Press release from Companies
Published: 2014-05-02 15:34:25
On April 29, 2014, the subscription period ended in WntResearch AB's rights issue in which also the public were given the right to subscribe for new shares in WntResearch. WntResearch raised about SEK 38 million before financial costs through the issue of 2,528,160 shares.
Nils Brünner, CEO, comments ” I would like to thank our shareholders for showing significant commitment during this rights issue. We appreciate that both existing and new shareholders have decided to support us with a considerable investment in WntResearch. Thanks to this financing, we are now able to work at full speed with the preparation of the Phase 2 study in parallel with the ongoing Phase 1 study for Foxy-5. This means that we will be able to start the Phase 2 study as soon as possible after the Phase 1 study has been finalized. In addition, we intend to prepare the Box-5 program for further preclinical and clinical development. We expect that this financing will cover a large part of the Phase 2 study for Foxy-5. This means that we are not in need of raising additional capital before the initiation of the Phase 2 study. In the meantime, we will investigate various financial options in order to fund the remaining part of the Phase 2 study including, among other things, our equity line with GEM.” Subcription and allotment of shares The rights issue was subscribed to about 88%. The subscription amount corresponds to a total proceed of SEK 37,922,400. WntResearch will distribute 2,209,328 shares (approximately 87% of the issue volume) to shareholders who have subscribed for shares based on subscription rights. Shareholders, who have subscribed for shares without subscription rights will receive sales notes, which are expected to be sent out on May 2, 2014. Increase in number of shares and share capital WntResearch will have 15,467,753 shares outstanding when the right issue has been registered at “Bolagsverket”. The share capital will amount to SEK 1,392,097.77. Trade with BTAs (Betald Tecknad Aktie, Paid Subscribed Share) Trade with the BTA will continue on AktieTorget until “Bolagsverket” has registered the issue. This registration is expected to take place at the end of May 2014. Financial Advisor Sedermera Fondkommission has been financial advisor to the company in connection with the new right issue. For further information, please contact: Nils Brünner, CEO - WntResearch AB (publ) E-mail: email@example.com Phone: +45 2614 4708 About Foxy-5 Foxy-5 is an anti-metastatic drug candidate in Phase 1 clinical trial. Foxy-5 has a significant market potential within oncology. Foxy-5 targets the metastatic process that is the primary reason for cancer deaths. Foxy-5 is one of the first anti-metastatic products ever to enter clinical trials. Foxy-5 offers a potential paradigm shift to influence the treatment of many large cancer indications including breast-, colon and prostate cancer. About WntResearch WntResearch (WNT.ST) is a public company listed at AktieTorget. WntResearch is developing novel anti-metastatic therapies for the treatment of cancer patients. The company’s lead product Foxy-5 is in phase 1. This is an English version of a press release communicated by WntResearch. In any case of doubt or possible differences regarding the different versions it is the Swedish version that shall apply.