Exact Therapeutics announces that its shares have been admitted to trading on Oslo Stock Exchange’s Merkur Market under the ticker EXTX-ME with first day of trading 14 July 2020, following the successful completion of a NOK 155 million private placement.
Following a bookbuilding period from 4 – 16 June 2020, the company has raised NOK 155 million in gross proceeds through a private placement of 29,804 shares at a price per share of NOK 5,201. The private placement consisted of a share capital increase for a total of NOK 145 million by issuing 27,881 new shares and a secondary sale for a total amount of NOK 10 million from two of the three founders. The three founders, owning a combined 24% after the sell-down, entered into a 36-month lock-up with Carnegie and the company. The offering attracted strong interest from existing shareholders including Canica, Sundt, Andenaess, Investinor and P53/TDVeen who anchored the financing, and Norwegian family offices and institutions including Nordea. The offering was significantly upsized on the back of strong demand.
The net proceeds from the private placement will be used for completion of phase I study of ACT in liver metastases, initiate planning and conduct supporting studies for multi-indication oncology basket trial, further development of ACT-therapy ultrasound probe, preclinical development within other indications and reinforce management and clinical team.
“We are delighted with the success of this financing and the interest from investors is a strong recognition of both the broad potential of ACT as well as the continued progress of the phase I ACTIVATE study evaluating ACT co-administered with chemotherapy in patients with metastatic colorectal and pancreatic cancer,” says Dr Rafiq Hasan, CEO designate of EXACT-Tx.