Scandion Oncology receives approximately MSEK 12.3 through successful warrant exercise
On Thursday, October 1, 2020, the exercise period for Scandion Oncology A/S (“Scandion Oncology” or “the Company”) warrants of series TO 1 (“TO 1”) ended. A total of 2,371,455 TO 1 were exercised, corresponding to a subscription rate of approximately 99.6 percent of TO 1. Scandion Oncology is thus provided with a total of approximately MSEK 12.3 before issue costs. With this, the Company has secured capital for the continued clinical development of
CEO Bo Rode Hansen comments:
”I would like to thank everyone who has shown interest and confidence in our business with the exercise of their warrants. With the addition from the warrant exercise, Scandion Oncology is able to further strengthen its drug pipeline and the continued clinical development of SCO-101. Our clinical trial in metastatic colorectal cancer is progressing according to plan, with significant milestones reached, and we will soon begin our second clinical trial in metastatic pancreatic cancer. I look forward to continuing the development of Scandion Oncology and its promising pipeline at the same positive pace that we have achieved so far.”
Exercise of TO 1
In total, 2,371,455 TO 1 has been exercised, corresponding to a subscription rate of approximately 99.6 percent of the total number of outstanding TO 1. Through TO 1, Scandion Oncology will receive approximately MSEK 12.3 before issue costs. The issue costs are estimated to amount to approximately MSEK 1.1. When the shares from TO 1 are registered with the Danish Companies Registration Office, the total number of shares will amount to 21,423,696 and the share capital will amount to DKK 1,574,641.66.
Financial adviser, issuer and legal adviser
Sedermera Fondkommission is a financial advisor and issuer to Scandion Oncology in connection with the exercise of warrants regarding TO 1. Markets & Corporate Law Nordic AB acts as a legal advisor.
For further information regarding Scandion Oncology, please contact:
Bo Rode Hansen, CEO
Phone: + 45 28 34 08 71
This information is such information that Scandion Oncology A/S is obliged to publish in accordance with the EU Market Abuse Regulation. The information was submitted, through the care of the above contact person, for publication on October 6, 2020.
Scandion Oncology A/S is a biotechnology company that addresses and tackles one of the greatest challenges in modern oncology - the effective treatment of cancer which contains chemotherapy-resistant cells or which has developed resistance to a previously prescribed cancer-fighting drug. In preclinical in vitro-studies SCO-101 restores chemotherapy sensitivity in resistant cancer cells. Moreover, in animal studies, the company's leading candidate drug, SCO-101, significantly enhances the efficacy of certain standard cancer treatments when given in combination. Scandion Oncology is now in clinical phase II trials with its lead compound, SCO-101, in patients with chemotherapy-resistant colorectal cancer. In addition to SCO-101 the Company has two other drug candidates, SCO-201 and SCO-301. Scandion Oncology was listed on Spotlight Stock Market, Sweden in November 2018.