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WntResearch AB intends to carry out a fully secured rights issue of units of approximately SEK 55 million to the same terms as existing warrants of series 2020/2021

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE, SOUTH AFRICA, SOUTH KOREA, SWITZERLAND OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, DISTRIBUTION OR PUBLICATION WOULD BE UNLAWFUL OR REQUIRE REGISTRATION OR ANY OTHER MEASURE.

After the exercise period for outstanding warrants of series 2020/2021 have expired, the Board of Directors of WntResearch AB (“WntResearch” or the “Company”) intends to carry out a fully secured rights issue of units, consisting of shares and warrants, of approximately SEK 55 million before issuing costs (the “Rights Issue”). The subscription price per share in each unit will be SEK 0.81, which is the same as for subscription of shares through the exercise of warrants of series 2020/2021. In addition, the Board of Directors of the Company may carry out an over-allotment issue of approximately SEK 5 million (the "Over-allotment Issue") if the Rights Issue is oversubscribed. The Over-allotment Issue is intended to be targeted towards potential strategic and professional investors. The net proceeds from the Rights Issue are mainly intended to be used to finance the continuation of the NeoFox-study, which is expected to start in full by the summer of 2021 after, previously, being delayed due to the Covid-19 pandemic. The Company's Board of Directors intends to convene an extraordinary general meeting on March 10, 2021, which is proposed to authorize the Board of Directors to resolve on the Rights Issue and implement the necessary changes to the articles of association's limits for share capital and number of shares. Notice of the extraordinary general meeting will be published through a separate press release.

Summary:

  • Today, the Board of Directors of the Company announces its intention to resolve on the Rights Issue, provided that the shareholders at the extraordinary general meeting on March 10, 2021 resolves to authorize the Board of Directors to resolve on the Rights Issue, and to resolve to implement necessary changes to the articles of association's limits for share capital and number of shares. Notice of the extraordinary general meeting will be published through a separate press release.
  • Provided that the extraordinary general meeting resolves in accordance with the proposals described above, the Board of Directors of the Company intends to resolve on the Rights Issue around March 18, 2021.
  • The Rights Issue is secured to 100 percent by underwriters' commitments.
  • The subscription price per share in each unit is intended to be SEK 0.81, which is the same as for subscription of shares through the exercise of warrants of series 2020/2021. The subscription price for the existing warrants of series 2020/2021 was announced earlier today through a separate press release.
  • Subscription of one (1) share in the Rights Issue will entitle the holder for one (1) warrant, issued free of charge, i.e. the number of warrants issued will correspond to the number of shares issued in the Rights Issue. The final terms of the preferential rights in the Rights Issue (including information on preferential rights, subscription price per unit and final number of units, shares and warrants) will be resolved by the Board of Directors around March 18, 2021, i.e. after the exercise period of the existing warrants of series 2020/2021 when the Company knows how many new shares that will be issued pursuant to the warrants of series 2020/2021. A separate press release regarding the final terms of the Rights Issue is expected to be published around March 18, 2021.
  • Each warrant issued in the Rights Issue is intended to give the right to subscribe for one (1) share against cash payment amounting to 70 percent of the volume-weighted average price of the share during a measurement period of 10 trading days before the exercise period which is intended to take place during the first quarter of 2023, however, a maximum of SEK 1.22 per share (however, the subscription price cannot be less than the quota value of the share).
  • The amount in the Rights Issue is intended to be approximately SEK 55 million before issuing costs, regardless of the outcome of the existing warrants of series 2020/2021. The shares issued pursuant to the existing warrants of series 2020/2021 will entail to preferential rights to participate in the Rights Issue on the same terms as the existing shares in the Company. The issuing costs are estimated to amount to approximately SEK 5 million excluding the costs of the underwriters' commitments. The underwriters' commitments costs, given that all underwriters choose to receive cash compensation, are estimated to amount to approximately SEK 5.5 million.
  • If the Rights Issue is oversubscribed, the Board of Directors of the Company may carry out an Over-allotment Issue of approximately SEK 5 million, targeted towards potential strategic and professional investors. The Over-allotment Issue may increase the total issue proceeds in the Rights Issue to approximately SEK 60 million before issuing costs.
  • If all warrants issued in connection with the Rights Issue are exercised, the Company will receive an additional maximum amount of approximately SEK 82 million or an additional maximum amount of approximately SEK 90 million if the Over-allotment Issue has been completed in full.

