Bluefish continues its expansion – new share issue brings in SEK 75 million
Securing liquidity and gradually extending the range of niche products
The pharmaceuticals company, Bluefish Pharmaceuticals AB, which focuses on generic products, is carrying out a new share issue in the amount of SEK 75 million. By securing liquidity, the company will create the conditions necessary for continued stable growth and opportunities for gradually extending the range of niche products within more narrow disease areas and for regional treatment principles.
The company currently has seven formulation projects under development within a varied number of therapy areas. The average sales potential for the projects under development is approximately SEK 25 million per product, with an anticipated gross margin of 50%. The registration of the first product is anticipated to commence during the first half of 2013, with a planned launch during 2014. The remaining products will be gradually launched thereafter.
"By increasing the product portfolio with products we have developed, we are ensuring sustainable long-term growth within new market segments and can benefit from higher margins", says Karl Karlsson, Bluefish’s CEO.
In order to secure liquidity and improve the company's financial strength, Bluefish is carrying out a directed new share issue to Nexttobe AB (nxt2b), a company controlled by Bengt Ågerup, corresponding to SEK 50 million and a directed new share issue to Gerald Engström via Färna Invest in the amount of SEK 25 million. In addition, other shareholders will be given the opportunity to subscribe for new shares up to an amount of SEK 6 million. Through the new share issue, upon full subscription, the number of shares in Bluefish will increase by 13,500,000 and the share capital by SEK 2,700,000. Following the new share issue, the share capital, upon full subscription, will amount to SEK 11,822,944 and the number of shares to 59,114,720. The subscription price is SEK 6.0 for each new share. The share issue is conditional upon approval of the annual general meeting on 22 May 2012.
"We are the fastest growing generic pharmaceuticals company in the Nordic region. Our sales and geographic presence in the rest of Europe give us access to new, exciting pan-European business opportunities. Thanks to our strong platform, effective organization and flexibility, we can also make the best of local, lucrative business opportunities”, continues Karl Karlsson.
For more information contact,
Karl Karlsson, President & CEO Bluefish Pharmaceuticals
Tel. 46 8 519 116 20
Susanna Urdmark, CFO Bluefish Pharmaceuticals
Tel. 46 8 519 116 21
About Bluefish Pharmaceuticals
Bluefish has undergone significant international expansion since the company was founded in 2005. Bluefish focuses on the development, manufacture and sale of generic pharmaceuticals. The company conducts marketing operations in 19 European markets and has a technology center in Bangalore, India. The product portfolio consists of a total of 80 products and is growing.