Today, Scandion Oncology A/S (“Scandion Oncology”) announces that the company has been approved for listing at Spotlight Stock Market (”Spotlight”). The approval is given under the condition that the company raises the minimum limit and that the company obtains a sufficient number of shareholders in accordance with Spotlight’s listing agreement in the upcoming IPO. The company plans to raise approximately 26 MSEK and the subscription period will run from October 4, 2018, to October 18, 2018, both dates inclusive. The company has secured pre-subscription of 18.5 MSEK, corresponding to approximately 71 percent of the planned issue amount.
About Scandion Oncology and the share issue
Scandion Oncology is a biotechnology company founded in 2017 for the purpose of addressing one of the greatest challenges in modern oncology – the effective treatment of cancer which is or has become resistant to the prescribed cancer-fighting drugs. In preclinical animal studies, the company’s leading drug candidate, SCO-101, has been found to significantly enhance the efficacy of certain standard cancer treatments when given in combination. Furthermore, it has been shown in vitro-studies that SCO-101 significantly restores chemotherapy sensitivity in resistant cells.
The company is planning to raise 26 MSEK to finalize the first part of a clinical phase II study with the candidate drug SCO-101 in metastatic breast cancer patients with drug-resistant cancer. The objective is to demonstrate evidence of the validity of the concept and establish the appropriate dosage in patients. SCO-101 will be administrated in combination with the cancer drug Paclitaxel in this Phase II clinical trial. The company expects to complete the Phase II clinical trials during Q4 2020.
Nils Brünner, CEO of Scandion Oncology, commented:
The primary reason for the large number of cancer-related deaths is drug resistance, which means that the cancer cells develop resistance to the cancer medication. The situation at the present time is that there are no drugs in clinical usage, which specifically targets the resistance to cancer medication.
I am therefore very excited about the opportunity to bring our basic research results forward to cancer patient treatment. With SCO-101, which is a safe oral drug to be taken once a day, I finally see a great opportunity to introduce a paradigm shift in cancer treatment. The mission of Scandion Oncology is to significantly reduce the number of patients with incurable drug resistant cancer. My sincere hope is that SCO-101 will be the first example on how basic knowledge on drug resistance, the availability of a unique drug screening platform and development of a new drug class may change the destiny of millions of cancer patients.
Approved for listing
Scandion Oncology has been approved for listing at Spotlight. The approval is given under the condition that the company raises the minimum limit of approximately 17 MSEK and that the company obtains a sufficient number of shareholders in accordance with Spotlight’s listing agreement in the upcoming IPO. First day of trading in the share is planned to be November 8, 2018. Memorandum, teaser and subscription form will be available on the company’s (www.scandiononcology.com), Sedermera Fondkommission’s (www.sedermera.se) and Spotlight’s (www.spotlightstockmarket.com) respective websites in connection to the initiation of the subscription period at the latest.
Summary of the offering
Subscription period: 4 – 18 October 2018.
Issue price: 5.85 SEK per share.
Subscription post: The minimum subscription post is 860 shares (5,031 SEK).
Volume of Issuance and minimum execution limit: The offer includes a maximum of 4,444,444 shares, corresponding to SEK 25,999,997.40. The minimum limit for the right issue is SEK 16,999,994.70.
Number of shares before the issue: 7,463,207 shares.
Valuation (pre-money): Approximately 43.7 MSEK.
Subscriptions: The company has received pre-subscriptions of approximately 18.5 MSEK, total of approximately 71 percent of the issue volume.
Listing on Spotlight Stock Market: Scandion Oncology’s share is scheduled to be listed on Spotlight Stock Market. The first day of trading is scheduled to commence on November 8, 2018
In connection with the IPO, Scandion Oncology will present the business and future plans at a number of investment events:
|Date and time||Event||Place||Registration|
|October 4, 2018at. 17:30 – 19:30||Investor meeting||Radisson Royal Copenhagen, Hammerichsgade 1,Copenhagen||Registration is made at http://www.sedermera.se|
|October 11, 2018at. 11:00 – 18.00||Sedermeradagen Gothenburg||Elite Park Avenue HotelKungsportsavenyen 36,Gothenburg||Registration is made at http://www.sedermera.se|
|October 12, 2018at. 11:30 – 13:00||Investor meeting||Scandic Klara, Slöjdgatan 7,Stockholm||Registration is made at http://www.sedermera.se|
Sedermera Fondkommission is financial advisor in connection to the IPO and the planned listing at Spotlight.
For further information about the upcoming IPO and the planned listing, please contact:
Telephone: +46 (0) 40-615 14 10
For more information on Scandion Oncology, please contact:
Nils Brünner, CEO
Phone: +45 26 14 47 08
Scandion Oncology A/S is a biotechnology company founded in 2017 for the purpose of addressing and tackling one of the greatest challenges in modern oncology – the effective treatment of cancer which contains drug resistant cell clones or which has developed resistance to a previously prescribed cancer-fighting drug. In preclinical animal studies, the Company’s leading candidate drug, SCO-101, has been found to significantly enhance the efficacy of certain standard cancer treatments when given in combination. It has been shown in vitro-studies that SCO-101 restores chemotherapy sensitivity in resistant cells.