Xbrane has carried out a directed share issue of SEK 380 millions at a subscription price of SEK 135 per share.
The subscription price was determined through an accelerated book-building procedure. A number of Swedish and international institutional investors, including Lancelot Asset Management, Serendipity Group, Swedbank Robur Fonder and TIN Fonder have subscribed for shares in the Directed Share Issue.
The purpose of the Directed Share Issue and the reason for the deviation from the shareholders’ preferential rights, is to diversify the shareholder base among international institutional investors and at the same time raise capital on favorable terms in a time and cost-efficient manner, states the company in a press release.
One step closer
The company intends to use the net proceeds from the Directed Share Issue to finance a submission of Marketing Authorization Application for Xlucane in the US and Europe and production of launch material, to scale-up of Xcimzane production process to commercial scale and initiation of Phase I clinical trial together with commercialization partner, to continued pre-clinical development of Xdivane and initiation of additional biosimilar development programs, and for general corporate purposes.
“The biosimilar market is one of the fastest growing segments in the pharmaceutical industry with patent expirations of many blockbusters biological drugs in the coming decade. We have a unique opportunity to become a world-leading developer of biosimilars with our patented platform technology, our experienced team and newly established development lab. With this funding, we take one step closer towards our vision, drive our existing development programs ahead according to plan and initiate one new development program per year. We are grateful for the support and trust from existing and new investors,” says Martin Åmark, CEO of Xbrane.
Photo of Martin Åmark: Xbrane