trials are to develop this smartphone CBT method to show evidence that it has reduced the number of hospital readmissions and improved the symptoms of depression and bipolar disorder.

“Once the clinical trial is completed, we will have the necessary evidence to proof that smartphone-based CBT is highly scalable and it helps reduce hospital readmissions of psychiatric patient.” says Thomas.

The success of this project will allow health care systems to reach out to the 75% of the population in Europe who need treatment but remain untreated.

Monsenso has also recently received 1.575 million DKK (€211 000) from the Innovation Fund to start clinical trials that support the treatment of anxiety and borderline personality disorder (read more about it here).

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Combining digital technology with the expertise of healthcare professionals, Monsenso developed an innovative solution to help individuals tackle the burden of mental health. Monsenso provides an easy-to-use communication channel between healthcare providers and their patients which can make clinical treatment more efficient. Healthcare professionals use the cloud-based „mHealth” service to monitor patients, check warning signs and offer treatment. The patients, after self-assessing their symptoms on the smartphone app, receive regular feedback from their healthcare provider. The historical health and behavioural data collected from individuals can be analysed to predict illness development and mood forecasting.

The E-mental project has recently been granted a total of 19 million DKK (2,5 million EUR). It is a collaborative project of The Mental Health Services in the Region of Southern Denmark (MHS), the South Denmark University, Aalborg University, Context Consulting and Monsenso.

Monsenso is going to be involved in the Anxiety Monitoring Study and the mDIARY Study of the project. The Anxiety Monitoring Study aims to evaluate and  implement the mHealth solution to help treat anxiety disorders. The objective of the mDIARY Study is to prove that the Monsenso DBT solution is a valid method for collecting patient data and can serve as an efficient solution to help patients’ recovery. In addition, the study will continue with a pilot study comparing the results of patients using a paper-based diary and patients using the mHealth app, as well as a two-year trial comparing the effects of using the mHealth app including coaching suggestions and using paper-based self-assessments. The overall research will also include a cost-effectiveness study to evaluate the mHealth solution.

“The mHealth solution developed by Monsenso has the potential to revolutionize the treatment of psychiatric illnesses. The support received from the Innovation Fund will provide us with the necessary evidence to validate our solution clinically and financially for the treatment of mental illnesses.” – says  Thomas Lethenborg, CEO at Monsenso.

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The funding is as grants, without any equity stake. The aim of the Market Development Fund is to help startups and enterprises bring new products to the market faster and making it easier for public-sector institutions to obtain innovative solutions. The funding goes to both biotech, cleantech and ICT innovations.

“The latest round of application testify that we in Denmark are skilled to develop good, innovative products – especially in health technology. It is positive for both the welfare and growth, because in the future of health care will be fewer hands to take care of an increasing amount of patients” says Carsten Bjerg from the fund.

Receiving the funding also requires to be partially financed by other sources. In total the Market Development Fund has € 18 M which are granted in 3 phases.

19 projects got funding

Amongst those that got funding are both new startups as well as established ones.

• Inrotech – 3D Adaptive Multipass Welding – € 295 000
• Traede – B2B sales software – market maturation of an innovative and disruptive Retails/B2B trading software – € 415 000
• Immudex – better treatment for Virusinfections – € 400 000
• Penneo – Protecting cloud data against hacking – € 616 000
• Monsenso – Data-driven mHealth platform for treating mental illnesses – € 388 000
• Conferize – Digitalising events and conferences – € 530 000
• EasyCorrect – A tool for helping teachers – € 240 000
• FirstAED – A smartphone based emergency system – € 295 000
• Dripmate – Developing a infusionsregulator – € 280 000
• Kroma – Creating a better fish slaughtering plant – € 450 000
• Nordic Power Converters – Making LEDs more efficient and longer lasting – € 280 000
• Manuxa – Aid for people with grip deficiencies € 470 000
• H.E.W. – Efficient cleaning of supermarket carts – € 240 000
• Voiceboxer – Multilingual Webcast Solution – € 250 000
• MySharps – the smart personal pocket container for disposal of used insulin pen needles – € 200 000
• Planday – Taking employee scheduling online globally – € 316 000
• SiloSense – Making estimations of silos better – € 385 000
• TableBox – A box that enables dining without a table – € 250 000
• VoxIP – Making international roaming cheaper – € 280 000

The entire list with further information and co-financing details can be found here.

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