Rights issue in PledPharma oversubscribed
May 24, 2013
PledPharma AB Company Announcement Rights issue in PledPharma oversubscribed Stockholm, 2013-05-24 14:00 CEST (GLOBE NEWSWIRE) -- PledPharmas rights issue with subscription period from 6 May to 20 May 2013 was oversubscribed by 38 percent. PledPharma receives approximately SEK 18.6 million before issue costs. The rights issue was subscribed to approximately 95 percent with preferential rights and the remaining 5 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 shows great interest in PledPharma and PledOx®. The rights issue is done to expand PLIANT study with more study centers worldwide to ensure implementation, and also to achieve greater flexibility and time to implement the best possible licensing deal for PledPharma drug candidate PledOx. With these measures, we believe that we can get the "top line" results from the study by mid-2014”, says CEO Jacques Näsström. PledPharma recently announced that IMS Consulting Group is appointed as adviser for the out-licensing of PledOx, which starts in 2013. The rights issue will increase the number of shares by 1.687.314 to a total of 21.935.089 shares and the share capital will increase by SEK 88.806 to SEK 1.154.478. 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 VP account or deposit account. For further information please contact: Jacques Näsström, CEO PledPharma, phone +46 73 713 09 79 Michaela Johansson, CFO PledPharma, phone +46 70 926 17 75 About PledPharma PledPharma is a Swedish specialty pharma company that develops PledOx® 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
