- Prostatype Genomics AB (“Prostatype” or “the Company”) hereby announces that the Company intends to carry out a directed share issue of approximately SEK 24 million to Swedish and international investors. The Company has assigned Sedermera Fondkommission to act as bookrunner in connection with the directed share issue. The capital raise is intended to finance activities carried out within the previously announced agreement with Proteomedix AG (“Proteomedix”).
Cooperation with Proteomedix
Proteomedix develops a next generation blood test for prostate cancer. The product complements Prostatype® and has interesting synergistic features that add value to Prostatype®. The both companies will explore business strategies for a faster entry into the EMEA, US and China markets.
The cooperation allows Prostatype and Proteomedix to fast-track the entry into the rapidly growing field of multiomics. By combining the two biomarkers, it’s possible to analyse complex biological Big Data to identify novel associations between biological entities and build elaborate markers of disease and physiology. Multiomics efforts have taken centre stage in biomedical research leading to the development of new insights into biological events and processes, why this is a highly relevant area to enter.
The non-exclusive agreement between Prostatype and Proteomedix allows each party to withdraw from the collaboration if the synergies are proven not to be sufficient.
Intended directed share issue
The subscription price and total number of new shares in the directed share issue will be determined by an accelerated book building procedure. By establishing the subscription price in the directed share issue through an accelerated book building procedure, it is the assessment of the board of directors that the subscription price will reflect current market conditions and demand. Through the intended directed share issue, the Company can raise capital in a timely and cost-effective manner and diversify the shareholder base.
The proceeds from the directed share issue are intended to finance additional distribution agreements in the EMEA, validation studies and market entries together with Proteomedix. Prostatype is aiming at reaching several additional objectives within the framework of the collaboration such as additional pilot and validation studies to be initiated and concluded, as well as several distribution agreements reached within the EMEA already during 2021 and the next following two years.
The book building will start immediately following this announcement. Allocation of the new shares in the directed share issue is expected to take place before the beginning of trading on Nasdaq First North at 9 am on the 27th of August 2021. The Company will announce the outcome of the directed share issue immediately after closing of the book building in a subsequent press release.
The directed share issue is, among other things, subject to a resolution by the board of directors of Prostatype to issue new shares, pursuant to the authorization given by the annual general meeting on the 16th of June 2021, following closing of the book building.
This disclosure contains information that Prostatype Genomics AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 26-08-2021 21:20 CET.