Search for content, post, videos

Iconovo carries out a directed share issue of SEK 19.2 million


The company carries out a directed share issue to a limited number of current shareholders in the company, such as Gerald Engström who, following the Share Issue, becomes the largest shareholder.

In addition, Andra AP-Fonden, Humle Fonder, Cicero Fonder, as well as the member of the Board of Directors, and until now the largest shareholder, Mats Johansson, participates.

“We can state that the Share Issue has generated a large interest from a number of our current shareholders. We consider this as a clear sign of the attractiveness of our strategy to develop Iconovo into a company with rapid sales growth and high profitability. In these times of great market turbulence, being able to conduct a capital raise at terms beneficial to all our shareholders gives us additional strength in the efforts to take the company to the next level,” says Johan Wäborg, Chief Executive Officer of Iconovo.

Through the Share Issue, the company receives gross proceeds of approximately SEK 19.2 million before transaction costs. 163,151 shares in the Share Issue are conditional on subsequent approval by the Extraordinary General Meeting to be held on October 27, 2023.

Use of proceeds

Iconovo intends to use the proceeds from the Share Issue for the execution of the plan laid forth by the company, which is intended to make the company profitable in the year of 2026 and to have a revenue of SEK 250 million and an EBITDA of SEK 125 million in the year of 2027, it states. To reach these goals, the out-licensing of ICOpre during 2024 for generics on the Ellipta portfolio and the launch of ICOres with a generic on Symbicort during 2025 will be of great importance.

Moreover, the increased ambition to establish 3-5 new feasibility deals per year will be significant for the company to become cash flow positive, it states further. More feasibility deals and a focus on reformulation of suitable notable pharmaceuticals used in existing fully developed inhalers should also in a cost-efficient way increase the company’s revenue from licensing deals.

Photo of Johan Wäborg: Iconovo