Saniona successfully raises USD 65 million (approximately SEK 567 million) in a directed issue of shares
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE, SOUTH AFRICA, THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, DISTRIBUTION OR PUBLICATION WOULD BE UNLAWFUL OR REQUIRE REGISTRATION OR ANY OTHER MEASURE IN ACCORDANCE WITH APPLICABLE LAW.
August 10, 2020
Saniona (OMX: SANION) (“Saniona” or the “Company”), a clinical-stage biopharmaceutical company focused on rare diseases, today announced that its Board of Directors has resolved on a directed issue of 30,660,374 shares to a number of U.S. and international institutional investors and sector specialists based on the authorization granted by the Annual General Meeting held on 6 May 2020 (the “Directed Issue”).
- The new shares were issued at a subscription price of USD 2.12 per share (SEK18.50), and represents a discount of approximately 45 per cent compared to the volume weighted average price (VWAP) on Nasdaq Stockholm for the period of the last 45 days up to and including 7 August 2020.
- Through the Directed Issue, the Company will receive gross proceeds of USD 65 million (approximately SEK 567 million).
- The Directed Issue was led by RA Capital Management with participation from Pontifax Venture Capital and New Leaf Venture Partners among other U.S. and international healthcare investors as well as the Second Swedish National Pension Fund (AP2), the Third Swedish National Pension Fund (AP3) and the Fourth Swedish National Pension Fund (AP4).
- The net proceeds will be used to continue Saniona’s advancement of its late-stage clinical trials with Tesomet in two rare eating disorders, hypothalamic obesity (HO) and Prader Willi Syndrome (PWS), as well as to build its U.S.-based organization in support of these programs.
Comment from Rami Levin, President & CEO of Saniona
“The participation of multiple well-respected U.S. and International institutional healthcare investors in this financing led by RA Capital Management demonstrates the significant potential of Saniona’s rare disease pipeline. With this financing, we will be able to further increase shareholder value by advancing Tesomet to registration for approval, moving our early-stage pipeline into the clinic, and building our U.S. organization. We believe achieving these milestones will position us as potentially the first treatment for two rare diseases, hypothalamic obesity and Prader-Willi Syndrome” said Rami Levin, President and CEO of Saniona.
The Directed Issue
The Board of Directors of Saniona has, in accordance with the issue authorization granted by the Annual General Meeting on May 6, 2020, resolved on a directed issue of 30,660,374 shares at a subscription price of USD 2.12 per share (SEK 18.50), consequently raising gross proceeds of USD 65 million (approximately SEK 567 million) before deduction of costs related to the transaction.
The net proceeds will be used to continue Saniona’s advancement of its late-stage clinical trials with Tesomet in two rare eating disorders, hypothalamic obesity (HO) and Prader Willi Syndrome (PWS), as well as to build its U.S.-based organization in support of these programs.
The Directed Issue was led by RA Capital Management with participation from Pontifax Venture Capital and New Leaf Venture Partners among other U.S. and international healthcare investors as well the Second Swedish National Pension Fund (AP2), the Third Swedish National Pension Fund (AP3) and the Fourth Swedish National Pension Fund (AP4). The subscription price per share of USD 2.12 (SEK 18.50) has been established through arms’ length negotiations with a number of institutional investors over a period of time. The Company’s Board of Directors is therefore of the opinion that the subscription price has been set at market terms and accurately reflects current market conditions and demand. The reasons for the deviation from the shareholders’ preferential right were mainly to diversify the shareholder base with financially strong and well reputable U.S. and Swedish institutional investors and sector specialists and to enable a capital raise in a time and cost-efficient manner. It is the assessment of the Board of Directors that the Directed Issue is beneficial to the Company and hence for all existing shareholders.
Through the Directed Issue, the number of shares in the Company will increase by 30,660,374 to 61,043,690, and the share capital will increase by SEK 1,533,018.70 to SEK 3,052,184.50. The Directed Issue entails a dilution of approximately 50 per cent for existing shareholders, based on the number of shares in the Company after the Directed Issue.
In connection with the Directed Issue, the Company has agreed pursuant to a lock-up undertaking, subject to customary exceptions, not to issue additional shares or other securities for a period of 90 days following settlement of the Directed Issue. In addition, in connection with the Directed Issue, members of the Board of Directors and management of Saniona have agreed not to sell any shares or other securities in the Company for a period of 90 days following the settlement of the Directed Issue, subject to customary exceptions and furthermore subject to that warrants of series TO2 (where the exercise period runs between 7 September 2020 – 21 September 2020) or shares subscribed through exercise of such warrants are not covered by the lock-up undertaking.
