The Board of Directors of SynAct Pharma has resolved to carry out a new issue of shares with preferential rights for existing shareholders of approximately 150 million SEK before issue costs, guaranteed to 100 percent.
In addition, the Board of Directors may, based on the authorization granted by the annual general meeting on 21 May 2021, resolve on an over-allotment option of up to approximately SEK 25 million, conditional upon the Rights Issue being oversubscribed, states the company in a press release.
Continue R&D activities
The proceeds from the Rights Issue will be used for conducting additional clinical phase 2 development with AP1189 in rheumatoid arthritis (RA), continue development of AP1189 for kidney disease in a re-designed study set-up, other research and development activities related to AP1189 and new chemical molecules and to cover general administration costs.
The Rights Issue is guaranteed to an amount of approximately SEK 150 million, corresponding to 100 percent, through a combination of subscription and guarantee commitments. Subscription commitments of approximately SEK 2 million in total have been received from the Company’s Board of Directors and management team. Furthermore, guarantee commitments of approximately SEK 148 million in total have been provided by external investors, including Formue Nord Markedsneutral A/S, Maven Investment Partners Ltd, Modelio Equity AB, Wilhelm Risberg, Fredrik Lundgren and Exelity AB.
Photo of Jeppe Øvlesen, CEO, SynAct Pharma