Background and reason
WntResearch is a drug development company whose main drug candidate Foxy-5 is being tested in the Phase II clinical study, NeoFox, in patients with stage 2-3 colon cancer. The purpose of Foxy-5 is to prevent the metastatic process, i.e. that a tumour spreads to other parts of the body. Pre-clinical data support the hypothesis and phase 1 clinical trials have defined appropriate doses and demonstrated that the substance is well tolerated and has a favourable safety profile. In April 2019, WntResearch launched the NeoFox-study in Spain and today a total of 16 hospitals in Spain participate in the study. Due to lower initial inclusion of patients than expected, during 2020 the study also opened in Hungary in 12 hospitals. Simultaneously, Covid-19 pandemic hit globally, significantly limiting patient recruitment. Full recruitment of patients has only been possible for a few months during which period the Company saw a great interest in participating in the study and a good inclusion of patients. Planned study activities are now expected to resume in June 2021 at a total of 28 hospitals in Spain and Hungary. Today, the Company estimates that the Covid-19 pandemic will have delayed the study with about 18 months at the planned restart in June. Therefore, the NeoFox-study is estimated to run during the period of June 2021 - December 2022 before an interim analysis (analysis of data carried out before the data collection from the study has been completed) is judged to be possible to obtain the first efficacy reading of the drug candidate Foxy-5. The interim analysis is also considered to be able to guide the Company in determining the final number of patients in order to be able to complete the study and achieve the study goals with the NeoFox-study. The financial effect of the Covid-19 pandemic is estimated to increase the capital requirements by approximately SEK 45 million.

Upon full subscription in the Rights Issue, WntResearch will receive net proceeds of approximately SEK 45 million. The issue proceeds are mainly intended to be used to conduct the NeoFox-study for an additional 18 months as described above, cover the Company's running costs and for the manufacture of additional study drugs (Foxy-5) as the shelf life of existing stock will expire before the NeoFox-study is estimated to be completed.

The issue proceeds from the warrants issued in the Rights Issue are intended to be used to complete the NeoFox-study, intensified business development including interactions with regulatory authorities, treating physicians / KOLs (Key Opinion Leaders) and commercial stakeholders with regards to continued clinical development to validate the presence of Foxy-5 in a future treatment regimen.

CEO, Anders Rabbe, comments:
“We are extremely pleased with the great interest in WntResearch's development of Foxy-5, which has been a prerequisite for securing commitments from investors fully securing a Rights Issue of SEK 55 million. Proceeds from the planned Rights Issue will provide WntResearch with the financial resources required to conduct the NeoFox-study until a first read out of efficacy data and ensure that we can continue to develop Foxy-5 in accordance with our business plan and strategy. We currently have more than 60 patients included in the NeoFox-study and with the estimated recruitment rate of patients, when planned study activities resume in June, we expect 120 evaluable patients for the interim analysis to be included in the study in April 2022. By strengthening the Company's capital base, we can also intensify the Company's search for a partner and thereby potentially secure additional resources and competencies for the continued development of Foxy-5. As we have now taken a major step to secure the necessary financing to run the Company's core business until the summer of 2023, we have also taken a major step towards potentially helping hundreds of thousands of patients to an improved cancer treatment in the future”.

Extraordinary General Meeting
The implementation of the Rights Issue presupposes that the extraordinary general meeting on March 10, 2021 resolves to authorize the Board of Directors to resolve on the Rights Issue and resolves to implement the necessary changes to the articles of association's limits for share capital and number of shares. Notice of the extraordinary general meeting will be published through a separate press release.

Indicative terms
The amount in the Rights Issue is intended to be approximately SEK 55 million before issuing costs, regardless of the outcome of the existing warrants of series 2020/2021. The shares issued pursuant to the existing warrants of series 2020/2021 will entail preferential rights to participate in the Rights Issue on the same terms as the existing shares in the Company. If the Rights Issue is oversubscribed, the Board of Directors of the Company may carry out an Over-allotment Issue of approximately SEK 5 million, targeted towards potential strategic professional investors. Thus, the Over-allotment Issue may increase the total issue proceeds in the Rights Issue to approximately SEK 60 million before issuing costs. The issuing costs are estimated to amount to approximately SEK 5 million excluding the costs of the underwriters’ commitments. The underwriters' commitments costs, given that all underwriters choose to receive cash compensation, are estimated to amount to approximately SEK 5.5 million.

Provided that the extraordinary general meeting on March 10, 2021 resolves to authorize the Board of Directors to resolve on the Rights Issue, and resolves to implement the necessary changes to the articles of association's limits for share capital and number of shares, the Board of Directors intends to resolve on the Rights Issue around March 18, 2021. In connection with this, the final terms of the Rights Issue (including information on preferential rights, subscription price per unit and final number of units, shares, and warrants) will be published in a separate press release. The subscription period in the Rights Issue is expected to take place from and including April 8, 2021 to and including April 22, 2021. The subscription price per share in each unit is intended to be SEK 0.81, which is the same as for subscription of shares through exercise of warrants of series 2020/2021. Trading in unit rights is expected to take place on Spotlight Stock Market from and including April 8, 2021 to and including April 19, 2021.

Prospectus
Provided that the Rights Issue is carried out, the Company will prepare an EU Growth Prospectus (the "Prospectus") which will be published by WntResearch when the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) has reviewed and approved the Prospectus, which is expected to take place around March 30, 2021.

