Date: 2015-05-08
Type of information: Capital increase
Company: Neurovive Pharmaceutical (Sweden)
Investors:
Amount: SEK 70 million (€ 7.5 million)
Funding type: private placement
Planned used: The proceeds from the directed share issue will primarily be used for the preparation of CicloMulsion®’s clinical trial in the US and commercialization in Europe. The Company estimates that approximately 80% of the proceeds will be used for the previously mentioned projects. The remaining proceeds will be allocated to the pre-clinical program for NVP019 and preparing for the first human dose.
Others: * On May 8, 2015, NeuroVive Pharmaceutical announces that the Company has completed the directed share issue announced on May 7, 2015, whereby 1,647,059 new shares have been issued, which brings SEK 70 million to the Company before transaction costs. The new share issue, which was resolved by the Board of the Company on May 8, 2015 with authorization from the Annual General Meeting on March 30, 2015, includes 1,647,059 new shares and has been directed to a limited group of institutional US investors, at a price of SEK 42.50 per share through a private placement procedure. The subscription price has been set through a customary bookbuilding process. The subscription price entails a discount of approximately 15.2 percent in relation to the average price for the last day of trading before the decision to issue the new shares. The new share issue in NeuroVive increases the number of shares with 1,647,059 shares from 29,088,093 shares to 30,735,152 shares in total and increases the share capital by SEK 82,352.95 from SEK 1,454,404.65 to SEK 1,536,757.60 in total. The new share issue entails a dilution of approximately 5.4 percent. Larger existing shareholders of the Company, have in connection with the new issue lent shares to enable delivery of subscribed shares to investors. The lent out shares will be returned after registration of the share issue with the Swedish Companies Registration Office (Sw. Bolagsverket). * On May 7, 2015, NeuroVive Pharmaceutical announced that the Company intends to raise new equity through a private placement directed towards qualified institutional investors. The Company intends to effect the private placement at a share volume and a price per share to be determined through an accelerated bookbuilding process. The Board of Directors will disapply the preferential subscription rights of existing shareholders in connection with the intended capital increase, which will take place within the limits of the authorization from the Annual General Meeting on March 30, 2015.The bookbuilding process will end before the commencement of trading on Nasdaq Stockholm on May 8, 2015.
Therapeutic area:
