The Board of Directors of Xbrane Biopharma has successfully completed a directed issue of 3,853,799 shares corresponding to approximately SEK 146 million before costs related to the transaction.
The subscription price in the Directed Share Issue has been determined to 38 SEK per share through an accelerated book building procedure performed by Vator Securities AB. A number of institutional investors participated, such as TIN Fonder and Swedbank Robur Ny Teknik, as well as existing shareholders, among them, Swedbank Robur Medica and STADA Arzneimittel.
“The capital from this share issue enables us to, apart from completing the phase III study with Xlucane and apply for marketing authorization, accelerate the development of our portfolio of biosimilar candidates.”
The reason for the deviation from the shareholder’s preferential rights was to allow the company to raise capital in a time and cost-effective manner and with favorable conditions raise capital for the company’s continued expansion, as well as to diversify the shareholder base. The proceeds are intended to, inter alia, be used to finance the Marketing Authorization Application for Xlucane and accelerate the development of the company’s biosimilar candidates on Cimzia (Xcimzane) and Opdivo (Xdivane).
“We are happy to announce the Directed Share Issue that brings new shareholders to Xbrane, such as, TIN Fonder and Swedbank Robur Ny Teknik, and we are grateful for the support from existing shareholders, such as, STADA, Swedbank Robur Medica and Serendipity Group. The interest for Xbrane is due to the rapid progress towards a launch of our leading biosimilar candidate Xlucane together with our carefully selected partners STADA and Bausch + Lomb. The capital from this share issue enables us to, apart from completing the phase III study with Xlucane and apply for marketing authorization, accelerate the development of our portfolio of biosimilar candidates,” says Martin Åmark, CEO of Xbrane.
Photo of Martin Åmark: Xbrane