Medicarb postpones its ipo and listing on stockholmsbörsen's O-list
MEDICARB POSTPONES ITS IPO AND LISTING ON STOCKHOLMSBÖRSEN'S O-LIST INSTEAD MEDICARB WILL UNDERTAKE A PRIVATE PLACEMENT The Board of Directors of Medicarb AB decided today to postpone its IPO and its listing on Stockholmsbörsen's O-list. "We received a very favourable response, particularly at our meetings with international institutions. However, interest on the part of Swedish institutions as well as the Swedish public in subscribing for shares has not been sufficiently strong to ensure a stable trading environment for the company's shares over the longer term. To continue with the IPO in these circumstances would not be in the best interests of the company or of the present and potential new shareholders," said CEO Roger Johanson. The Board has therefore decided to undertake a private placement of up to SEK 100 million. The company's principal shareholders, HealthCap, Investor Growth Capital and Sixth Swedish National Pension Fund, intend to apply for shares in the private placement to a value of no less than SEK 50 million. This will allow the company to continue financing its operations for the next two to three years and Medicarb's business development can thus continue as planned. The Board of Directors plans to undertake the IPO within 12 months if market conditions are favourable, and to introduce the shares on the O- list of Stockholmsbörsen at the same time. For further information, please contact: Roger Johanson, CEO Telephone: 08-627 08 80 e-mail: roger.johanson@medicarb.se Website: www.medicarb.se Medicarb AB was founded in 1991 by Professor Olle Larm and now comprises more than twenty employees, including eight with doctorates. Although mainly research-orientated, the company's aim is to exploit and commercialise the medically significant properties of certain polysaccharides. Medicarb has demonstrated medically exploitable properties of polysaccharides, heparin and chitosan. The properties studied include wound healing, prevention and treatment of infection and inflammation, as well as biocompatible surfaces and biomaterials. Medicarb's business concept is to achieve long-term commercial growth through the discovery, development and supply of new and innovative medicines and medicinal products based on biologically active carbohydrates. ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/05/22/20010522BIT00990/bit0001.doc http://www.bit.se/bitonline/2001/05/22/20010522BIT00990/bit0002.pdf