BiBBInstruments announces preliminary outcome of rights issue
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BiBBInstruments AB (“BiBB” or the “Company”) today announces the preliminary outcome of the rights issue of units of approximately SEK 36.5 million that was announced by the Company on 8 November 2024 (the “Rights Issue”). The preliminary outcome of the Rights Issue indicates that 1,877,646 units, corresponding to approximately 51.4 percent of the Rights Issue, were subscribed for both with and without the support of unit rights. The Rights Issue was covered to approximately SEK 27.6 million, corresponding to 75.5 percent, by subscription commitments, declarations of intent and guarantee commitments. Consequently, approximately 877,636 units, corresponding to approximately SEK 8.8 million or approximately 24.0 percent of the Rights Issue, are expected to be subscribed through utilization of the guarantee commitments, of which the bottom guarantors subscribe 677,636 units and the top guarantor subscribes 200,000 units. Through the Rights Issue, the Company will initially receive approximately SEK 27.6 million before issuance costs. Should all attached warrants of series TO 1 (the “Warrants”), relating to the issued units in the Rights Issue, be exercised, the Company may receive an additional amount of at least SEK 9.0 million.
“It is gratifying that BiBB is now funded for the upcoming commercial phase. 2025 will be an intense year, and we would like to thank both our existing shareholders and the new investors who have supported the Company and participated in the capitalization. We will work hard to honor your trust", says Fredrik Lindblad, CEO of BiBB.
“In our view, BiBB has developed a series of truly innovative powered products within the biopsy space, where the traditional manual needle technique has come close to its limits in terms of being further refined. We believe in the potential for shifting to this new technology with its advantages, and we are very pleased to be invited to participate in the commercialization journey with BiBB”, says Jan Poulsen, CEO Life Science Invest Fund I ApS.
Preliminary outcome of the Rights Issue
The subscription period in the Rights Issue ended on January 21, 2025 and the preliminary subscription summary indicates that 1,713,046 units, corresponding to approximately SEK 17.1 million, or approximately 46.9 percent of the Rights Issue, were subscribed for with the support of units rights and 164,600 units, corresponding to approximately SEK 1.6 million, or approximately 4.5 percent of the Rights Issue, were subscribed for without the support of unit rights, for a combined total subscription, with and without the support of unit rights, of approximately 51.4 percent. The Rights Issue was covered to approximately SEK 27.6 million, corresponding to 75.5 percent, by subscription commitments, declarations of intent and guarantee commitments. Consequently, approximately 877,636 units, corresponding to approximately SEK 8.8 million or approximately 24.0 percent of the Rights Issue, are expected to be subscribed through utilization of the guarantee commitments, of which the bottom guarantors subscribe 677,636 units and the top guarantor subscribes 200,000 units. Through the Rights Issue, the Company will initially receive approximately SEK 27.6 million before issuance costs.
Allocation of units in the Rights Issue will be conducted according to the principles specified in the EU growth prospectus issued in connection with the Rights Issue, published by the Company on December 19, 2024 (the “Prospectus”). Notifications regarding the allocation of units subscribed without the support of unit rights will be sent via contract notes to those allocated units. Nominee-registered shareholders will receive allocation notifications in accordance with the procedures of each respective nominee.
Trading in BTU
The final outcome of the Rights Issue is expected to be announced on January 22, 2025. Trading in paid subscribed units (“BTU”) will continue on Spotlight Stock Market up to, and including, January 27, 2025.
Warrants
One (1) Warrant entitles to subscription of one (1) new share in the Company, during the period from and including May 22, 2025 to and including June 5, 2025. The subscription price when exercising the Warrants will be determined as 70 percent of the volume-weighted average price (“VWAP”) of the Company’s shares on Spotlight Stock Market during the measurement period 5 – 16 May 2025, however, no less than SEK 3.25 and no more than SEK 6.00.
Advisers
BiBB has engaged Penser by Carnegie, Carnegie Investment Bank AB (publ) as financial advisor and Setterwalls Advokatbyrå AB as legal advisor in connection with the Rights Issue.
This is a translation of the Swedish press release. If there should be any discrepancies, the Swedish language version prevails.
For more information about BiBB, please contact:
Fredrik Lindblad, CEO
E-mail: fredrik.lindblad@bibbinstruments.com
Phone: +46 70 899 94 86
www.bibbinstruments.com
This disclosure contains information that BiBBInstruments 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, at 17:50 CET on January 21, 2025.
