The directed issue was subscribed by a number of Swedish and international qualified investors, as well as certain existing shareholders including Hunter Capital and Johannes Schildt, reports the company in a press release.

The net proceeds will be used to create increased financial flexibility and to fund an extension of the runway to support post-data partnering discussions, the company states.

“We have strong conviction in the path forward and in the upcoming presentation of ADVANCE data. With this financing, we are positioning the company appropriately ahead of what can only be described as a catalytic event, ensuring we are well prepared to maximize shareholder value. In addition, strengthening our financial position enhances our leverage in ongoing partner discussions, which is critical to securing the right deal for SynAct. We look forward to delivering on the opportunities ahead and creating long-term value for our shareholders,” says Jeppe Øvlesen, CEO of SynAct Pharma.