Xspray Pharma raises SEK 92.3 million through warrants TO5
Regulatory press release 2023-12-01
Xspray Pharma today compiled the outcome of exercised warrants of series TO5, issued in connection with the rights issue in June this year and for which the subscription period ended on November 30, 2023. In total, 2,307,242 series TO5-warrants were exercised to subscribe for new shares. Xspray Pharma thereby receives proceeds of SEK 92.3 million which will be used for the US launch of the company’s first product, Dasynoc, as well as for continued development of other product candidates in the company’s portfolio.
”I’m pleased that we once again secure a high subscription rate in a challenging market. The outcome is evidence that not only our institutional and other major shareholders as well as key individuals in management participated, but also that a large number of smaller investors decided to subscribe. Our shareholders have once again demonstrated their strong support for our commercialization plan which we now can pursue with undeterred force,” comments Per Andersson, CEO of Xspray Pharma.
In connection to the rights issue completed in June 2023, 3,132,946 warrants of series TO5 were issued. Each TO5 gave the right to subscribe for a newly issued share for SEK 40 during the period 16 – 30 November 2023. When the subscription period had ended 2,307,242 warrants had been used to subscribe for shares at SEK 40 each. The number of shares in the company thereby increases by 2,307,242 and the share capital increases by SEK 2,307,242.
”We feel confident in continuing on our chosen path, strengthened by the knowledge that we now have necessary funds to successfully finance our operations until launch. The budgeted cost ahead of the launch has also been reduced, partly by determining the launch date and partly by the fact that we no longer need to allocate funds for a legal dispute,” comments Per Andersson.
The proceeds raised by the exercise of warrants of series TO5 will primarily be used to fund pre-launch activities for Dasynoc on the US market as well as general operation purposes, ongoing operational costs and continued development of product candidates.
For further information, please contact:
Xspray Pharma AB
Mob: +46 (0) 708365617
About Xspray Pharma
Xspray Pharma AB (publ) is a pharmaceutical company with numerous product candidates in clinical development, utilizing its innovative, patented HyNap-technology to create improved versions of marketed protein kinase inhibitors (PKI), the largest oncology segment often with high drug prices. The company's goal is to become a market leader of enhanced PKIs for cancer treatment. Xspray Pharma's primary drug candidate, Dasynoc (XS004-dasatinib), is currently undergoing FDA review. It is an amorphous form of dasatinib, demonstrating bioequivalence at a 30% lower dose because of better solubility profile. Its compatibility with proton pump inhibitors (PPIs), commonly co-prescribed to chronic myeloid leukemia patients, provides a significant advantage. Xspray Pharma is building a robust product portfolio, including XS003-nilotinib (an optimized version of Tasigna®) and XS008-axitinib (an optimized version of Inlyta®).
Xspray Pharma’s shares are traded at Nasdaq Stockholm (Nasdaq Stockholm: XSPRAY).