The board of directors of
”With the positive top line results from the FRACTAL study,
The Rights Issue in brief
- The Rights Issue comprises no more than 66,223,461 shares in the Company and may result in an increase of the Company’s share capital of no more than SEK 6,436,218.022012.
- The subscription price has been set to
SEK 1.84 per new share, which results in total issue proceeds of approximatelySEK 121.9 million before deduction of issue costs of approximatelySEK 18.0 million . - Those who on the record date
March 1, 2024 , are registered as shareholders inKancera and are eligible to participate in the Rights Issue will receive thirteen (13) subscription rights. Sixteen (16) subscription rights entitle to the subscription of one (1) new share. - The record date for the right to receive subscription rights in the Rights Issue is
March 1, 2024 . The last day of trading in the Company’s shares including the right to receive subscription rights in the Rights Issue isFebruary 28, 2024 . - The subscription period will take place during the period from and including
March 5, 2024 , up to and includingMarch 19, 2024 , or such later date as resolved and announced by the board of directors. - The Rights Issue is covered by subscription undertakings up to approximately 0.4 per cent and by guarantee commitments up to approximately 59.5 per cent, corresponding to a total of approximately 59.9 per cent of the Rights Issue.
Background and objectives
The fractalkine axis plays an important role in promoting severe inflammatory diseases and cancers.
- The FRACTAL study: a phase lla study with KAND567 in high-risk ST-elevation myocardial infarction (STEMI) patients undergoing percutaneous coronary intervention. In
December 2023 ,Kancera reported top line results from the study, demonstrating that both the primary and secondary objectives were met. - The KANDOVA study: a combined phase Ib/IIa study with KAND567 in ovarian cancer patients with relapsed disease after treatment with platinum-based chemotherapy. The study started in
April 2023 andKancera 's goal is to complete the Phase Ib part of the studies in the second quarter of 2024 and to present initial results in the fourth quarter of 2024. - Phase l study of KAND145, a first-in-human study of the Company's second generation fractalkine blocking drug candidate. The study started in
November 2023 and the Company expects that the top line results can be presented in the second quarter of 2024.
Based on the positive topline results from the FRACTAL study, the Company's goal is now to enter into a partnership with a pharmaceutical company for the continued clinical development and commercialization of KAND567 in cardiovascular diseases. The Company sees a good opportunity in establishing such a partnership, however based on experience, there can be a long lead time.
Shortening the lead time up until the start of pivotal studies is critical in order to maximize sales and the value of the program. As the Company believes that this will contribute to value growth in a significant way, the Company intends to initiate and conduct the critical path activities for start of a pivotal study, in parallel with the Company’s business development activities aiming to establish a partnership.
In order to secure the resources required to conduct these critical path activities,
The net proceeds at full subscription are intended to be used for the following uses, listed in order of priority:
- Establish manufacturing capabilities for KAND567 and KAND145 for pivotal studies and commercial supply, through sourcing of and tech transfer to new contract manufacturers with larger scale – 40 per cent
- Be ready to start a pivotal clinical study in cardiovascular diseases, including study design, study protocols and regulatory applications – 25 per cent
- Be ready to start a new clinical study in subjects or patients for evaluation of a new product formulation or clinical treatment – 20 per cent
- General operational management of the Company during 2024–2025 – 15 per cent
Terms of the Rights Issue
Those who, on the record date
Assuming that the Rights Issue is fully subscribed, the Company’s share capital will increase by SEK 6,436,218.022012 through the issue of 66,223,461 shares. The subscription price has been set to
The existing shares are traded including the right to receive subscription rights up to and including
Existing shareholders who choose not to participate in the Rights Issue will, provided that the Rights Issue is fully subscribed, have their ownership diluted by approximately 44.8 per cent, but are able to financially compensate for this dilution by selling their subscription rights. Unexercised subscription rights must be sold within the specified trading period stated above in order not to lapse without value.
The complete terms for the Rights Issue, including allocation principles, and information regarding
Subscription commitments and guarantee undertakings
A guarantee compensation of twelve (12) percent of the guaranteed amount in cash, alternatively compensation in shares of fourteen (14) percent of the guaranteed amount, will be paid to the parties that have entered into guarantee undertakings. Upon full utilization of the possibility to receive guarantee compensation in shares, the number of shares will increase by 5,516,304 and the share capital will increase by
Lock-up agreements
In connection with the Rights Issue, the board of directors and senior management with shareholdings in
Indicative timetable for the Rights Issue
Last day of trading in the Company’s shares, including the right to receive subscription rights | |
First day of trading in the Company’s shares, excluding the right to receive subscription rights | |
Record date for the Rights Issue | |
Publication of the prospectus | |
Trading in subscription rights | |
Subscription period | |
Trading in paid subscribed shares | |
Publication of the final outcome of the Rights Issue |
Advisors
For more information, please contact:
CEO,
peter.selin@kancera.com or phone: +46 (0)8-5012 60 80
About
Important information
The publication, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions and the recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such legal restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in
This press release is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the
This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the Company. The information relating to the Rights Issue contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.
This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in
In the
Forward-looking Statements
This press release contains forward-looking statements that reflect the Company’s intentions, beliefs, or current expectations about and targets for the Company’s and the group’s future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company and the group operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “expect”, “anticipate”, “intend”, “may”, “plan”, “estimate”, “will”, “should”, “could”, “aim” or “might”, or, in each case, their negative, or similar expressions. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or that the assumptions on which it is based is correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements as a result of many factors. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not guarantee that the assumptions underlying the forward-looking statements in this press release are free from errors and readers of this press release should not place undue reliance on the forward-looking statements in this press release. The information, opinions and forward-looking statements that are expressly or implicitly contained herein speak only as of the date of this press release and are subject to change without notice. Neither the Company nor anyone else undertake to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release, unless it is required by law or Nasdaq First North Growth Market Rulebook for Issuers of Shares.
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