The rights issue of Oncology Venture is oversubscribed
Hørsholm, Denmark, January 31st, 2018 – Oncology Venture Sweden AB (”Oncology Venture”) today announces that the company’s rights issue of approximately SEK 44.7 million in order to finance planned clinical trials with existing drug candidates and establish a financial buffer, has been oversubscribed. The rights issue was subscribed to approximately SEK 59.6 million, responding to a subscription rate of approximately 133 percent. Through the rights issue a total of 2.745.143 shares are issued and Oncology Venture are provided approximately SEK 44.7 million before issuing costs. The issuing costs are calculated to amount to approximately SEK 3.9 million, of which approximately SEK 2 million are related to compensation for subscription guarantees. Since the rights issue was oversubscribed, the subscription guarantees are not activated. Contract notes are planned to be sent out today, on January 31st, 2018.
”Oncology Venture is breaking new ground in the development of cancer drugs through agreements with Big Pharma and an extensive pipeline of potential cancer drugs. I want to thank all you that participated in the rights issue and also take the time to welcome all of our new shareholders. The funds will finance our business and planned clinical trials during 2018. My expectations on the DRP® technology are high since the focused treatment with DRP® will bring new hope and better treatments for cancer patients”, says Peter Buhl Jensen, MD, PhD and CEO of Oncology Venture.
Subscription and allotment in the rights issue
The rights issue was subscribed to SEK 59,562,645.00 SEK including subscription commitments, corresponding to a subscription rate of approximately 133 percent. A total of 2,745,143 shares are issued and Oncology Venture are thus provided with approximately SEK 44.7 million before issuing costs, which are calculated to amount to approximately SEK 3.9 million, of which approximately SEK 2 million are related to compensation for subscription guarantees. A total of 2,397,047 shares, corresponding to approximately 87 percent of the subscription rate, are allotted to subscribers with preferential rights. Those who receive shares without preferential rights will receive contract notes, which are expected to be sent out today, January 31st, 2018. Signatories which are not allocated shares will not receive contract notes.
Shares and share capital
After the registration of the rights issue at the Companies Registration Office (“Bolagsverket”), the total number of shares in Oncology Venture will amount to 13,832,716 shares and the share capital will amount to SEK 1,936,580.24.
Trading in BTA
Trading in BTA (paid subscribed share) will take place on AktieTorget until Bolagsverket has registered the rights issue. Registration is expected to occur in the middle of February, 2018.
Sedermera Fondkommission is the financial advisor to Oncology Venture in connection with the rights issue.
For questions concerning the rights issue, please contact:
Telephone: +46 (0) 40-615 14 10
For further information, please contact
|Ulla Hald Buhl, COO andChief IR & CommunicationsMobile: +45 2170 1049E-mail: email@example.com||Or||Peter Buhl Jensen, CEOMobile: +45 21 60 89 22E-mail: firstname.lastname@example.org|
This information is 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 January 31st, 2018.
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 in collaboration with Cadila Pharmaceuticals, 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. OV-SPV 2 is a Danish company that shall test and potentially develop an oral phase 2 Tyrosine Kinase inhibitor. Oncology Venture currently holds 92 percent of the shares in 2X Oncology Inc. and 40 percent of the shares in OV-SPV 2.