ExpreS2ion will be allocated approximately SEK 9,6 million through the redemption of warrants and at the same time converts part of loan
Hørsholm, Denmark, February 26, 2020 – ExpreS2ion Biotech Holding AB (“ExpreS2ion”) hereby announces that the company has received written confirmation from warrant holders that these parties will exercise all of their warrants of series TO 3. ExpreS2ion will thereby be allocated approximately SEK 9.6 million before issue costs. In connection with this share issue SEK 1.5 million of the loan provided by Modelio Equity AB will also be converted into new shares at the same shareprice as the warrants (SEK 6,00). Through the funding ExpreS2ion will be funded until the company expect to be cash flow neutral in 2021 - and at positive cash flow beyond this point.
In March 2019 ExpreS2ion issued 1,600,000 consideration-free warrants of series TO 3 to a number of investors in connection to a directed share issue. Each warrant entitled the holder to subscribe for one (1) new share at a price of SEK 6.00 per share. ExpreS2ion hereby announces that all warrants of series TO 3 will be exercised for subscription of 1,600,000 shares, which will bring the company approximately SEK 9.6 million before issue costs of approximately SEK 0.6 million.
ExpreS2ion’s Chairman Martin Roland Jensen comments:
“The funds we now receive are of course important as we drive the business forward at a rapid pace. We are working really hard to exploit the potential of ExpreS2ion and are very optimistic about the time we have before us. We are very pleased that all warrant holders have executed their warrants and we see this as an expression of confidence in ExpreS2ion. It means that ExpreS2ion now is funded until we expect to be cash flow neutral in 2021 - and at positive cash flow beyond this point”.
ExpreS2ion’s CEO Bent Frandsen comments:
“I would like to thank the investors for their support in ExpreS2ion. We are, of course, very pleased with the additional capital that will strengthen us further in our efforts to achieve our long-term goals.”
Number of shares and share capital
When the new shares, including the converted part of the loan from Modelio Equity AB, have been registered with the Swedish Companies Registration Office, the number of shares in ExpreS2ion will amount to 15 452 015 and the share capital will amount to 1 716 890,350001 SEK.
Svensk Kapitalmarknadsgranskning AB
Telefon: +46 11 32 30 732
For further information about ExpreS2ion, please contact:
Bent U. Frandsen, CEO
Telephone: +45 4256 6869
This press release contains information that ExpreS2ion is obligated 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 February 26, 2020.
ExpreS2ion Biotechnologies ApS is a fully owned Danish subsidiary of ExpreS2ion Biotech Holding AB with company register number 559033-3729. ExpreS2ion has developed a unique technology platform, ExpreS2, for fast and efficient non-clinical development and production of complex proteins for new vaccines and diagnostics. ExpreS2 is regulatorily validated for clinical supply. The platform includes functionally modified glycosylation variants for enhanced immunogenicity and pharmacokinetics. Since 2010, the Company has produced more than 300 proteins and 40 virus-like particles (VLPs) in collaboration with leading research institutions and companies. Since 2017, ExpreS2ion develops novel VLP based vaccines through its joint venture AdaptVac ApS. For additional information, please visit www.expres2ionbio.com and www.adaptvac.com.