Terms for the offer in summary
Preferential rights for subscription
Those who were registered in the shareholder register held by Euroclear, on behalf of NeuroVive, on April 1, 2020, receive subscription rights in relation to the number of shares held on the record date. Holders of subscription rights have the right to subscribe for shares in relation to the number of subscription rights that are held and exercised. In addition, shareholders and other investors are offered to apply for subscription of new shares without preferential rights.
Each share in NeuroVive held on the record date entitles to one (1) subscription right. Two (2) subscription rights entitle to the subscription of one (1) new share.
April 6 – 29, 2020.
Each new share is issued at a price of SEK 0.80 per share.
Size of the offer
The rights issue comprises a maximum of 92,976,295 new shares, which means that the company will receive approximately SEK 74 million before issue costs through the rights issue.
Trading in subscription rights
Trading in subscription rights takes place on Nasdaq Stockholm during the period April 6 – 27, 2020. Anyone wishing to buy or sell subscription rights should contact their bank or custodian. In such trade, commission is normally paid.
Trading in paid subscribed shares (BTA)
Trading with BTA takes place on Nasdaq Stockholm from April 6, 2020 until the Swedish Companies Registration Office has registered the new share issue. Registration is expected to take place around week 22, 2020.
Publication of the outcome in the rights issue
The outcome in the rights issue will be published through a press release, which is expected to take place around May 5, 2020.
Application for subscription – directly registered shareholders
Shareholders who has their holdings on a securities (VPC) account, and thus are directly registered shareholders, and who wish to exercise all subscription rights received for subscription of shares, must use the printed payment notification from Euroclear as the basis for application for subscription through payment. The payment notification from Euroclear is received by mail. In the event that you, as a directly registered shareholder, wishes to exercise a different number of subscription rights than that stated in the share issue report, a specific application form must be used for subscription instead. Specific application forms can be ordered from Erik Penser Bank via e-mail to email@example.com or downloaded from NeuroVive’s website (see below).
Application for subscription – nominee registered shareholders
Shareholders who are nominee registered with a bank or other custodian on the record date will not receive a share issue report from Euroclear. Subscription and payment for nominee registered shareholders shall be made in accordance with instructions from the respective bank or custodian.
Application for subscription – subscription without the use of subscription rights
Directly registered shareholders who wish to subscribe for shares without the use of subscription rights shall do so by completing the application form for subscription of shares without the use of subscription rights, which is signed and then sent or submitted to Erik Penser Bank.
Nominee registered shareholders who wish to subscribe for shares without the use of subscription rights must follow instructions from the respective bank or custodian.
Use of issue proceeds
Upon full subscription in the rights issue, the company will raise net proceeds of approximately SEK 61 million. The net proceeds are intended to be used for thefollowing activities, in order of priority:
- The remaining part of the Phase I study in KL1333, approximately 20 percent
- Preparations, including production of drugs, before the start of the Phase II study in KL1333, about 50 percent
- Preparations for clinical studies in NV354, about 20 percent
- Other working capital, about 10 percent
- Supplementary Prospectus
- Särskild anmälningssedel
- Anmälningssedel för teckning av aktier utan stöd av teckningsrätter
“NeuroVive’s, according to my opinion, strong position in primary mitochondrial diseases is based on more than 20 years of research in the field. We are now approaching an exciting stage in our development where we, for the first time, are testing one of our drug candidates on patients with primary mitochondrial diseases.
In our furthest developed project, KL1333, we are in the final phase of our clinical Phase Ia/b study. Before the end of last year, we completed the second part of the study where KL1333 was tested on healthy volunteers in multiple ascending doses. The next step is to initiate the third and final part of the study where the compound will be given to patients with primary mitochondrial disease for the first time.
With both KL1333 and NV354, we have the opportunity to develop effective treatments for several primary mitochondrial diseases and thus meet the great medical need that exists. Most primary mitochondrial diseases are severe and are in many cases highly debilitating for patients who are often children. The average life expectancy for these patients is significantly lower than in the general population.
Altogether, NeuroVive is well positioned as we face several important and potentially value creating events during the year. With the capital from the forthcoming share issue, we have the opportunity to take NeuroVive to the next stage where KL1333 will be facing clinical efficacy studies next year, and the first clinical trial for NV354 will also be initiated during next year”.