The Board of Ellen AB has decided to to carry out a new rights issue which will give the company a capital injection of about SEK 6.9 million.
The rights issue means that individuals registered as shareholders in Ellen AB on record day 3 September 2014 will be granted one subscription right for every current share. Seven subscription rights will entitle to subscription for one new share in the company at an issue price of SEK 0.80 per share.
The purpose of the new issue is to strengthen Ellen’s financial position in order to facilitate the necessary changes that according to Ellen AB are necessary towards making company operations profitable. Reinforced financing will enable Ellen to accelerate the pace of developing new products for women’s intimate health and Ellen can thereby hasten the expansion of its operations into current and new markets where the groundwork is already being laid, such as Germany, Scandinavia and China.
Ellen AB is a biotech company that has a portfolio of products which includes patented products treated with probiotics to improve women’s intimate health. Products in the company’s product portfolio include the ellen Tampon treated with Lacto Naturel (LN), which is comprised of human lactic acid bacteria, and ellen Probiotic Intimate Crème. The company was founded in 2000 and is listed on First North.