Neola Medical Welcomes New CFO as U.S. Market Launch Nears

On August 28, 2024, Neola Medical, a Lund-based company at the forefront of neonatal care innovation, announced the appointment of David Folkesson as its new Chief Financial Officer (CFO). This strategic addition comes at a pivotal moment for the company, as it gears up for the clinical validation and eventual U.S. market launch of its breakthrough device, Neola, designed for continuous lung monitoring in premature infants.

Neola Medical’s flagship product, developed from a spectroscopic method pioneered at Lund University, is engineered to enable early detection and treatment of complications in vulnerable neonatal patients. The company is currently preparing for critical clinical trials, having recently achieved key milestones including the IECEE CB scheme certification, which affirms the device’s safety and functionality. Furthermore, Neola Medical reported positive outcomes from a usability study involving American nurses, which bolsters the company's confidence as it progresses toward an FDA application.

In terms of financing, Neola Medical has demonstrated resilience and success despite a challenging capital market. The company raised SEK 20 million through a directed share issue at the end of 2023, notably at a premium to the share price. Additionally, Neola Medical secured a USD 25,000 grant by winning a silver medal at the 2024 Stanford PDC Accelerator Pitch Competition—a prestigious event partially funded by the FDA that supports the development of pediatric medical devices.

David Folkesson, with a robust background as CFO for both public and private entities, steps into his new role at Neola Medical with significant experience in business development, financial consulting, and auditing. His previous roles at Deloitte and Pragati, coupled with his recent consultancy work, position him as a key player in Neola Medical's growth and commercialization efforts, particularly as the company nears its U.S. market debut.

Expressing his enthusiasm, Folkesson shared, "The opportunity to contribute to the development of a vital medical device like Neola, which has the potential to revolutionize neonatal care, is incredibly inspiring. I’m also excited to join a dynamic team led by CEO Hanna Sjöström and to play a crucial role in the company's growth journey."

Folkesson’s focus as CFO will be on securing the necessary financing to sustain and accelerate Neola Medical’s development. He acknowledges the challenges faced by life science companies in recent years but remains optimistic about the future, emphasizing the importance of maintaining strong shareholder confidence—a strength Neola Medical has demonstrated through its recent financial successes.

Looking ahead, Folkesson is eager to leverage his expertise within Neola Medical’s agile and collaborative environment. He values the swift decision-making and team spirit characteristic of companies like Neola Medical, and he is most excited about contributing to the company’s mission of bringing Neola to clinics, where it can make a meaningful difference in the care of premature infants.

As Neola Medical continues its journey towards commercialization, Folkesson’s leadership is expected to play a critical role in driving the company’s financial strategy and ensuring the successful launch of its pioneering device in the U.S. market.