Vaccibody raised NOk 220M to initiate its clinical development of targeted personalized neoantigen-based cancer vaccines for the 2017-20 period.
The Board of Directors of the Company is pleased to announce that the Private Placement has been successfully completed, raising NOK 220 million (€ 24 million) in gross proceeds through the subscription and allocation of 880,000 Offer Shares at a subscription price of NOK 250 per share. The Private Placement was significantly oversubscribed by both existing shareholders and new investors.
The net proceeds from the Private Placement will be used to conduct Vaccibody’s early stage clinical development plan for personalized cancer neoantigen vaccines (two phase I/Ib trials) and for general corporate purposes.
Martin Bonde, CEO of Vaccibody, said: “We are grateful for the confidence in, and commitment to, the Company from our new investors as well as our existing investors. With the investment we will be able to pursue our ambition of making an entirely novel therapy available. In collaboration with expert clinicians we will work to initiate clinical trials with our to cancer neoantigen vaccines to show benefit in patients suffering from advanced and severe cancer”
Completion of the Private Placement is subject to (i) shareholder approval at the Extraordinary General Meeting in the Company, expected to be held on 22 December 2016 (the “EGM”) and (ii) other corporate resolutions and subsequent required filings required to implement the Private Placement and issue the Offer Shares.
The Offer Shares will be delivered to the applicant’s VPS account following receipt of payment for all the Offer Shares and the shares being registered with the Norwegian Register of Business Enterprises (Foretaksregisteret). The date for settlement of the Private Placement is expected to be on or about 3 January 2016. Following registration of the Offer Shares, the issued and outstanding share capital of the Company will be 2,409,649 shares each having a par value of NOK 1.
Arctic Securities acted as manager in the Private Placement.