Underwriter commitments
The Rights Issue is secured to 100 percent by underwriters' commitments received from several external investors and Mangold Fondkommission AB. For the underwriters' commitments, underwriter commission is paid with ten (10) percent of the underwritten amount in the form of cash compensation or with fourteen (14) percent of the underwritten amount in the form of newly issued shares in the Company. The subscription price for any shares issued as underwriting compensation shall correspond to the volume-weighted average share price for the Company's share on Spotlight Stock Market during the subscription period in the Rights Issue.

Indicative timetable for the Rights Issue

  • March 10, 2021 - Extraordinary general meeting
  • March 18, 2021 - Decision on the Rights Issue
  • March 30, 2021 - Estimated date for publication of the Prospectus
  • March 31, 2021 - Last day of trading including the right to receive unit rights
  • April 1, 2021 - First day of trading excluding the right to receive unit rights
  • April 6, 2021 - Record date for participation in the Rights Issue
  • April 8 - April 19, 2021 - Trading in unit rights on Spotlight Stock Market
  • April 8 - April 22, 2021 - Subscription period
  • Around April 27, 2021 - Publication of outcome in the Rights Issue

Advisers
Mangold Fondkommission AB is the financial adviser and Setterwalls Advokatbyrå AB is the legal adviser to WntResearch in connection with the Rights Issue.

For further information:
Anders Rabbe, CEO
Tel: +46 707 646 500
E-mail: anders.rabbe@wntresearch.com


This information is information that WntResearch 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, on February 5, 2021.

About WntResearch
WntResearch is a research and development company in oncology that develops new treatments intended to inhibit metastasis formation in cancers. The Company focuses on WNT5A, a protein that suppresses the metastatic process in the body; the vision is for cancer patients to no longer have to endure metastasis. Today, one in every three people will develop cancer during their lifetimes, and 90 percent of all cancer-related deaths are caused by metastases. Even though cancer treatment has become more effective, there are no effective methods to prevent the formation of metastasis. The drug candidate Foxy-5 mimics WNT5A' s ability to reduce the mobility and thus the spread of cancer cells. Foxy-5 has demonstrated a good safety profile with few adverse effects in two clinical phase I studies. An ongoing clinical phase II study is currently being conducted on patients with colon cancer with the Company's drug candidate Foxy-5. According to the Company's assessment, Foxy-5 is the only drug candidate of its kind, with a unique mode of action in an area where other drug or treatment options are lacking. WntResearch's share is listed on Spotlight Stock Market. For more information, please visit: www.wntresearch.com.

IMPORTANT INFORMATION
The information in this press release does not contain or constitute an offer to acquire, subscribe or otherwise trade in shares, warrants or other securities in WntResearch. No action has been taken and measures will not be taken to permit a public offering in any jurisdictions other than Sweden. Any invitation to the persons concerned to subscribe for units in WntResearch will only be made through the Prospectus that WntResearch estimates to publish on March 30, 2021 on www.wntresearch.com. The upcoming approval of the Prospectus by the Swedish Financial Supervisory Authority shall not be regarded as an approval of the shares, warrants or any other securities. This release is however not a prospectus in accordance to the definition in the Prospectus Regulation (EU) 2017/1129 (“Prospectus Regulation” and this announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in shares, warrants or other securities in WntResearch. In order for investors to fully understand the potential risks and benefits associated with a decision to participate in the Rights Issue, any investment decision should only be made based on the information in the Prospectus. Thus, investors are encouraged to review the Prospectus in its entirety. In accordance with article 2 k of the Prospectus Regulation this press release constitutes an advertisement.

The information in this press release may not be released, distributed or published, directly or indirectly, in or into the United States of America, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, South Korea, Switzerland or any other jurisdiction in which such action would be unlawful or would require registration or any other measures than those required by Swedish law. Actions in violation of these restrictions may constitute a violation of applicable securities laws. No shares, warrants or other securities in WntResearch have been registered, and no shares, warrants or other securities 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 of America and no shares, warrants or other securities may be offered, sold or otherwise transferred, directly or indirectly, in or into the United States of America, except under an available 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 of America.

Within the European Economic Area (“EEA”), no public offering of shares, warrants or other securities (“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. 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” (within the meaning of the United Kingdom version of the EU Prospectus Regulation (2017/1129/ EU) which is part of United Kingdom law by virtue of the European Union (Withdrawal) Act 2018) 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”); (ii) high net worth entities etc. falling within Article 49(2)(a) to (d) of the Order; or (iii) such other persons to whom such investment or investment activity may lawfully be made available under 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.

This press release may contain forward-looking statements which reflect the Company’s current view on future events and financial and operational development. Words such as “intend”, “expect”, “anticipate”, “may”, “believe”, “plan”, “estimate” and other expressions which imply indications or predictions of future development or trends, and which are not based on historical facts, are intended to identify forward-looking statements. Forward-looking statements inherently involve both known and unknown risks and uncertainties as they depend on future events and circumstances. Forward-looking statements do not guarantee future results or development and the actual outcome could differ materially from the forward-looking statements.

The English text is an unofficial translation of the original Swedish text. In case of any discrepancies between the Swedish text and the English translation, the Swedish text shall prevail.

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