More than 50 percent of the owners confirm subscription commitments in PledPharma’s planned rights issue
November 14, 2014
PledPharma AB Company Announcement More than 50 percent of the owners confirm subscription commitments in PledPharma’s planned rights issue Stockholm, 2014-11-14 12:45 CET (GLOBE NEWSWIRE) -- At 1 PM today the Extraordinary General Meeting of PledPharma will be held regarding the Board's proposal to authorize the Board to decide on a rights issue. Shareholders representing 52.5% of the ownership in PledPharma have committed to subscribe for their shareholdings in the planned rights issue. The intension is that the rights issue will be carried out before the New Year. "We are pleased that we have received such a positive response from our shareholders, and that we have already received subscription commitments covering more than 50% of the planned rights issue," said CEO Jacques Näsström. As previously announced, PledPharma has, during the year, developed a new drug candidate based on the PLED-platform projected to have significant commercial potential. The drug candidate, that has recently been named Aladote™, is aimed at reducing or preventing acute liver failure as a result of acetaminophen (paracetamol) overdosing, one of the most common poisonings. The problems with an overdose of acetaminophen are considerable worldwide. In Sweden, the number of questions regarding acetaminophen poisoning to the poison control center increased threefold since 2000. In the US overdose of acetaminophen is behind approximately 78,000 emergency room visits, 33,000 hospitalizations and numerous deaths annually. The background to the planned rights issue is primarily to secure enough capital to take Aladote™ through a Phase II study up to a licensing deal. The company also plans to use a smaller portion of the proceeds for running costs, follow-up of patients in the PLIANT study and business development activities relating to PledOx®, with the goal of maximizing shareholder value. Advisor Financial advisors to PledPharma in connection with the planned rights issue are Pareto Securities AB, which also acts issuing agent in connection with the rights issue. For further information please contact: Jacques Näsström, CEO PledPharma, tel 073 713 09 79 Michaela Gertz, CFO PledPharma, tel 070 926 17 75 About PledPharma PledPharma is a Swedish pharmaceutical company developing novel therapies for life-threatening diseases. The company's initial goal is to develop a drug, PledOx®, which reduces the serious side effects associated with chemotherapy. In the latest project PP-100, Aladote™ and its ability to reduce or prevent the development of acute liver failure due to paracetamol poisoning is evaluated. Project PP-099 is based on limiting the damage that occurs to the heart muscle when a patient suffers from acute myocardial infarction. The company has the potential to offer patients valuable and unique treatments for severe, life-threatening diseases for which there may be an opportunity for faster registration process of the drug in the United States called "Breakthrough therapy". The value of the current market for preventing and reducing serious side effects from chemotherapy amounts according to Datamonitor to approximately SEK 70 billion. PledPharma (STO: PLED) is listed on the Nasdaq First North. Erik Penser AB is Certified Adviser. For more information, see www.pledpharma.se
