Active Biotech AB Raises $43 Million
Published: Mar 06, 2013
LUND, SWEDEN--(Marketwire - March 06, 2013) - Active Biotech (NASDAQ OMX NORDIC: ACTI) today announces that the company's Board of Directors has, based on the 2012 annual general meeting's authorization, resolved to issue in total 6,000,000 new shares in Active Biotech to Investor AB (publ).
The shares are issued at a subscription price of SEK 45 per share, providing the company with in total approximately SEK 270 million after transaction costs. The closing price for the Active Biotech share on NASDAQ OMX Stockholm on March 5, 2013 was SEK 48.80.
The issue proceeds are intended to be used to strengthen Active Biotech's capital base and to enable the continued development and value-growth of the project portfolio, of which TASQ is financed under the partner agreement with Ipsen Pharma, whilst 57-57, ANYARA and ISI are managed and financed on a proprietary basis. The development of laquinimod and RhuDex are managed and financed by partners. The new issue also strengthens Active Biotech's position in discussions with potential partners.
The Board considers it being beneficial for the company and the shareholders to broaden the shareholder base and to take advantage of the opportunity to raise capital on favourable terms for the company from a strong and well renowned investor. The Board believes that the new issue, which in light of the above is made with deviation from the shareholders' pre-emptive rights, will promote the creation of value for all shareholders of the company. Active Biotech's two largest shareholders MGA Holding AB and Nordstjernan AB, and East Bay AB, with a joint holding of votes and shares of approximately 44 percent, have stated that they support the new issue.
Tomas Leanderson, CEO of Active Biotech comments: "I am very pleased to see that Active Biotech's project portfolio has obtained additional financing from Investor. Active Biotech's portfolio has now matured and, accordingly, our focus over the next 18-month period will be on finding suitable partners and partnering structures for each project. A strong financial position is a prerequisite in order to succeed with this activity in an optimal way."
Through the new issue, the number of shares in Active Biotech will increase by 6,000,000 from 68,923,582 to 74,923,582 and the share capital will increase by SEK 22,616,055.93 from SEK 259,796,597.53 to SEK 282,412,653.46. Investor's holding will correspond to approximately 8 percent of the shares and votes in Active Biotech.
Lund, March 6, 2013
Active Biotech AB (publ)
Active Biotech AB (NASDAQ OMX NORDIC: ACTI) is a biotechnology company with focus on autoimmune/inflammatory diseases and cancer. Projects in pivotal phase are laquinimod, an orally administered small molecule with unique immunomodulatory properties for the treatment of multiple sclerosis, TASQ for prostate cancer and ANYARA primarily for the treatment of renal cell cancer. In addition, laquinimod is in Phase II development for Crohn's and Lupus. The company also has one additional project in clinical development, the orally administered compound 57-57 for Systemic Sclerosis. Please visit www.activebiotech.com for more information.
Active Biotech is obligated to publish the information contained in this press release in accordance with the Swedish Securities Market Act. This information was provided to the media for publication 8:30 a.m. CET on March 6, 2013.
Active Biotech raises SEK 270 million through a directed new issue to :
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Source: Active Biotech via Thomson Reuters ONE
For further information, please contact:
Tel: +46 (0)46 19 20 95
E-mail: Email Contact
Hans Kolam, CFO
Tel: +46 (0)46 19 20 44
E-mail: Email Contact
Active Biotech AB (Corp. Reg. No. 556223-9227)
Box 724, SE-220 07 Lund
Tel: +46 46 19 20 00
Fax: +46 46 19 11 00