ChronTechs rights offering of shares and convertibles oversubscribed
The result regarding ChronTech Pharma AB’s rights offering of shares and convertibles shows that the offering for subscribing for shares was oversubscribed by more than 100 % and that the offering for convertibles was slightly oversubscribed.
The board of ChronTech Pharma AB decided on the 2nd of September, 2013 with the support of the authorization of the AGM about the present rights offering. One share gave two separate subscription rights, one concerning the subscription for one share at 0.03 SEK (totally 100,862,727 shares) and one concerning the subscription of one convertible at 0.06 SEK (totally 100,862,727 convertibles). The result shows that the offering for subscription of shares was oversubscribed by more than 100 %, and that the offering for convertibles was slightly oversubscribed. The two offerings will give 9 million SEK to the company before emission costs.
”This good outcome of the offering and the positive results with our injection technology IVIN, which were clearly above our expectations and which were communicated last week, allows for an exciting new start for the company. The addition of capital in combination with that the deal with Avac Ltd now has been completed and that our costs have been reduced substantially now allow us to concentrate on developing IVIN and our vaccine against hepatitis D. Both these projects also have a much shorter way to market and are less costly to develop than a candidate medicine. Our goal is to be in the clinic with IVIN already during the next year. The board is working on an analysis of the economic potential for IVIN”, says ChronTech’s CEO Anders Vahlne.
Those who subscribed will be allotted shares and convertibles according to the principles in “The invitation to subscribe”. Transaction notes to those persons who have subscribed for shares and convertibles without rights are estimated to be issued around the 2 of October 2013. Only those who have been allotted shares or convertibles will be notified.
As soon as the increase in share capital has been registered with the Swedish Companies Registration Office (“Bolagsverket”), paid subscribed shares (BTAs) and paid subscribed convertibles (BTUs) will be converted to shares and convertibles, respectively. Trade in the new shares is estimated to begin on First North by the end of October, 2013. The convertibles will not be up for trading.
For more information, please contact:
Anders Vahlne, CEO and Head of Research, ChronTech Pharma AB
Mobile phone: +46 709 28 05 28
E-mail: anders.vahlne@chrontech.se
About ChronTech
ChronTech has developed and further develops a patent pending new type of injection needle for a more effective uptake of genetic vaccines (IVIN) and vaccine and therapy for hepatitis D. ChronTech also have part ownership in the new platform technology RAS®. The ChronTech share is admitted to trade on First North. Remium Nordic AB is Certified Adviser for ChronTech. For more information, please visit: www.chrontech.se
In the event of any discrepancy between the Swedish and English versions of this press release, the Swedish version will take precedence.