Executive management in Xspray Pharma has transferred shares in the Company to Karolinska Development AB and KCIF Co Investment Fund Kommanditbolag in accordance with a shareholder agreements between the parties. The terms in the shareholder agreements have been accounted for in the prospect before the listing on First North. All holdings after the transfer is covered by the lock-up agreement that is accounted for in the prospect.
At the time of the prospect before the listing on First North, there was a shareholder agreement between the company’s larger current shareholders. The background is that Karolinska Development AB and KCIF Co Investment Fund divested shares in 2015 where the shareholder agreements state the terms for a possible additional purchase price in the form of an “Earn-Out”. This shareholder agreement ceases to exist in conjuncture with the listing.
Several shareholders have according to the shareholder agreement commited, I conjunction with the listing, to pay renumeration (“Earn-Out”) to Karolinska Development AB and KCIF Co Investment Fund Kommanditbolag. The Earn-Out consists of the shareholders, without pay, shall transfer a certain part of their holdings in the company to Karolinska Development AB and KCIF Co Investment Fund Kommanditbolag.
Among the parties that have committed to transfer shares are three persons in the company’s executive management; chairman of the Board Michael Wolff Jensen (shareholder through the company MWJ Partners), board member Maris Hartmanis and the company CEO Per Andersson. The agreement also covers shares which are held by Recipharm Venture Fund AB, where board member Carl-Johan Spa is CEO.
These transfers have now been completed in accordance with the agreement and are reported by subjected parties to Finansinspektinen in accordance with current regulations.
The key persons remaining holdings, as well as Karolinska Developments and KCIF Co investment Funds holdings are continuously covered by the 12 month lock-up agreement that is described in the prospect.
For further information, please contact:
Per Andersson, CEO, Xspray Pharma AB (publ)
Mobile: +46 (0)706 88 23 48
About Xspray Pharma
Xspray Pharma AB (publ) is a product development company with several product candidates under clinical development. Xspray uses its innovative RightSize-technology in order to develop improved and generic versions of already marketed cancer drugs, primarily protein kinase inhibitors (PKI), for treating cancer. The segment is the second largest within the oncology department and the drug prices are very high. Through its innovative technology, Xspray can enter the market as first competitor to the original drugs available today without the hindrance of secondary patents. Xspray’s goal is to ha three products ready for launch on the American market during the period 2020-2023, with a first product launched at the latest by 2021. The company has patents on production technology, equipment and the resulting products. The shares in Xspray Pharma (publ) are traded on Nasdaq First North Growth Market Stockholm and Redeye is the Certified Adviser for the company.
This information is information that Xspray Pharma AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above, at the above stated time.
Xspray Pharma AB (publ)
Gunnar Asplunds Allé 326
171 63 Solna