Xbrane Biopharma has successfully carried out a directed share issue of approximately SEK 200 million at a subscription price of SEK 68.50 per share (the “Directed Share Issue”).
The subscription price was determined through an accelerated book-building procedure. A number of Swedish and international institutional investors, including Swedbank Robur Fonder, TIN Fonder, Andra AP-fonden and Lancelot Asset Management 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 be able to carry out a capital raise in a timely and cost-effective manner, whilst also further diversifying and strengthening the Company’s shareholder base. The board of directors’ assessment is that the subscription price in the Directed Share Issue is in accordance with market conditions, since it has been determined through an accelerated book-building procedure.
The net proceeds from the Directed Share Issue will be used to finance Xlucane – finalization of development including the regulatory process, continued pre-clinical development of Xcimzane and Xdivane, investments in a new office and development laboratory, and general corporate purposes.
“We are happy to welcome new shareholders – amongst others Andra AP-fonden and Lancelot Asset Management – to Xbrane and are grateful for the continued support from our existing shareholders, including Swedbank Robur Fonder and TIN Fonder. We are rapidly progressing towards launch of Xlucane – our leading biosimilar candidate – together with our partners STADA and Bausch + Lomb. The funds raised enable us to take Xlucane through the regulatory process in Europe and the US as well as accelerate development of our pre-clincial biosimilars,” says Martin Åmark, CEO of Xbrane.
Photo of Martin Åmark: Xbrane