The company has resolved to carry out a directed new share issue of Class B Shares at a subscription price of SEK 10 per share.

The directed new share issue was substantially over-subscribed with large interest from institutional investors in the Nordics and Europe. Through the directed new share issue and subject to the approval of the extraordinary General Meeting, Biovica will receive proceeds amounting to SEK 60 million.

The reason for the deviation from the shareholders’ preferential rights are mainly to broaden the shareholder base among Swedish and international institutional investors and at the same time raise capital in a time and cost-efficient manner.

Finance FDA application and sales and marketing activities

The Directed New Share Issue is carried out to primarily finance the preparations for the application (510k) to the FDA regarding approval for the US market and to obtain compensation for DiviTum.

Furthermore, will the proceeds be used for sales and marketing for the US and European commercialization of DiviTum. The board of directors’ assessment is that the subscription price in the Directed New Share Issue will be in accordance with market conditions, since it will be determined through an accelerated bookbuilding procedure.

Photo of Anders Rylander, CEO, Biovica