Bluefish announces new share issue of approximately SEK 50 million
“Securing liquidity and increases the offering of niche products“
To secure liquidity as well as to create the necessary conditions for continued growth within profitable segments, the Board of Directors of Bluefish Pharmaceuticals AB (Bluefish or the Company) has resolved, conditioned by the authorisation of the extraordinary general meeting on 5 July 2013, to carry out three directed new share issues which, assuming full subscription, will amount to approximately SEK 50 million. Nexttobe AB and Färna Invest AB have committed to subscribe for shares corresponding to a total of SEK 40 million.
Bluefish currently has nine (9) formulation projects under own development within a number of different therapeutic areas, focussed on niche which offers higher margins. The Company also continues to evaluate in-licensing opportunities to broaden the portfolio in local markets. The Company expects to generate an additional revenue of approximately SEK 200 million when all of these products have been launched and reached their full sales potential within the next four years.
In connection with the new share issue, the Company offers existing holders of the convertible debt serie 2011/2014, in total amounting to SEK 60 million, to convert to B shares at a conversion price of SEK 5 per share, or to extend their holding until 30 June 2017 at existing conditions. Färna Invest AB, which holds convertible debt amounting to SEK 20 million has committed to convert this amount to 4 000 000 shares.
Summary new share issue
The Board of Directors has resolved to increase the Company’s share capital by up to SEK 2 000 000 through a new issue of up to 10 000 000 shares, whereof 1 454 756 A shares and 8 545 244 B shares.
- The new share issue is intended to finance the Company’s own development projects until launch as well as to continue the expansion of the existing product portfolio.
- The new shares will be issued at a subscription price of SEK 5 per share.
- If fully subscribed, the proceeds will amount to approximately SEK 50 million.
- The application for subscription of shares is until 3 July 2013.
The right to subscribe for the new shares shall vest in
1. Nexttobe AB who shall have the right to subscribe for 6 000 000 shares, of which 1 091 067 A shares and 4 908 933 B, in total corresponding to SEK 30 million.
2. Färna Invest AB who shall have the right to subscribe for 2 000 000 shares aktier, of which 363 689 A shares and 1 636 311 B shares, in total corresponding to SEK 10 million.
3. Other shareholders who shall have the right to subscribe for 2 000 000 B shares, in total corresponding to SEK 10 million. Each shareholder has the right to subscribe for shares pro rata to its previous shareholding.
Summary offering to holders of convertible debt
The Board of Directors has resolved to increase the Company’s share capital by up to SEK 2 400 000 through a new issue of up to 12 000 000 B shares.
- The convertible debenture series 2011/2014 matures on 30 June 2014 and it is the Board of Directors’ opinion that it will be to the benefit and in the interest of the company to either change the period in which the convertible debt may be converted, or extend the date of its maturity.
- Holders of the convertible debenture series 2011/2014 are therefore offered to either convert their holding at a conversion price of SEK 5 per share, or extend their holding with a new maturity of 30 June 2017 at current conditions.
- The application for subscription is until 3 July 2013.
For more information, contact
Karl Karlsson, President & CEO Bluefish Pharmaceuticals
Tel. 46 8 519 116 00
Email: karl.karlsson@bluefishpharma.com
Susanna Urdmark, CFO Bluefish Pharmaceuticals
Tel. 46 8 519 116 00
Email: susanna.urdmark@bluefishpharma.com
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 a large number of European markets and has a technology center in Bangalore, India. The product portfolio consists of a total of 80 products and is growing.
www.bluefishpharma.com