Date: 2017-07-18
Type of information: Private placement
Company: Neurovive Pharmaceutical (Sweden)
Investors: Esousa Holdings (USA - NY)
Amount: SEK 9 million (€ 0.94 million)
Funding type: private placement
Planned used:
- NeuroVive Pharmaceutical will use these funds for the development of its clinical project portfolio. One project is in clinical phase II development for the prevention of moderate to severe traumatic brain injury (NeuroSTAT®) and one project in clinical phase I (KL1333) for genetic mitochondrial diseases. The R&D portfolio consists of several late stage research programs in areas ranging from genetic mitochondrial disorders to cancer and metabolic diseases such as NASH.
Others:
- • On July 18, 2017, NeuroVive Pharmaceutical announced that it has signed a non-brokered private placement agreement with Esousa Holdings , a New York-based family office investing in emerging growth companies, which will raise gross proceeds of 9 million SEK divided in two equal tranches. The first tranche was completed on July 18, 2017.
- Each transaction involves the issue of Units, each Unit consisting of one NeuroVive common share and one warrant.
The Board of Directors has approved and authorized the first 4.5 million SEK transaction and issued 1,080,255 Units to Esousa at approximately 4.17 SEK/Unit. The subscription price is approximately SEK 4.17 per share, a 20% discount to the 5 day VWAP (volume-weighted average price) immediately preceding the transaction. The warrants are issued without consideration. Each warrant entitles the holder to acquire an additional common share at 20% discount to the 3 day VWAP for the period prior to the exercise date. The warrants may be exercised from the date of registration for a period of five years. As a result of the first issue, the company’s share capital increases by SEK 54,012.75. If the warrants are exercised, the company’s share capital will increase by not more than SEK 54,012.75.
The second 4.5 million SEK tranche will take place by the end of 2017 and have the same terms as the first tranche.
Following the registration of the new shares, the company will have 50,566,197 shares outstanding.
Therapeutic area: Rare diseases - Genetic diseases - Liver diseases - Hepatic diseases
Is general: Yes
