Nanexa has entered into an investment agreement with Applied Ventures, the venture capital arm of Applied Materials, whereby Applied Ventures intends to invest up to USD 3 million in Nanexa during 2021 to support continued development and expansion.
USD 1 million will be invested in January 2021 and additional investments of up to USD 2 million are planned later in 2021. The investment will be made through a directed issue to Applied Ventures of a mix of shares and share warrants decided upon by Nanexa with support of the authorization of the Annual General Meeting held on June 2, 2020.
A joint development agreement
Also announced, Nanexa and Applied Materials have entered into a joint development agreement to validate, adapt and scale up Nanexa’s production of ALD-coated injectable drugs. Simultaneously, Nanexa has entered into an investment agreement with Applied Ventures, pursuant to which Nanexa has undertaken to, as authorized by the Annual General Meeting held on June 2, 2020, resolve to issue up to a total of 4 244 770 new shares and share warrants of series 2020/2021 in Nanexa, and Applied Ventures has undertaken to subscribe for newly issued shares and share warrants. In total, Applied Ventures has committed to invest at least USD 1 million, but the Directed Issue is intended to raise around USD 3 million before transaction costs.
“We are very pleased to welcome Applied Ventures as a new industrial investor in Nanexa. Their support is a great recognition of the PharmaShell technology and Nanexa’s future potential,” says David Westberg, CEO of Nanexa.
“Applied Ventures is excited to invest in Nanexa and help the company scale up its unique approach of using an atomic layer deposition process on APIs to enable key benefits for the end drugs. This is a good example of how Applied’s core competency in materials engineering can be extended to new markets. It also reflects Applied Ventures’ focus on investing globally in companies across their full life-cycle and adds to our growing portfolio of investments in Europe,” says Anand Kamannavar, Global Head of Applied Ventures.
Photo of David Westberg, CEO Nanexa