Date: 2015-06-15
Type of information: Private placement
Company: BioInvent (Sweden)
Investors:
Amount: € 8.1 million
Funding type: private placement
Planned used: The issue proceeds will be used to strengthen BioInvent’s financial position and to ensure the Company’s capital requirements during the coming 12-18 months.
Others: * On June 15, 2015, BioInvent International has previously announced that members of BioInvent’s management and key personnel have, in addition to existing holdings, purchased subscription rights and subscribed for new shares corresponding to a total of 2.8 per cent of the shares offered in the rights issue completed in May 2015. Following the completion of the rights issue Management’s changes in shareholdings are presented. Michael Oredsson, CEO 43,000 570,648 Björn Frendéus, Chief Scientific Officer 804 311,972 Per-Anders Johansson,SVP President, 250,300 250,300 Anna Wickenberg, VP Clinical Development 0 231,348 The rights issue in BioInvent of MSEK 77.7, with preferential rights for the company’s shareholders, has been oversubscribed.The subscription period ended on 13 May 2015. Approx. 96 per cent of the shares offered have been subscribed for with subscription rights and 4.2 per cent of the shares offered have been allocated to persons who subscribed for shares without subscription rights. In total, notifications to subscribe for shares without subscriptions rights have been received corresponding to 30 per cent of the shares offered. Hence, the rights issue guarantee undertakings have not been made use of. During the subscription period, members of BioInvent’s management and key personnel have, in addition to existing holdings, purchased subscription rights and subscribed for new shares corresponding to a total of 2.8 per cent of the shares offered in the rights issue. Through the rights issue, BioInvent receives MSEK 77.7 before deduction of transaction costs. The share capital will increase by approx. MSEK 4.0 to approx. MSEK 13.0 and the number of shares will increase by50,128,911 to 162,918,961 shares when the new share issue has been registered with the Swedish Companies Registration Office. Trading in the new shares on Nasdaq Stockholm is expected to start week commencing 1 June, 2015. * On 23 March 2015, BioInvent announced the Board of Directors’ resolution on a rights issue. The Board of Directors has now resolved upon the subscription price and other final terms of the rights issue. Each share in BioInvent held on the record date for participation in the rights issue on 24 April 2015 entitles to one (1) subscription right, and nine (9) subscription rights entitle to subscription for four (4) new shares. The subscription price has been set to SEK 1.55 per share. This corresponds to a discount of approximately 32 percent compared to the volume-weighted price paid for BioInvent’s share on Nasdaq Stockholm during thirty trading days prior to (and including) 16 April 2015. The subscription period will run from 28 April 2015 until 13 May 2015 (dates inclusive), with a right for the Board of Directors to extend the subscription period. Up to 50,128,911 new shares will be issued in the rights issue, which at full subscription represents a share capital increase of SEK 4,010,312.88 to a total of SEK 13,033,516.88. The total rights issue proceeds will be SEK 77,699,812 before transaction costs if the rights issue is fully subscribed. The total transaction costs are estimated to amount to MSEK 10.2. BioInvent carries the rights issue to strengthen the Company\'s financial position and ensure capital needs over the next 12-18 months. The capital will be used for the planned clinical phase I/II studies for the Company’s three projects in or close to clinical phase and for the production of drugs to these studies, as well as supportive preclinical work in order to optimize the value of the respective projects and also continued prioritization of research programs in the area of immune oncology. The rights issue is subject to approval by the Annual General Meeting in BioInvent to be held on 22 April 2015 at 4.00 p.m. CET.
Management's shareholding Before the rights issue Changes After the rights issue
Therapeutic area:
