Research company Medivir has decided on a directed new share issue of 45 million SEK to Carl Bennet, by issuing 90 million shares at a price of 0.50 SEK each, representing a 19 percent premium over the closing price on February 5, according to a press release.
The share issue is being carried out under the authorization granted by the general meeting and deviates from shareholders’ preferential rights in order to raise capital in a time- and cost-efficient manner. The proceeds will finance the clinical development of the drug candidate MIV-711 for Osteogenesis Imperfecta and, at the same time, provide Medivir with a long-term and financially strong owner.
The dilution for existing shareholders amounts to approximately 16.6 percent of the total number of shares and 16.7 percent of the total number of votes.
Carl Bennet is the principal owner of companies such as Getinge, Arjo, Elanders, and Lifco.
Medivir AB is a Sweden-based pharmaceutical research and development company with focus on oncology. The Company specializes in protease inhibitor design and nucleoside and nucleotide science, applying it to development of therapies for cancers with unmet medical need. The Company's clinical pipeline consists of remetinostat, a topical histone deacetylase (HDAC) inhibitor in phase II of clinical studies for the treatment of cutaneous T-cell lymphoma (CTCL), birinapant in combination with Keytruda (pembrolizumab) in phase I of clinical studies for the treatment of solid tumors, MIV-818, a nucleotide-based prodrug in phase I of clinical trials for the treatment of liver cancer, and MIV-711, a cathepsin K (CTSK) inhibitor in IIa extension study for the treatment of osteoarthritis. Furthermore, the Company has additional research projects in cooperation with other institutions.
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