The Board of Directors of Medivir has resolved to carry out a new issue of shares with preferential rights for existing shareholders of approximately SEK 148 million.
An extraordinary general meeting is proposed to approve the Board of Directors’ resolution on the Rights Issue. The EGM is set to be held on 1 December 2023.
“We continue to see very promising signs of clinical benefit with fostrox in combination with Lenvima as new data shows increased benefit when fostrox is added to Lenvima in 2nd line primary liver cancer (HCC). This is a patient group for whom there are no approved treatments today and the unmet medical need is significant. The latest data has strengthened our conviction of the future role for fostrox in HCC and the potential to become the first approved treatment in a market estimated at approximately USD 2.5bn by 2028. The Rights Issue allows us to initiate preparations for the next steps of clinical development of fostrox, and I would like to extend my gratitude to existing and new investors for their trust,” says Medivir’s CEO Jens Lindberg.
Purpose of the Rights Issue
The purpose of the Rights Issue is primarily to finance the continued follow-up in the phase 1b/2 fostrox study, the acceleration of preparations for the pivotal Lenvima + fostrox study in different geographies, and CMC readiness, besides general corporate purposes, states the company. The company has received subscription undertakings and intentions from existing shareholders as well as members of the Board of Directors and management for approximately 21.7 percent of the Rights Issue, corresponding to approximately SEK 32 million. Moreover, the company has received guarantee commitments from external investors of approximately SEK 68 million, corresponding to approximately 45.9 percent of the Rights Issue. Thus, the company has received subscription undertakings and intentions as well as guarantee commitments for approximately 67.6 percent of the Rights Issue, corresponding to SEK 100 million.
Photo of Jens Lindberg: Medivir