A prospectus relating to the listing of the shares in the Directed Issue on Nasdaq Stockholm is expected to be approved and registered by the Swedish Financial Supervisory Authority (“SFSA”) on or about 13 August, 2020, i.e. before the new shares are subject to trading on Nasdaq Stockholm.
The completion of the Directed Issue is subject to certain customary conditions of the investment agreement entered into by the Company with the investors in connection with the Directed Issue, whereby the investors may for customary reasons terminate the placing in full if it occurs before settlement of the placing.
Financial and legal advisors
Oppenheimer & Co. Inc. and ABG Sundal Collier AB acted as Joint Bookrunners (“Joint Bookrunners”) while Setterwalls Advokatbyrå AB acted as legal advisor to Saniona in relation to Swedish law and Goodwin Procter LLP acted as legal advisor to Saniona in relation to US law.
For more information, please contact
Rami Levin, President & CEO, Saniona, Mobile: +1 781 987 3144, Email: firstname.lastname@example.org
Don DeBethizy, Chairman of the Board, Saniona, Mobile +45 2159 0774, Email: email@example.com
This information is such information as Saniona AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:00 a.m. CET on August 10, 2020.
Saniona is a rare disease biopharmaceutical company focused on research, development and commercialization of treatments for the central nervous system. The company has four programs in clinical development. Saniona intends to develop and commercialize treatments for rare disease indications such as hypothalamic obesity and Prader-Willi syndrome on its own. The research is focused on ion channels and the company has a broad portfolio of research programs. Saniona also has out-licensing agreements with Boehringer Ingelheim GmbH, Productos Medix, S.A de S.V and Cadent Therapeutics. Saniona is based in Copenhagen, Denmark, and in Boston, US. The company’s shares are listed on Nasdaq Stockholm Small Cap (OMX: SANION). Read more at www.saniona.com.
Publication, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in the Company in any jurisdiction, neither from Saniona nor from anyone else.
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 new shares. Any investment decision in connection with the Directed Share Issue must be made on the basis of all publicly available information relating to the Company and the Company’s shares. The information 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 announcement does not constitute a recommendation concerning any investor’s option with respect to the Directed Share Issue. Each investor or prospective investor should conduct his, her or its own investigation, analysis and evaluation of the business and data described in this announcement and publicly available information. The price and value of securities can go down as well as up. Past performance is not a guide to future performance.
This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied or distributed, directly or indirectly, in whole or in part, within or into Australia, Hong Kong, Japan, Canada, New Zeeland, Singapore, South Africa, the United States or in any other jurisdiction where the announcement, publication or distribution of the information would not comply with applicable laws and regulations or would require prospectuses, registration or any other measures than those required by Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.
This press release is not a prospectus for the purposes of Regulation 2017/1129 of the European parliament and of the council (the “Prospectus Regulation”) and has not been approved by any regulatory authority in any jurisdiction. Saniona has not authorized any offer to the public of shares or rights in any member state of the EEA and no offer prospectus has been or will be prepared in connection with the Directed Share Issue. In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation.
This press release is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “Relevant Persons”). This press release must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this press release relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this press release must satisfy themselves that it is lawful to do so.
This press release may contain forward-looking statements which reflect Saniona’s current view on future events and financial and operational development. Words such as “intend”, “expect”, “anticipate”, “may”, “believe”, “plan”, “estimate” and other expressions which imply indications or predictions of future development or trends, and which are not based on historical facts, are intended to identify forward-looking statements. Forward-looking statements inherently involve both known and unknown risks and uncertainties as they depend on future events and circumstances. Forward-looking statements do not guarantee future results or development and the actual outcome could differ materially from the forward-looking statements.
INFORMATION TO DISTRIBUTORS
Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended (“MiFID II”); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the “MiFID II Product Governance Requirements”), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in Saniona have been subject to a product approval process, which has determined that such shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the “Target Market Assessment”). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares in Saniona may decline and investors could lose all or part of their investment; the shares in Saniona offer no guaranteed income and no capital protection; and an investment in the shares in Saniona is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Directed Share Issue.
For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares in Saniona.
Each distributor is responsible for undertaking its own target market assessment in respect of the shares in Saniona and determining appropriate distribution channels.
