SCANDION ONCOLOGY ANNOUNCES OUTCOME OF THE RIGHTS ISSUE
The board of directors of Scandion Oncology (“Scandion” or the “Company”) today announces the outcome of the rights issue of units that was announced on 19 April 2024 (the “Rights Issue”). In total 34,278,619 units, corresponding to approximately 36.1 percent of the Rights Issue, were subscribed for by exercise of unit rights, and 3,698,922 units, corresponding to approximately 3.9 percent of the Rights Issue, were subscribed for without unit rights. Thus, the Rights Issue has been subscribed to a total of approximately 40.0 percent with and without unit rights. In addition, 9,827,852 units, corresponding to approximately 10.3 percent of the Rights Issue, was subscribed for by underwriters. The Rights Issue is thus subscribed to a total of approximately 50.3 percent. Through the Rights Issue, Scandion will initially receive approximately SEK 30.6 million before issue costs and in the event of exercise of warrants of series TO 2 and TO 3, in November 2024 and April 2025, respectively, the Company will receive additional proceeds. Francois Martelet, CEO of Scandion comments “We are pleased with the outcome from this rights issue and wish to thank our shareholders for the strong support and participation under very difficult market conditions. The new funding will give us the ability to push forward with our clinical development of our lead candidate SCO-101 in drug resistant metastatic colorectal cancer. The next step is the finalization of the extended CORIST Part 3 trial (phase IIa) where we intend to increase the dose of irinotecan to achieve the Maximum Tolerated Dose (MTD) and maximal effect of SCO-101 in combination with FOLFIRI. SCO-101 has a novel dual-acting mode-of-action that we are convinced will play a significant role in the treatment of cancers.” Subscription and allotment 34,278,619 units, corresponding to approximately 36.1 percent of the Rights Issue, were subscribed for by exercise of unit rights, and 3,698,922 units, corresponding to approximately 3.9 percent of the Rights Issue, were subscribed for without unit rights. Thus, the Rights Issue has been subscribed to a total of approximately 40.0 percent with and without unit rights. The remaining part of the Rights Issue, 9,827,852 units, corresponding to approximately 10.3 percent of the Rights Issue, was subscribed for by the underwriters. The Rights Issue is thus subscribed to a total of approximately 50.3 percent. Through the Rights Issue, Scandion will initially receive approximately SEK 30.6 million before issue costs. The Company may receive additional proceeds if […]