Cline’s Share Issue Oversubscribed by 142.4 percent
The share issue that Cline Scientific AB completed in May was oversubscribed by 142.4 percent, of which 47.2 percent was subscribed with the support of subscription rights. Due to the large oversubscription, the board has decided to use the over-allotment option that was in the offer. The issue thus adds 10 million SEK to the company before issue costs, which are estimated at 0.6 million SEK. Billing notes for those who subscribe without preference will be sent out during the current week.
The issue was carried out with the purpose of obtaining resources to take the next step in the company's strategy. This means that a great focus will be placed on the company's two development projects;
- A new cell-based diagnostic application for metastatic breast cancer,
- A new stem cell therapy to replace damaged cartilage in joints that can be used to treat osteoarthritis and other health conditions.
“The issue proceeds give Cline the opportunity to continue expanding its business and start working towards clinical studies in the breast cancer project - CellRACE,” says Patrik Sundh, CEO of Cline Scientific AB. “We are now in an exciting phase where we will take our two projects far along in the process towards clinical studies. With the capital raised, we aim to be prepared for the studies in fall 2020 and then begin the studies in 2021.”
The share issue increases the number of Class A shares by 159,333 to 659,333 Class A shares and the number of Class B shares by 3,847,037 to 11,788,149 Class B shares. Following registration with the Swedish Companies Registration Office, which is expected to take place at the end of June 2020, the share capital has increased by SEK 400,637 to SEK 1,244,748.20.
This information constitutes such information that Cline Scientific AB is obligated to disclose in accordance with the EU Market Abuse Regulation. The information was submitted by the above-mentioned contact persons for publication on June 4, 2020. Every care has been taken in the translation of this document. In the event of discrepancies, the Swedish original will supersede the English translation.
For more information, please contact:
Patrik Sundh, CEO
Email: patrik.sundh@clinescientific.com
Phone: 0703-585 088
About Cline Scientific
Cline Scientific develops advanced cancer diagnostics and regenerative medicine treatments. The company is working heavily with R&D through joint collaborations with pharmaceutical companies and academic researchers around the world. The focus is on projects in the cancer diagnostic and stem cell therapy fields since Clines nanotechnology here provides unmet solutions to critical challenges and functions. The unique patented surface nanotechnology is used in cell-based products and processes to drive projects within Life Science into and through the clinical phase.
Cline Scientific AB (publ)
Phone: 031-387 55 55
Argongatan 2C Email: info@clinescientific.com
431 53 MÖLNDAL Website: www.clinescientific.com