The purpose of the share issue is to fund an enhanced clinical trial program that can shorten the development time and increase the commercial potential of the company’s drug candidate TOL2 – one of the company’s potentially curative treatments for severe autoimmune diseases.
TOL2, is being developed to cure myasthenia gravis – an autoimmune nerve and muscle disease that often leads to severe muscle weakness and a difficult life situation for sufferers.
“The fact that such an experienced and reputable investor as Flerie Invest AB wishes to commit as a new major shareholder in Toleranzia represents a clear external validation of the high level of innovation and commercial potential of our pharmaceutical projects. With the capital injection from the share issue, we can increase the investment in the planned Phase I/IIa clinical study of our most advanced drug candidate TOL2 to shorten the development time and generate significantly stronger clinical data for a subsequent registration study,” says Toleranzia’s CEO, Charlotte Fribert.
The share issue is directed to Flerie Invest AB, which is controlled by Thomas Eldered and which has committed to subscribe for a maximum of 30,303,031 shares corresponding to a up to approximately SEK 40 million of the issue proceeds, and to Nordic Tender Aktiebolag, which has committed to subscribe for 1,515,152 shares corresponding to approximately SEK 2 million of the issue proceeds.
The amount of shares Flerie Invest has committed to subscribe is conditioned on that Flerie Invest’s holding in the company following the share issue does not entail a mandatory bid obligation.
The board intends to propose the election of Thomas Eldered as a new board member of the company.
“We are impressed by the early efficacy data that Toleranzia has been able to present for its drug candidates. Although much work remains to be done, we believe the company has great potential to develop an entirely new type of treatment for a range of severe autoimmune diseases. The ambition is to provide patients with drugs that are not only symptomatic but even curative and that cause fewer side effects than current therapies, based on the ability to specifically target the very immune responses that trigger the diseases,” says Thomas Eldered, President, Flerie Invest AB.
Photo of Charlotte Fribert and Thomas Eldered