Scandion Oncology A/S (“Scandion” or the “Company”) announces that the result of its rights issue (the “Rights Issue”), where the subscription period ended on December 10, 2020, shows that 3,600,363 shares, corresponding to approximately 34 percent of the shares offered, were subscribed for by exercise of subscription rights. Additionally, 1,634,048 shares, corresponding to approximately 15 percent of the Right Issue, were subscribed for without use of subscription rights, of which 1,318,505 shares, corresponding to 12 percent of the Rights Issue, were subscribed for by external professional investors. The remaining part of the Rights Issue, corresponding to 5,477,437 shares or approximately 51 percent, were subscribed for by the guarantors. The Rights Issue is therefore fully subscribed and provides Scandion with proceeds amounting to approximately SEK 236 million before issue costs.
Not for publication, distribution or announcement, directly or indirectly, in or into the United States, Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore, South Africa or any other jurisdiction in which publication, distribution or announcement of this press release is unlawful or is subject to legal restrictions other than those required by Swedish law.
- 3,600,363 shares, corresponding to 34 percent of the Rights Issue, were subscribed for using subscription rights.
- 1,318,505 shares, corresponding to approximately 12 percent of the Rights Issue, were subscribed for by external professional investors.
- 315,543 shares, corresponding to approximately 3 percent of the Rights Issue, were subscribed for by existing shareholders and others without subscription rights.
- The remaining part of the Rights Issue, corresponding to 5,477,437 shares or approximately 51 percent, were subscribed for by the guarantors.
- Approximately 1.3 percent of the Rights Issue, corresponding to approximately SEK 3 million, were subscribed for by certain members of the board of directors and the management.
“I am extremely pleased to embrace the capitalization of Scandion Oncology and the strong support from our existing and new shareholders. This capital raise is a defining moment for us in our journey to make a difference for the many patients with drug resistant cancers. With this amount of new funding we are poised to deliver strong validating data for our first in class lead candidate SCO-101 and it gives Scandion Oncology the opportunity to implement our strategy to become the cancer drug resistance company” says Bo Rode Hansen, President & CEO of Scandion Oncology A/S.
Allocation of shares subscribed for without using subscription rights has been done in accordance with the principles stated in the prospectus published on 24 November 2020. Notice of allotment is made through a settlement note sent to the respective subscribers. Payment for allotted shares must be made in accordance with the instructions in the settlement note.
Following settlement and registration of the new shares with the Danish Business Authority, the Company’s share capital will increase by DKK 787,320.8280 to a total of DKK 2,361,962.4840. The number of shares in the Company will increase by 10,711,848 shares to a total of 32,135,544 shares.
Following settlement, trading in paid subscribed shares (BTA) takes place on the Spotlight Stock Market until the BTAs have been converted to ordinary shares, following registration of the new shares with the Danish Business Authority, which is expected to take place during week 52, 2020, at which point the temporary ISIN code for the BTAs will be merged with the permanent ISIN code for the Company’s shares.
Advisors
Vator Securities is financial adviser and Advokatfirman Schjødt (as to Swedish law) and Plesner Advokatpartnerselskab (as to Danish law) are legal advisers to the Company in connection with the Rights Issue.
For more information about Scandion Oncology A/S, please contact:
Bo Rode Hansen, President & CEO
Phone: +45 3810 2017
E-mail: info@scandiononcology.com
This information is information that Scandion Oncology A/S is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on 15 December 2020.
About Scandion Oncology
Scandion Oncology A/S is a clinical stage II biotechnology company currently developing first-in-class, oral add-on drugs to existing market leading anti-cancer therapies. As add on to standard anti-cancer therapies, it introduces an effective treatment approach for cancer, which is or has become resistant to cancer-fighting drugs, offering the potential for better response rates, longer survival and improved quality of life. The first-in-class lead candidate, SCO-101, is currently in clinical Phase II. The company is targeting cancer drug resistance in various treatment modalities including, chemotherapy, anti-hormonal therapy and immunotherapy. Scandion Oncology was listed on Spotlight Stock Market, Sweden in November 2018. Ticker code: SCOL
Important information
The information in this press release does not constitute an offer to acquire, subscribe or otherwise trade in shares, subscription rights or other securities in Scandion Oncology.
Neither subscription rights, paid subscribed shares (“BTA”) nor newly issued shares have been recommended or approved by any US federal or state securities authority or regulatory authority. No subscription rights, BTAs or newly issued shares have been registered or will be registered under the United States Securities Act of 1933 in its current wording, or under any other applicable law in the United States, Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore, South Africa or in any other country where the Rights Issue or distribution of the press release is contrary to applicable laws or regulations or requires that further prospectuses be prepared, registered or that any other measure is taken in addition to what is required by Swedish law. Accordingly, the press release, as well as the prospectus, application form and other documents attributable to the Rights Issue may not be distributed to or within any such jurisdiction.
This press release may contain some forward-looking information that reflects Scandion Oncology’s current outlook on future events, as well as financial and operational development. Such words are e.g. “intended”, “will”, “assessed”, “expected”, “can”, “plan”, “estimate” and other expressions that imply indications or predictions regarding future developments or trends constitute forward-looking information. Forward-looking information is inherently associated with both known and unknown risks and uncertainties, as it is dependent on future events and circumstances. Forward-looking information does not constitute a guarantee regarding future results or development and actual results may differ materially from what is stated in forward-looking information.
This information, the opinions and the forward-looking statements contained in this press release are valid only at this date and are subject to change without notice. Scandion Oncology makes no commitment to publish updates or revisions of forward-looking information, future events or similar circumstances other than as provided by applicable law.