Through the Directed Share Issue, Cantargia will receive proceeds amounting to approximately SEK 410 million before transaction related costs.
Investors in the Directed Share Issue are a wide range of Swedish and international investors including new investors such as Swedbank Robur, HBM Healthcare Investments, Granite Point Capital and Unionen as well as current shareholders such as Fjärde AP-fonden, Alecta, Första AP-fonden and Handelsbanken Fonder.
Advance the company’s lead drug candidate, CAN04, towards phase III
The net proceeds from the Directed Share Issue are intended to be used to advance the company’s lead drug candidate, CAN04, towards phase III, including (i) additional clinical studies, (ii) CMC, late stage preparations, as well as to advance CANxx/CAN10 and for general corporate purposes and financial flexibility.
“The interest in Cantargia is extremely motivating and we would like to thank the investors for the confidence in our R&D. With this additional capital, we now have the financial muscles to continue the advancement of our antibody CAN04 towards pivotal development and start clinical studies complementing the ongoing CANFOUR trial. In parallel to the clinical activities, we will be able to perform necessary validation of the production process, a key step forward in pharmaceutical development. Finally, it also provides funding for our second project, CAN10, to enter early clinical studies” says Göran Forsberg, CEO of Cantargia. “Overall, this investment provides the means towards our goal: to provide patients with life threating diseases effective and safe treatment options.”
The reasons for the deviation from the shareholders’ pre-emptive rights are to raise capital for planned preparations towards a phase III clinical program in a timely and cost-efficient manner and to diversify the shareholder base.
Photo of Göran Forsberg: Cantargia