The Board of Directors of Idogen has, due to the company’s forthcoming rights issue that was announced on January 28, 2020, prepared an EU Growth Prospectus which now has been approved and registered by the Swedish Financial Supervisory Authority.
“The forthcoming Rights Issue has the potential to strengthen Idogen’s capabilitiy to become a successful and significant player in the fast-growing cell therapy market. The proceeds from the Rights Issue will mainly be used to take Idogen’s main project IDO 8 to the start of clinical studies and to bring the preclinical work for IDO T to the next level,” comments Anders Karlsson, CEO of Idogen.
The Rights Issue in summary
The right to subscribe for shares in the Rights Issue, with preferential rights, shall vest in those who were registered as shareholders in the company on the record date, February 26, 2020, whereby one (1) existing share in the company entitles to one (1) subscription right and one (1) subscription right entitles to subscription of one (1) new share.
The subscription price amounts to SEK 0.60 per share, which implies that the company receives gross proceeds of approximately SEK 29 million before issue costs. The issue costs are estimated to amount to approximately SEK 5 million.
The company has received subscription intentions and underwriting commitments of up to 88 percent of the Rights Issue, corresponding to approximately SEK 25.6 million.
The subscription period in the Rights Issue takes place during the period from and including March 2, 2020 to and including March 16, 2020.
The last day for trading in Idogen’s share, including the right to participate in the Rights Issue, was on February 24, 2020.
Trading in subscription rights takes place on Spotlight Stock Market during the period from and including March 2, 2020 to and including March 12, 2020. Subscription rights that are not exercised or sold will become invalid and lose their value.
Photo: Kennet Ruona