The issue is covered up to about SEK 175 million, or 70%. That consists of about SEK 16.0 million in subscription commitments from existing shareholders, including board members and the CEO, and an underwriting commitment of about SEK 159.0 million from DNB Bank. Net proceeds from the covered amount are expected to be about SEK 145 million. About 45% of that will fund the first pivotal trial of OX640, an anaphylaxis treatment, through a read-out expected in the first half of 2027. The rest will go to:

  • OX390 and the AmorphOX platform
  • completing the regulatory process for the opioid overdose treatment Izipry, ahead of a potential FDA approval in the first quarter of 2027
  • Orexo’s share of an expected settlement with the US Department of Justice
  • working capital

In a financial update, Orexo said its cash, excluding temporary working-capital items related to the Zubsolv divestment to Dexcel Pharma, was about SEK 118.7 million at the end of August. Novo Holdings has said it will not contribute new capital on a net basis. The subscription period is expected to run from November 12 to 26.

“Orexo is at an important stage where several of our prioritized development programs are approaching significant clinical and regulatory milestones,” said CEO Nikolaj Sørensen.