About BiBB
The cancer diagnostics company BiBBInstruments AB develops and manufactures EndoDrill®, a patented product line of electric-driven endoscopic biopsy instruments. The EndoDrill® instruments take high-quality tissue samples with high precision with the goal of improving the diagnosis of several serious cancers, such as stomach, pancreas, liver, lung, and bladder. The product portfolio is aimed at the global market for ultrasound-guided endoscopic (EUS/EBUS) biopsy instruments, which constitute the most advanced and fast-growing area of endoscopy. BiBB received 510(k) clearance from the US FDA for the lead product EndoDrill® GI in 2023. At the beginning of 2024, CE marking according to MDR was also obtained for all three product variants: EndoDrill® GI, EndoDrill® EBUS and EndoDrill® URO. Thus EndoDrill® is the first cleared electric endoscopic biopsy system in both the US and Europe. The EndoDrill® system includes sterile disposable biopsy instruments with associated drive system. The company was founded in 2013 by Dr. Charles Walther, cancer researcher at Lund University and senior consultant in clinical pathology at Skåne University Hospital in Lund. BiBBInstruments is based at Medicon Village in Lund and the BiBBInstruments share (ticker: BIBB) is listed on Spotlight Stock Market.
Important information
The information in this press release does not contain or constitute an offer to acquire, subscribe or otherwise trade in shares, warrants or other securities in BiBB. No action has been taken and measures will not be taken to permit a public offering in any jurisdictions other than Sweden. Any invitation to the persons concerned to subscribe for units in BiBB has only been made through the Prospectus that BiBB published on 19 December 2024 on BiBB’s website, www.bibbinstruments.com. The approval of the Prospectus by the Swedish Financial Supervisory Authority shall not be regarded as an approval of the shares or any other securities. This release is however not a prospectus in accordance with the definition in the Prospectus Regulation (EU) 2017/1129 (“Prospectus Regulation”) and this announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in shares, warrants or other securities in BiBB. In order for investors to fully understand the potential risks and benefits associated with a decision to participate in the Rights Issue, any investment decision should only be made based on the information in the Prospectus. Thus, investors are encouraged to review the Prospectus in its entirety.
The information in this press release may not be released, distributed or published, directly or indirectly, in or into the United States of America, Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore, South Africa, South Korea, Switzerland or any other jurisdiction in which such action would be unlawful or would require registration or any other measures than those required by Swedish law. Actions in violation of these restrictions may constitute a violation of applicable securities laws. No shares, warrants or other securities in BiBB have been registered, and no shares, warrants or other securities will be registered, under the United States Securities Act of 1933, as amended (the “Securities Act”) or the securities legislation of any state or other jurisdiction in the United States of America and no shares, warrants or other securities may be offered, sold or otherwise transferred, directly or indirectly, in or into the United States of America, except under an available exemption from, or in a transaction not subject to, the registration requirements under the Securities Act and in compliance with the securities legislation in the relevant state or any other jurisdiction of the United States of America.
Within the European Economic Area (“EEA”), no public offering of shares, warrants or other securities (“Securities”) is made in other countries than Sweden. In other member states of the EU, such an offering of Securities may only be made in accordance with an applicable exemption in the Prospectus Regulation. In other member states of the EEA which have implemented the Prospectus Regulation in its national legislation, any offer of Securities may only be made in accordance with an applicable exemption in the Prospectus Regulation and/or in accordance with an applicable exemption under a relevant national implementation measure. In other member states of the EEA which have not implemented the Prospectus Regulation in its national legislation, any offer of Securities may only be made in accordance with an applicable exemption under national law.
In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, “qualified investors” (within the meaning of the United Kingdom version of the EU Prospectus Regulation (2017/1129/ EU) which is part of United Kingdom law by virtue of the European Union (Withdrawal) Act 2018) who are (i) persons having professional experience in matters relating to investments who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); (ii) high net worth entities etc. falling within Article 49(2)(a) to (d) of the Order; or (iii) such other persons to whom such investment or investment activity may lawfully be made available under the Order (all such persons together being referred to as “relevant persons”). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.
This press release may contain forward-looking statements which reflect the Company’s current view on future events and financial and operational development. Words such as “intend”, “expect”, “anticipate”, “may”, “believe”, “plan”, “estimate” and other expressions which imply indications or predictions of future development or trends, and which are not based on historical facts, are intended to identify forward-looking statements. Forward-looking statements inherently involve both known and unknown risks and uncertainties as they depend on future events and circumstances. Forward-looking statements do not guarantee future results or development and the actual outcome could differ materially from the forward-looking statements.
This information, the opinions and the forward-looking statements included in this press release are only applicable as of this date and may change without any notice thereof. BiBB does not undertake to publish any updates or amendments of forward-looking statements, future events or similar circumstances other than what is required by appliable legislation.