BioInvent's repair rights issue of approximately SEK 139 million was heavily oversubscribed


Lund, Sweden - August 5, 2020 - BioInvent International AB ("BioInvent" or the "Company") (OMXS: BINV) today announces that the non-guaranteed share issue of approximately SEK 139 million with preferential rights for the Company's shareholders (the "Rights Issue") was heavily oversubscribed. In total, the demand was approximately 300 per cent of the shares offered. Through the Rights Issue, BioInvent will receive proceeds of approximately SEK 139 million before transaction costs. The Rights Issue followed the successfully completed directed share issues of approximately SEK 487 million before transaction costs. 

The outcome of the Rights Issue of maximum 100,527,062 new shares shows that all 100,527,062 new shares have been subscribed for. The Rights Issue has only been open for subscription either by the exercise of subscription rights or, without subscription rights by those who have also exercised subscription rights, pro rata in relation to the number of subscription rights exercised for the subscription of shares. Approximately 45 per cent of the Rights Issue was subscribed with subscription rights and based on these, slightly less than half have also applied to subscribe for shares without subscription rights. Notice of allotment of shares subscribed for without subscription rights will today be sent to those who have been allotted shares.

The Rights Issue was carried out primarily in the interest of shareholders who did not participate in the directed share issues resolved by the Board of Directors on June 9, 2020 (the "Directed Share Issues"), and aimed to in part compensate for the dilution of the Directed Share Issues. Investors who participated in the Directed Share Issues committed not to exercise, transfer, sell or in any other way take advantage of the subscription rights received in the Rights Issue.

The Rights Issue will provide BioInvent with proceeds of approximately SEK 139 million before transaction costs. The proceeds are mainly intended for progressing and expanding clinical development of BI-1206, advancing three compounds into clinical programs and continued development of prioritized preclinical programs.

"We are thrilled and grateful to see the strong interest in this repair rights issue that was oversubscribed and would like to thank all of our investors for their continued trust and support for BioInvent. The repair rights issue was primarily in the interest of shareholders who did not participate in the directed share issues, and aimed to in part compensate for the dilution caused. In total these financings raised approximately SEK 625 million before transaction costs, which not only gives us the means to continue the development of BI-1206 in both hematological cancers and solid tumors, but also enables the development of a number of exciting new drug candidates. The support of strong owners enables us to develop our pipeline and is truly transformative for the company. We look forward to continued strong news flow which I am certain will deliver shareholder value," said Martin Welschof, CEO of BioInvent.

The Company's share capital will increase by SEK 8,042,164.96 to SEK 76,400,567.68 and the number of shares will increase by 100,527,062 shares to 955,007,096 shares.    

The shares are expected to be registered with the Swedish Companies Registration Office on or about August 13, 2020 and are expected to begin trading on Nasdaq Stockholm on or about August 19, 2020.


Pareto Securities AB has been appointed as Sole Manager in connection with the Rights Issue. Mannheimer Swartling Advokatbyrå acts as legal counsel to the Company and Baker McKenzie acts as legal counsel to the Sole Manager.

About BioInvent

BioInvent International AB (OMXS: BINV) is a clinical stage company that discovers and develops novel and first-in-class immuno-modulatory antibodies for cancer therapies, with two ongoing programs in Phase l/ll clinical trials for the treatment of hematological cancer and solid tumors, respectively. Two preclinical programs in solid tumors are expected to have entered clinical trials by the end of 2020. The Company's validated, proprietary F.I.R.S.T.™ technology platform simultaneously identifies both targets and the antibodies that bind to them, generating many promising new drug candidates to fuel the Company's own clinical development pipeline or for additional licensing and partnering.

The Company generates revenues from research collaborations and license agreements with multiple top-tier pharmaceutical companies, as well as from producing antibodies for third parties in the Company's fully integrated manufacturing unit. More information is available at www.bioinvent.com.

For further information, please contact:

Martin Welschof, CEO       Hans Herklots, LifeSci Advisors
+46 (0)46 286 85 50      +41 79 598 71 49
martin.welschof@bioinvent.com   hherklots@lifesciadvisors.com

BioInvent International AB (publ)
Co. Reg. No.: 556537-7263
Visiting address: Ideongatan 1
Mailing address: 223 70 LUND
Phone: +46 (0)46 286 85 50

The press release contains statements about the future, consisting of subjective assumptions and forecasts for future scenarios. Predictions for the future only apply as the date they are made and are, by their very nature, in the same way as research and development work in the biotech segment, associated with risk and uncertainty. With this in mind, the actual outcome may deviate significantly from the scenarios described in this press release.

This information is information that BioInvent International AB 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 5.30 p.m. CEST, on August 5, 2020.

Important information

The release, 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. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. The information in this press release does not contain or constitute an offer to acquire, subscribe or otherwise trade in shares, subscription rights or other securities in BioInvent International AB in any jurisdiction. Any invitation to the persons concerned to subscribe for shares in BioInvent International AB has only be made through the prospectus which BioInvent International AB published on July 17, 2020.

This press release does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in new shares. Any investment decision in connection with the Rights Issue must be made on the basis of all publicly available information relating to the Company and the Company's shares. Such information has not been independently verified by the Sole Manager. 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. The Sole Manager is acting for the Company in connection with the transaction and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for giving advice in relation to the transaction or any other matter referred to herein.

This press release does not constitute a recommendation concerning any investor's option with respect to the Rights 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.

The information contained in this press release is not intended for, and must not be accessed by, or distributed or disseminated, directly or indirectly, in whole or in part, to persons resident or physically present in the United States of America (including its territories and possessions, any state of the United States and the District of Columbia) (the "United States"), Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, United Kingdom or any other jurisdiction where such action is wholly or partially subject to legal restrictions, or would require additional prospectuses, registration or other measures than those required by Swedish law. The information in the press release does not constitute any offer regarding subscription rights, paid subscribed shares or shares in BioInvent International AB ("Securities") to any person in said jurisdictions. The information in the press release may not be forwarded or reproduced in such a manner that contravenes such restrictions or gives cause to such requirements.

No securities have been or will be registered under the United States Securities Act of 1933, as amended (the "Securities Act") or the securities legislation of any state or other jurisdiction in the United States and may not be offered, subscribed for, exercised, used, pledged, sold, resold, granted, delivered or otherwise transferred, directly or indirectly, in or into the United States except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements under the Securities Act and in compliance with the securities legislation in the relevant state or any other jurisdiction of the United States.

Within the European Economic Area ("EEA"), no public offering of Securities is made in other countries than Sweden. In other member states of the EU, such an offering of Securities may only be made in accordance with the Prospectus Regulation (EU) 2017/1129 (the "Prospectus Regulation"). In other member states of the EEA which have implemented the Prospectus Regulation in its national legislation, any offer of Securities may only be made in accordance with an applicable exemption in the Prospectus Regulation and/or in accordance with an applicable exemption under a relevant national implementation measure. In other member states of the EEA which have not implemented the Prospectus Regulation in its national legislation, any offer of Securities may only be made in accordance with an applicable exemption under national law.

In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, "qualified investors" who are (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.

Source: Cision

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