OncologyVenture has raised 33.7 MSEK in the rights issue
Hoersholm, Denmark, April 5th2017 – Oncology Venture Sweden AB (“Oncology Venture”) today announced that SEK 33.7 million before issue costs, equivalent to approximately 64 % of the rights issue, has been raised. Through the rights issue, 802,213 shares are issued and Oncology Venture will thus be provided approximately SEK 33.7 million before issue costs. Issue costs amounted to approximately SEK 2.1 million. Contract notes are scheduled to be sent out today, April 5th, 2017. Oncology Venture will move forward to reach significant milestones: up to seven products in pipeline including the development of LiPlaCis® in collaboration with Cadila Pharmaceuticals Ltd., expand of the screening infrastructure in collaboration with its spinout 2X Oncology Inc. in Scandinavia, prepare to move from AktieTorget to the Nasdaq Stockholm Small Cap but does not plan to co-invest in OV-SPV2 ApS. Oncology Venture has a diversified financing strategy and has raised capital as soft money, through private spinouts and through public offerings. In addition Oncology Venture aims to sell and partner its products.
"Oncology Venture has since its IPO one and a half year ago, at a high speed been able to create substantial value to the company by the building of a Phase 2 pipeline of up to seven drugs and two spinout companies. I want to thank the investors who signed up for this capital raise – the largest in Oncology Venture’s history – for the support by the adding of new working capital to the company. I believe we have a very exciting journey ahead of us with a unique list of and unpreceded number of news triggers", says Peter Buhl Jensen, Adjunct Professor, MD, PhD and CEO of Oncology Venture.
Subscription and allotment of rights issue
In total, the received notifications corresponds to SEK 33,692,946 million (including subscription undertaking), representing a subscription rate of about 64 %. 802,213 shares are issued and Oncology Venture will be provided approximately SEK 33.7 million before issue costs, which are estimated at about SEK 2.1 million. 703,040 shares (approximately 88 % of the subscribed issue volume) will be given to subscribers with preferential rights. Those who receive shares without subscription rights will receive contract notes, which are expected to be sent out today, April 5th, 2017. 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 10,877,007 shares. The share capital after the registration will be SEK 1,522,780.98.
Trading in BTA
Trading in BTAs (paid subscription share) will take place on AktieTorget until the Companies Registration Office (Bolagsverket) has registered the new rights issue. Registration is expected to occur in late April, 2017.
Sedermera Fondkommission has acted as Oncology Ventures financial advisor in relation to the new rights issue.
For questions related to the new issue, please contact:
Telephone: +46 40-615 14 10
For further information about Oncology Venture, please contact:
Ulla Hald Buhl, COO, IR & Communication Peter Buhl Jensen, CEO
Telephone +45 21 70 10 49 Telephone: +45 21 60 89 22
E-mail: email@example.com E-mail: firstname.lastname@example.org
This information is information that Oncology Venture Sweden AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on April 5th, 2017.
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’ tumors genes 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. Oncology Venture has spun out two companies in Special Purpose Vehicles: 2X Oncology Inc. a US based company focusing on Precision medicine for women’s cancers with a pipeline of three promising phase 2 product candidates and Danish OV-SPV 2 will test and potentially develop an oral phase 2 Tyrosine Kinase inhibitor.