The Board of Directors of BioInvent International has resolved to issue a directed share issue to Swedish and international institutional investors.
Investors in the Directed Share Issue are a number of Swedish and international investors, including new investors such as HBM Healthcare Investments Ltd. (“HBM), Swedbank Robur Medica and Invus Public Equities, L.P. as well as existing shareholders Van Herk Investments B.V., Omega Funds, The Fourth Swedish National Pension Fund and Handelsbanken Healthcare Fund.
Further to the investment made by HBM, it is proposed that HBM will nominate a new member to the Board of Directors of the company, to be elected by the EGM, to be held on 3 July 2020.
Through the Directed Share Issue, BioInvent will receive proceeds amounting to approximately SEK 487 million (approximately EUR 47 million) before transaction costs.
“The funds raised will be used to reach several near- and mid-term milestones, including early results from the Phase I open label study with the combination of BI-1206 and rituximab in indolent NHL during the second half of 2020. Other upcoming milestones include initiation of a Phase l/lla study of BI-1206 in combination with pembrolizumab, with early results from the Phase I part expected in the second half of 2021. BioInvent is also expecting to advance three compounds into clinical programs: the anti-TNFR2 antibody BI-1808, as single agent and in combination, in 2020; BT-001, a next generation oncolytic viruses expressing an anti-CTLA-4 antibody in partnership with Transgene, the first-in-human trial is expected to start before the end of 2020; and the anti-FcγRllB antibody BI-1607 in combination with a checkpoint inhibitor in 2021,” says BioInvent’s CEO, Martin Welschof.
Following the completion of the Directed Share Issue and in the interest of shareholders who did not participate in the Directed Share Issue, the Board of Directors intends to launch a non-guaranteed preferential rights issue (repair issue) of new shares representing a maximum of approximately SEK 146 million (approximately EUR 14 million), at a price equal to the price for the New Shares, i.e. SEK 1.38 (the “Subsequent Offering”) in July 2020. Investors participating in the Directed Share Issue have agreed not to participate in the Subsequent Offering, nor exercise or transfer any subscription rights obtained in the Subsequent Offering.
Photo of Martin Welschof: BioInvent