Oncology Ventures’ new rights issue oversubscribed
On November 10th, 2016, the subscription period in Oncology Venture Sweden AB's ("Oncology Venture") rights issue ended, in which the general public was given the opportunity to subscribe for shares as well. Through the rights issue 774,984 new shares will be issued and Oncology Venture will thus be provided approximately SEK 21.4 million after issue costs. Issue costs amounted to approximately SEK 1.1 million. Contract notes are scheduled to be sent out today, November 16th, 2016. Including subscription commitments, the new rights issue was signed to approximately SEK 60.3 million, representing a subscription rate of about 268 %.
"We are in an important stage of development and are of course very grateful for the interest in the new rights issue. Through the raised capital, we can fund product manufacturing for clinical trials that are being conducted in accordance with the development agreement with Cadila Pharmaceuticals Ltd. which covers joint development of LiPlaCis® and secure rights to three interesting products for treatment of cancer in women for 2X Oncology Inc. – an American spinout (Special Purpose Vehicle) from Oncology Venture. In addition, the raised capital will also partially fund the development of a fourth drug candidate, including screening, personnel costs and completion of license”, says Peter Buhl Jensen, Adjunct Professor, MD, PhD and CEO of Oncology Venture.
“We face a number of exciting projects – all with great potential. We now have the opportunity to, in a focused way, increase the pace of the business further – something that significantly increases the likelihood of achieving success in the business", Dr. Buhl Jensen further commented.
Subscription and allotment of rights issue
In total, the received notifications correspond to approximately SEK 60.3 million (including subscription undertaking). 770,567 shares (approximately 99% of the issue volume) will be given to subscribers with preferential rights. Those who receive shares without subscription rights will receive contract notes, which are expected to be sent out today, November 16th, 2016. Signatories which are not allocated shares will not receive contract notes.
Shares and share capital
After the new rights issue registration, the total number of shares in Oncology Venture will increase to 10,074,794 shares. The share capital after the registration will be SEK 1 410 471.16.
Trading in BTA
Trading in BTAs (paid subscription share) will take place on AktieTorget until the Swedish Companies Registration Office has registered the new rights issue. Registration is expected to occur in early December 2016.
Financial Advisor
Sedermera Fondkommission has acted as financial advisor to Oncology Venture in the new rights issue.
For questions related to the new issue, please contact:
Sedermera Fondkommission
Telephone: 040-615 14 10
E-mail: info@sedermera.se
For further Information about Oncology Venture, please contact:
Ulla Hald Buhl, COO, IR & Communication Peter Buhl Jensen, CEO
Telephone +45 21 70 10 49 Telephone: +45 21 60 89 22
E-mail: uhb@oncologyventure.com E-mail: pbj@oncologyventure.com
This information is information that Oncology Venture Sweden AB is obliged 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 November 16th, 2016.
About Oncology Venture Sweden AB
Oncology Venture Sweden AB is engaged in the research and development of anti-cancer drugs via its wholly owned Danish subsidiary Oncology Venture ApS. Oncology Venture has a license to use Drug Response Prediction – DRP™ – in order to significantly increase the probability of success in clinical trials. DRP™ has proven its ability to provide a statistically significant prediction of clinical outcomes from drug treatment in cancer patients in 29 of the 37 clinical studies that were examined. The Company uses a model that alters the odds in comparison with traditional pharmaceutical development. Instead of treating all patients with a particular type of cancer, patients are screened first and only those who are most likely to respond to the treatment will be treated. Via a more well defined patient group, the risk and costs are reduced while the development process becomes more efficient.
The current product portfolio: LiPlaCis™, for Breast Cancer, Irofulven, developed from a fungus, for Prostate Cancer, and APO010, an immuno-oncology product for Multiple Myeloma.