PledPharma AB
Company Announcement
PledPharma AB (publ) issues new shares
Specialty pharma company PledPharma proposes a rights issue of shares that can
provide the company with up to 18.6 million SEK. The proposal will be tabled at
an EGM to be held in conjunction with the AGM on April 18. The share issue is
done to achieve greater flexibility and time to perform the best possible
out-licensing deal of PledPharma's drug candidate PledOx®.
Stockholm, 2013-04-03 18:58 CEST (GLOBE NEWSWIRE) -- Additional financial
resources will be used to expand the PLIANT study with more study centers
worldwide to ensure the recruitment rate. This study evaluates PledOx’s ability
to prevent the serious side-effects that are induced as a result of colorectal
cancer chemotherapy. The reason for the need of additional funds is a delay in
the recruitment of patients in part 1, the dose-escalation phase of the PLIANT
study. Part 2 of the study, the European and US multicenter randomized part
immediately following part 1, is expected to start in mid-2013.
- The PledOx project has made many important achievements since
inception and the study is now underway with treating patients. To speed up
recruitment the inclusion criteria for the PLIANT study have been widened and
additional centers added, explains Jacques Näsström, CEO of PledPharma. With
these measures, we believe that we can get "top line" results from the study in
mid-2014. The share issue is done to achieve greater flexibility and time to
implement the best possible out-licensing deal for PledPharma’s PledOx, says
Jacques.
PledPharma’s proposed share issue can provide the company with up to
approximately 18.6 million SEK before issue costs, which are low. The issue is
carried out with a simplified procedure without producing a prospectus.
PledPharma however, will produce a short information folder for the share
issue, which will be distributed to all registered shareholders. Reference is
also made to the newly released annual report for 2012 and the interim report
for January-March 2013 which will be published on April 18.
Subscription commitments of at least respective owners pro rata share are
provided from Staffan Persson, Peter Lindell, Carl Rosvall and Anders Ström and
all of the company's board of directors and management. The subscription
commitments represent more than 50% of the issue. No compensation for
subscription commitment has been issued. Subscription commitments are not
secured by advance payment or other security. The remainder of the issue is not
guaranteed or otherwise secured.
The company will shortly issue the notice convening the extraordinary general
meeting which shall decide on the issue. The meeting will be held on April 18,
2013 at 18:30 following the AGM. The notice is also available on the company
website www.pledpharma.se.
Issue terms:
-- The right to subscribe for one (1) new share for every twelve (12) existing
shares, resulting in 1,687,314 of new shares upon full subscription
(equivalent to a dilution of approximately 8%)
-- Price per share 11 SEK (~ 19% discount to the closing price on April 3,
2013)
Process & schedule:
-- Extraordinary General Meeting, April 18, 2013 at 18:30
-- Last day of trading in PledPharma shares with the right to receive
subscription rights,
April 24
-- Record date for participation in the share issue, April 29, 2013
-- Subscription period, 6 May to 20 May 2013
-- Trading in subscription rights, 6 May to 15 May 2013
-- First day of trading of the new shares is expected the first week of June
Issuer agent in connection with the rights issue is Erik Penser Bankaktiebolag.
Erik Penser Bankaktiebolag is also the company's Certified Adviser.
For further information please contact:
Jacques Näsström, CEO
+46 737 130979
[email protected]
About PledPharma
PledPharma is a Swedish specialty pharma company that develops PledOx™
(calmangafodipir) for prevention of severe chemotherapy-induced side effects in
cancer patients. Due to these side effects optimal treatment cannot be carried
out. The current market for supportive cancer care is some SEK 72 billion.
PledOx protects normal cells against oxidative stress. It belongs to a group of
compounds named lowMEM (low Molecular Enzyme Mimetics), and mimics the enzyme
Manganese SuperOxide Distmutase (MnSOD) – the most important endogenous
cellular protectant against devastating oxidative stress. Oxidative stress is a
condition caused by harmful oxygen/nitrogen molecules, e.g., as a result of
chemotherapy treatment. The company is also evaluating opportunities of using
PLED substances in other diseases. PledPharma (STO:PLED) is listed on NASDAQ
OMX First North. Erik Penser Bankaktiebolag is the Certified Adviser. For
further information, please visit www.pledpharma.se