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire
Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire
AND (Ticker: AND.AS) intends to rebrand the company22.9.2020 18:05:00 CEST | Press release
Supporting the turnaround and the new strategic direction of the company Capelle aan den IJssel, the Netherlands, 22 September 2020 - AND is happy to announce that it intends to change the company name and refresh its branding in Q4 2020. This change is designed to highlight the company’s new strategic direction as well as support and strengthen the transformation into a subscription based provider of premium location aware content and services. As announced on August 12th, the turnaround strategy has already delivered 22% revenue growth in the first half of 2020. AND believes the new company name and branding will help to drive continued revenue growth and put location-intelligence squarely at the center of the company’s profile. Further announcements will follow in Q4 2020. Ends About AND AND is an innovative location-aware content and service provider. Our focus is to create and deliver market leading, relevant, innovative and tailored content which fosters a safer and more sustaina
Wolters Kluwer Completes Divestment of ComplyTrack22.9.2020 17:30:00 CEST | Press release
Wolters Kluwer Completes Divestment of ComplyTrack September 22, 2020 - Wolters Kluwer announces today that it has completed the divestment of ComplyTrack to symplr, as originally announced on September 8, 2020. About Wolters Kluwer Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2019 annual revenues of €4.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolt
Joint Stock Company “Olainfarm” Extraordinary Shareholders Meeting on September 22, 2020 at 15.00 has not been held due to lack of quorum22.9.2020 14:20:00 CEST | Press release
Joint Stock Company “Olainfarm” Extraordinary Shareholders Meeting on September 22, 2020 at 15.00 has not been held due to lack of quorum Joint Stock Company “Olainfarm” Management Board informs that for the Extraordinary Shareholders Meeting on September 22, 2020 at 15.00 pm shareholders who in total represented 3 877 425 voting shares or 27.53% of voting capital were registered, therefore shareholders' meeting did not take place due to lack of quorum. Olaine, September 22, 2020 Additional information: Jānis Dubrovskis Investor Relations Advisor of JSC Olainfarm Ph.: +371 29178878 firstname.lastname@example.org
RESOLUTIONS of the Annual General Meeting of Shareholders of JSC „Olainfarm” to be held on September 22, 202022.9.2020 13:05:00 CEST | Press release
RESOLUTIONS of the Annual General Meeting of Shareholders of JSC „Olainfarm” to be held on September 22, 2020 Report of the Board on results of operations in 2019. Resolution: To take notice of the Report of the Board of the JSC “Olainfarm” on results of operations in 2019. Voting results: decision is taken with the required majority of votes. Report of the Council on results of operations in 2019. Resolution: To take notice of the Report of the Council of the JSC “Olainfarm” on results of operations in 2019. Voting results: decision is taken with the required majority of votes. Approval of the JSC “Olainfarm” Consolidated Annual Report for 2019. Resolution: To approve the Consolidated and Parent Company’s Annual Report of JSC „Olainfarm” for 2019 with profit in amount of EUR 22 239 000,00. Voting results: decision is taken with the required majority of votes. Distribution of profit of 2019. Resolution: 4.1. To pay dividends to the shareholders of the Joint Stock Company" Olainfarm " i
ProMIS Neurosciences to develop multivalent vaccine for Alzheimer’s disease22.9.2020 12:30:10 CEST | Press release
Potential vaccine to incorporate ProMIS proprietary peptide antigens; early in vivo preclinical data demonstrate neuronal protection and improvement in cognitive deficits TORONTO and CAMBRIDGE, Mass., Sept. 22, 2020 (GLOBE NEWSWIRE) -- ProMIS Neurosciences, Inc. (TSX: PMN) (OTCQB: ARFXF), a biotechnology company focused on the discovery and development of antibody therapeutics targeting toxic oligomers implicated in the development of neurodegenerative diseases, announced today initiation of a program to construct and test a multivalent peptide vaccine for Alzheimer’s disease (AD). The critical first steps in vaccine development will be carried out by VIDO-InterVac, a global leader in vaccine research and development. Recent progress in the development of blood-based biomarkers for neurodegeneration is enabling increased screening to diagnose and identify individuals at risk of developing AD. A vaccine capable of inducing an effective antibody response against amyloid-beta toxic oligom
AIR Worldwide Releases Updated Multiple Peril Crop Insurance Model for China22.9.2020 12:11:10 CEST | Press release
Boston, Sept. 22, 2020 (GLOBE NEWSWIRE) -- Catastrophe risk modeling firm AIR Worldwide (AIR) today announced that it released an updated Multiple Peril Crop Insurance (MPCI) Model for China to support probabilistic assessments for five newly modeled crop lines of business and a newly modeled sub-peril. This update also includes a new livestock module that adds six additional lines of business and two new sub-perils. AIR Worldwide is a Verisk (Nasdaq:VRSK) business. “In 2011, AIR leveraged its considerable experience and success in modeling MPCI portfolios in the United States to develop a model for mainland China. Since then, the model has been updated several times to keep it current with the fast-changing Chinese agricultural insurance market,” said Dr. Jeff Amthor, assistant vice president, AIR Worldwide. “The MPCI Model for China captures the severity, frequency, and location of drought, flood, wind, frost, and heat events nationwide, covering over 90% of the weather-related crop