Lipidor AB publishes Information Memorandum in connection with a new issue of SEK 25.2 million prior to listing on Nasdaq First North Growth Market
In connection with the Offer, Lipidor has entered into subscription commitments with a number of institutional and private investors, including the Company's three largest shareholders, the Company's Chairman of the Board Ola Flink, Board member Gabriel Haering and CFO Michael Owens. Subscription commitments amount to approximately SEK 18.2 million, corresponding to approximately 72.1 per cent of the Offer.
As a result of the new share issue, the Board has prepared an Information Memorandum which has been published today, 26th August 2019. The Information Memorandum is available on the Company's website www.lipidor.se. Nasdaq First North has given conditional approval for the admission of Lipidor's share to trading with a preliminary first trading date of 27th September 2019. This approval is conditional on the fulfillment of the usual conditions.
Lipidor is a Swedish research and development company that develops drugs for the treatment of skin diseases such as psoriasis, bacterial skin infections and atopic dermatitis, through the re-formulation of tried and tested drug substances. The Company is conducting a Phase III clinical trial that is expected to be completed later this year (2019). Furthermore, Lipidor plans to begin clinical phase II studies for additional indications in the coming year. If the clinical trials are successful Lipidor believes that the Company's drug candidates have significant commercial potential.
The Offer in brief
- The price in the offer has been set at SEK 12 per unit, which corresponds to SEK 6 per share.
- The offer includes 2,100,000 units in the Company, where each unit consists of two (2) shares and one (1) free warrant of the 2020/2020 series (TO 1 B) (“Unit”).
- Through the offer, Lipidor can achieve SEK 25.2 million (before deduction for issue costs) at full subscription in the Offer and an additional SEK 18.9 million – SEK 25.2 million in 2020 when the subscription warrants are fully exercised.
- Written subscription commitments totaling approximately SEK 18.2 million, corresponding to approximately 72.1 percent of the Offer, have been obtained from existing owners as well as institutional and private investors.
- The subscription period for the offer runs from 28th August 2019 – 13th September 2019 and an Information Memorandum with full terms and conditions for the Offer has been published today, 26th August 2019.
- The estimated first trading day for Lipidor shares on Nasdaq First North is 27th September 2019 under the short name "LIPI" and with ISIN code SE0012558617.
Background to the Offer
Lipidor is in a position with clear potential value-adding activities over the coming years, and is in need of capital to accelerate development projects and create a better starting point in negotiations with potential partners.
Through the planned listing on Nasdaq First North, Lipidor will provide funding for further studies while expanding its shareholder base. Lipidor intends, for selected opportunities, to enter into commercial agreements with pharmaceutical companies and a listing on Nasdaq First North is deemed to have a positive effect on the Company's commercial opportunities.
Comment from Lipidor's CEO, Ola Holmlund
“We are nearing completion of Lipidor's first phase III study and we have noticed an increasing commercial interest in both our project pipeline and our patented technology platform. Our talented colleagues have shown that over 70 active pharmaceutical substances can be administered with our basic technology and that we can largely control the effect to match or exceed that of existing drugs. The fact that patients who have tested our formulation prefer it to existing drugs means that there are good conditions for creating significant patient benefit and great value in the Company going forward.”
Subscription period: 28th August 2019 – 13th September 2019
Publication of results circa 16th September 2019
Settlement 19th September 2019
Preliminary first day of trading 27th September 2019
Information Memorandum and application form
Information Memorandum with full terms and conditions and application form are available on the Company's website (www.lipidor.se) from 28th August.
At the same time as the Information Memorandum was published, Lipidor's report for the second quarter of 2019 was also published on www.lipidor.se
In connection with the Offer, the Company will present on the following occasions:
- Biostock Live, Stockholm, 27th August 2019
- Aktiespararna, Aktiedagen, Stockholm, 10th September
- Aktiespararna, Göteborg, 11th September
- Småbolagsjakten Live, Stockholm, 25th September
Corpura Fondkommission AB is the financial advisor in connection with the Offer and the Company's Certified Adviser.