Oncology Ventures new rights issue oversubscribed
On May 26th, 2016, the subscription period in Oncology Venture Sweden AB's ("Oncology Venture") rights issue of up to approximately SEK 20.7 million ended. Including subscription commitments the new rights issue was signed to approximately SEK 28.8 million, representing a subscription rate of about 140 %. Through the rights issue, Oncology Venture will thus be provided approximately SEK 20.7 million before issue costs. Contract notes are scheduled to be sent out on Friday, June 3rd, 2016.
"We are in an important stage of development and are of course very grateful for the interest in the new rights issue. Through the capital we are enabled to maintain a high pace of development regarding our latest licensed drug candidate LiPlaCisTM, with which we earlier this week announced that the first patient has been dosed in the proof of concept extension phase of the dose escalation phase 1 study”, says Peter Buhl Jensen, Adjunct Professor, MD, PhD and CEO of Oncology Venture.
“We have an existing pipeline of products, we have great confidence, while our ambition is to expand Oncology Ventures potential further through the planned creation of one or more so-called "Special Purpose Vehicles". These will include opening up opportunities for us to bring in international private and venture capital. Thereby we will be given the opportunity to have a significantly larger number of drug candidates in our pipeline and to explore multiple indications of each drug candidate", Dr. Buhl Jensen further commented.
Subscription and allotment of rights issue
In total, the received notifications corresponds to SEK 28.8 million (including subscription undertaking), whereby Oncology Venture will be provided approximately SEK 20.7 million before issue costs, which are estimated at about SEK 1.3 million. 1,984,324 shares (approximately 96% of the issue volume) will be given to subscribers with preferential rights. 82,300 shares (approximately 4% of the issue volume) will be given to the public. Those who receive shares without subscription rights will receive contract notes, which are expected to be sent out on Friday, June 3rd, 2016. Signatories which are not allocated shares will not receive contract notes.
Shares and share capital
After the new rights issue registration, the total number of shares in Oncology Venture will increase to 9,299,810 shares. The share capital after the registration will be SEK 1 301 973.40.
Trading in BTA
Trading in BTAs (paid subscription share) will take place on AktieTorget until the Bolagsverket has registered the new rights issue. Registration is expected to occur in late June, 2016.
Sedermera Fondkommission has acted as Oncology Ventures financial advisor in relation to the new rights issue.
For questions related to the new issue:
Telephone: 0431-47 17 00
For further Information about Oncology Venture:
Ulla Hald Buhl, COO, IR & Communication Peter Buhl Jensen, CEO
Telephone +45 21 70 10 49 Telephone: +45 21 60 89 22
About Oncology Venture Sweden AB
Oncology Venture Sweden AB is engaged in the research and development of anti-cancer drugs via its wholly owned Danish subsidiary Oncology Venture ApS. Oncology Venture has a license to use Drug Response Prediction – DRP™ – in order to significantly increase the probability of success in clinical trials. DRP™ has proven its ability to provide a statistically significant prediction of clinical outcomes from drug treatment in cancer patients in 29 of the 37 clinical studies that were examined. The Company uses a model that alters the odds in comparison with traditional pharmaceutical development. Instead of treating all patients with a particular type of cancer, patients are screened first and only those who are most likely to respond to the treatment will be treated. Via a more well defined patient group, the risk and costs are reduced while the development process becomes more efficient.
The current product portfolio: LiPlaCis™, for Breast Cancer, Irofulven, developed from a fungus, for Prostate Cancer, and APO010, an immuno-oncology product for Multiple Myeloma.