Resolution at the Extraordinary General Meeting in BioInvent on March 23, 2021
With the resolution, a directed share issue of approximately SEK 962 million (approximately USD 116 million) will be completed according to plan.
Mar 23, 2021, 04:25 ET
LUND, Sweden, March 23, 2021 /PRNewswire/ -- BioInvent International AB's (publ) ("BioInvent") (Nasdaq Stockholm: BINV) Extraordinary General Meeting (the "EGM") today resolved to approve the Board of Directors' resolution on a directed share issue of 16,260,601 new shares.
The EGM resolved to approve the Board of Directors' previous resolution on February 23, 2021 on a directed share issue of 16,260,601 shares, whereby the share capital increases by SEK 3,252,120.20. For delivery technical reasons, Pareto Securities AB subscribes for all the new shares at a subscription price corresponding to shares' quota value, for immediate further transfer on behalf of the Company to the investors participated in the directed issue at a price of SEK 50.36 per share. The new shares are expected to be admitted to trading on March 29, 2021 and the prospectus for admission to trading is expected to be published on March 26, 2021.
The minutes from the extraordinary general meeting will be available on the Company's website, www.bioinvent.com.
About the directed share issue
Through the directed share issue published in February 2021, BioInvent receives proceeds amounting to approximately SEK 962 million (approximately USD 116 million) before transaction costs. The directed share issue consists of two separate tranches: the already performed first tranche amounting to 2,834,399 new shares, based on the authorization granted by the Extraordinary General Meeting held on 27 November 2020 and the second tranche of 16,260,601 new shares which were approved at today's Extraordinary General Meeting.
Investors in the directed share issue are a range of international and Swedish institutional investors.
The proceeds from the share issue are intended to fund the continued transformation of BioInvent and expansion of the Company's clinical programs.
BioInvent International AB (Nasdaq Stockholm: BINV) is a clinical-stage company that discovers and develops novel and first-in-class immuno-modulatory antibodies for cancer therapy, with currently three drug candidates in four ongoing clinical programs in Phase l/ll trials for the treatment of hematological cancer and solid tumors, respectively. The Company's validated, proprietary F.I.R.S.T™ technology platform simultaneously identifies both targets and the antibodies that bind to them, generating many promising new drug candidates to fuel the Company's own clinical development pipeline or for additional licensing and partnering.
The Company generates revenues from research collaborations and license agreements with multiple top-tier pharmaceutical companies, as well as from producing antibodies for third parties in the Company's fully integrated manufacturing unit. More information is available at www.bioinvent.com.
For further information, please contact:
Senior Director Investor Relations
+46 (0)46 286 85 50
BioInvent International AB (publ)
Co. Reg. No.: 556537-7263
Visiting address: Ideongatan 1
Mailing address: 223 70 LUND
Phone: +46 (0)46 286 85 50
The information was submitted for publication, through the agency of the contact person set out above, at 9:00 a.m. CET on March 23, 2021.
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This press release is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the "Prospectus Regulation") and has not been approved by any regulatory authority in any jurisdiction. BioInvent has not authorized any offer to the public of shares or rights in any member state of the EEA and no offering prospectus has been or will be prepared in connection with admission to trading of the newly issued shares referred to herein. In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation.
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Resolution at the Extraordinary General Meeting in BioInvent on March 23, 2021
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