Warrants of series TO2 were subscribed to approximately 93,4 percent and Cereno Scientific AB (publ) receives approximately SEK 61,3 million
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Cereno Scientific AB (publ) (“Cereno” or the “Company”) today announced the outcome of the exercise of warrants of series TO2, which were issued during the fourth quarter of 2020. In total, 32 253 062 warrants of series TO2 were exercised, corresponding to approximately 93,4 percent of the total number of outstanding warrants of series TO2, for subscription of 32 253 062 shares of series B at a subscription price of SEK 1.90 per share. Cereno will receive approximately SEK 61,3 million before issue costs through the exercise of warrants of series TO2.
“I’m very pleased to see the high subscription rate achieved, a testament to the continued confidence that the shareholders have in Cereno and our vision of developing new and innovative treatments for rare and common cardiovascular diseases” says Sten Sörensen, CEO of Cereno Scientific. “We have made significant progress over the past twelve months with key milestones reached in all our three development programs. For our lead project CS1 we have been able to communicate that the first patient in the Phase II study in pulmonary arterial hypertension (PAH) received the first dose of CS1 late this summer. For CS585 and CS014 we have shown with preclinical data that both drug candidates have demonstrated effect in thrombosis prevention without increased risk of bleeding, which is a critical characteristic that all current antithrombotic treatments lack. We have also during this period been able to significantly expand the patent protection for our drug assets. Looking forward, the company and our portfolio are well-positioned for growth and the capital that we now receive makes it possible to continue to build Cereno’s innovative platform with the aim to bring valuable new drugs to the rare and common cardiovascular disease space where there are large unmet needs”.
Background
The subscription period for exercise of the warrants of series TO2 took place from September 14, 2022, up to and including September 28, 2022. The subscription price per share for exercising the warrants of series TO2 was set to SEK 1.90.
In total, 32 253 062 warrants of series TO2 were exercised for subscription of 32 253 062 shares of series B, meaning that approximately 93,4 percent of all outstanding warrants of series TO2 were exercised for subscription of shares.
Exercised warrants have been replaced with interim shares (IA), pending registration with the Swedish Companies Registration Office. The interim shares are expected to be converted to shares within approximately three (3) weeks.
Number of shares, share capital and dilution
Through the exercise of the warrants of series TO2, the number of shares of series B in Cereno increases by 32 253 062 shares, from 105 261 782 shares to a total of 137 514 844 shares. The share capital will increase by SEK 3 225 306,20, from SEK 10 526 178,20 to SEK 13 751 484,40.
For existing shareholders who did not exercise any warrants of series TO2, the dilution amounts to approximately 23,5 percent based on the number of shares following exercise of the warrants of series TO2.
Advisers
Mangold Fondkommission AB is financial adviser and issuing agent and MAQS Advokatbyrå AB is legal advisor to Cereno in connection with the exercise of the warrants of series TO2.
For questions regarding the warrants, please contact:
Mangold Fondkommission AB
Tel: +46 8 5030 1595
E-mail: emissioner@mangold.se
For more information regarding Cereno, please contact:
Daniel Brodén, CFO
Cell: +46 768 66 77 87
E-mail: info@cerenoscientific.com
This information is such that Cereno Scientific AB (publ) is required to make public in accordance with the EU's Market Abuse Regulation (MAR). The information was made public by the Company's contact person above on 30 September, 2022 at 08:30 CEST.
About Cereno Scientific
Cereno Scientific is a clinical stage biotech company within common and rare cardiovascular diseases. The lead drug candidate, CS1, is a Phase II candidate in development for the treatment of the rare disease pulmonary arterial hypertension (PAH). CS1 is an HDAC (Histone DeACetylase) inhibitor that acts as an epigenetic modulator with pressure-reducing, reverse-remodeling, anti-inflammatory, anti-fibrotic and anti-thrombotic properties, all relevant for PAH. A clinical Phase II study is ongoing to evaluate CS1’s safety, tolerability and efficacy in patients with PAH. A collaboration agreement with global healthcare company Abbott allows Cereno to use their cutting-edge technology CardioMEMS HF System in the study. Cereno also has two promising preclinical drug candidates in development for cardiovascular disease through research collaborations with the University of Michigan. Drug candidate CS585 is a stable, selective, and potent prostacyclin receptor agonist. It has been documented in preclinical studies to target the IP receptor for prevention of thrombosis without increased risk of bleeding. Drug candidate CS014 is a novel HDAC inhibitor with epigenetic effects. In preclinical studies it has been documented to regulate platelet activity, fibrinolysis and clot stability for prevention of thrombosis without increased risk of bleeding. The company is headquartered in Gothenburg, Sweden, and has a US subsidiary Cereno Scientific Inc. based in Kendall Square in Boston, Massachusetts, US. Cereno is listed on the Swedish Spotlight Stock Market (CRNO B). More information on www.cerenoscientific.com.
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