Rights issue in PledPharma oversubscribed
May 13, 2014
PledPharma AB Company Announcement Rights issue in PledPharma oversubscribed Stockholm, 2014-05-13 14:16 CEST (GLOBE NEWSWIRE) -- PledPharmas rights issue with subscription period from 25 April – 9 May 2014 was oversubscribed by 82 percent. PledPharma receives approximately SEK 20,25 million before issue costs. The rights issue was subscribed to approximately 98,6 percent with preferential rights and the remaining 1,4 percent were subscribed for without preferential rights. The new share issue was, thus, fully subscribed. Shares subscribed for without preferential rights, will be allocated to shareholders who exercised subscription rights in relation to the number of existing subscription rights used by each shareholder. “The oversubscription confirms a great interest in PledPharma and our ongoing clinical trial with PledOx®. The rights issue is conducted to include more patients in the ongoing colorectal cancer study. The study investigates whether pre-treatment with PledPharma’s drug PledOx can reduce severe chemotherapy induced side-effects, says CEO Jacques Näsström. The rights issue will increase the number of shares by 1.687.314 to a total of 23 622 403 shares and the share capital will increase by SEK 88.806 to SEK 1.243 284. Sales notes for shares subscribed for without preferential rights will be sent out today to affected shareholders. After registration of the share capital increase at the Companies Registration Office, the paid interim shares in the rights issue will be converted into new shares. Trading in the new shares is expected to commence on NASDAQ OMX First North when the new shares are registered in the subscriber's securities account. For further information please contact: Jacques Näsström, CEO PledPharma, phone +46 73 713 09 79 Michaela Gertz, CFO PledPharma, phone +46 70 926 17 75 About PledPharma PledPharma is a Swedish pharmaceutical company that develops new therapies for the treatment of life threatening diseases. The initial objective is to develop a drug, PledOx®, which reduces severe side-effects associated with chemotherapy. The current market for supportive cancer care is some USD 10 billion. PledPharma also evaluates an existing medicines possibility to reduce the damage that occurs on the heart muscle when patients suffer from acute myocardial infarction. In addition to these projects, the company is also evaluating opportunities of using our technology platform in additional areas where there is a significant unmet medical need. PledPharma has the potential to offer patients valuable and unique treatments for serious life-threatening diseases where there is an opportunity fast registration in the US through "breakthrough therapy" designation. This means that the company has the potential to offer shareholders a good return on their investment. 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
