IRLAB Therapeutics carries out a directed share issue in the amount of SEK 130,000,000
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The Board of Directors of IRLAB Therapeutics AB (“IRLAB” or the “Company”) has based on the authorisation granted by the Annual General Meeting on 7 May 2020, resolved on a directed issue of 3,250,000 shares of class A at an issue price of SEK 40 per share (the “Share Issue”). Through the Share Issue, the Company will receive SEK 130,000,000 before transaction costs. The issue price corresponds to a discount of 3.4 percent in relation to the volume-weighted average price for the Company’s share during the last 15 trading days up to and including 18 December 2020. The Share Issue has been subscribed by, inter alia, Fjärde AP-fonden, Daniel Johnsson through Quiq Holding AB, Nyenburgh Holding, Andra AP-fonden, and Handelsbanken Fonder.
“After a successful year with an IND approved in the Unites States, the start of the phase IIb-study with mesdopetam and the listing on Nasdaq Stockholm main market, IRLAB will enter 2021 with a strengthened financial position. An increased institutional ownership and additional cash give us the prerequisites to continue to develop the company at a higher pace”, says Gunnar Olsson, Chairman of the Board of Directors.
“The capital injection gives us the opportunity to increase the pace of our clinical studies and accelerate the preparations for phase III-studies, all to minimize the time to launch of completed pharmaceuticals. Both the mesdopetam and pirepemat-programs address great medical needs, with substantial potential benefits for patients and other interested parties”, says Nicholas Waters, CEO.
The Share Issue is carried out with deviation from the shareholders’ pre-emption rights in order to enable an increased institutional ownership and to enable larger investments in the clinical projects of the Company with the purpose of accelerating the generation of study results as well as initiating the preparations for the next development phase. This directed issues has also, in the opinion of the Board of Directors, been considered an opportunity to raise capital on market terms in a time- and cost-efficient manner.
As a result of the Share Issue, the number of shares in the Company will increase from 48,498,406 to 51,748,406, of which 51,668,630 shares are of class A and 79,776 shares are of class B, and that the Company’s share capital increases from SEK 969,968.12 to 1,034,968.12. The Share Issue entails a dilution of approximately 6.3 percent in relation to the total number of issued shares and votes in the Company, respectively, after the Share Issue.
Zonda Partners AB has been Sole Bookrunner, MAQS Advokatbyrå has been legal advisor to IRLAB and Advokatfirman Vinge has been legal advisor to Zonda Partners AB in connection with the Share Issue. Aktieinvest FK AB act as clearing agent.
This disclosure contains information that IRLAB Therapeutics 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 18-12-2020 19:10 CET.
For more information
Nicholas Waters, CEO
Phone: +46 730 75 77 01
Viktor Siewertz, CFO
Phone: +46 727 10 70 70
IRLAB is a Swedish research and development company that focuses on developing novel treatments in Parkinson’s disease. The company's most advanced candidates, mesdopetam (IRL790) and pirepemat (IRL752), both of which completed Phase IIa-studies, intends to treat some of the most difficult symptoms related to Parkinson's disease: involuntary movements (PD-LIDs), psychosis (PD-P) and symptoms linked to cognitive decline such as impaired balance and increased risk of falls (PD-Falls). Through the proprietary research platform, ISP (The Integrative Screening Process), IRLAB discovers and develops unique drug candidates for central nervous system (CNS) related disorders where large and growing medical need exist. In addition to the clinical candidates, the ISP platform has also generated several CNS programs that are now in preclinical phase. IRLAB is listed on Nasdaq Stockholm Main Market. More information on www.irlab.se.
This press release does not constitute an offer to, or an invitation to, acquire or subscribe for any securities in IRLAB in any jurisdiction, neither from IRLAB, Zonda Partners AB or anyone else. Copies of this press release will not be produced and may not be distributed or sent to the United States, Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore, South Africa or any other jurisdiction where such distribution would be illegal or require registration or other action. The recipient of this press release is responsible for using this press release and the information herein in accordance with applicable rules in each jurisdiction.
This press release is not a prospectus for the purposes of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) and has not been approved by any regulatory authority in any jurisdiction. IRLAB has not authorised any offer to the public of shares or other securities in any member state of the EEA and no prospectus has been or will be prepared in connection with the Share Issue.
This press release and the information contained in the press release may not be distributed in or to the United States. This press release does not constitute an offer to acquire securities in the United States. Securities referred to herein have not been registered and will not be registered in accordance with the US Securities Act of 1933, as amended (the ”Securities Act”), and may not be offered or sold in the United States without being registered, subject to an exception to, or refers to a transaction that is not subject to registration under the Securities Act. No offer will be made to the public in the United States to acquire the securities mentioned here.
This press release may contain certain forward-looking information which reflect IRLAB's current view of future events and financial and operational developments. Words such as "intends", "estimates", "expects", "may", "plans", "deems", "believes", "assesses", and other similar expressions which imply indications or predictions regarding future developments or trends, and which are not based on historical facts, constitute forward-looking information. Forward-looking information is by nature affiliated with known and unknown risks and uncertainties since it is dependent on future events and circumstances. Forward-looking information does not constitute any guarantee regarding future results or development and the actual outcome may materially differ from forward-looking information. The information, assessments and forward-looking statements in this press release are only relevant as of the date of this press release and may change without notice.