NeuroVive successfully completes rights issue

NeuroVive Pharmaceutical AB (publ) has now successfully completed its rights issue, generating SEK 9,538,000 for NeuroVive before issue costs, and increasing NeuroVive’s ownership base by around 500 new shareholders.

A total of 1,255,000 shares with a quoted value of SEK 0.05 have been subscribed for at a cost of SEK 7.60 per share, increasing the share capital by SEK 62,750. Trading on AktieTorget is expected to start on 3 October 2008.

The capital generated through the rights issue will be used to conduct a clinical phase I study with the product NeuroSTAT®, with the possibility of subsequently registering it in the European and US markets for existing purposes and instigating the planning of a European clinical phase IIb study. The issue proceeds will also cover the manufacture of NeuroSTAT® through possible participation in an American phase III study.

MD Eskil Elmér comments:

“The capital generated through our rights issue places us in the right position to keep up a fast pace in our continuing work. It’s very encouraging that there is so much interest in NeuroVive, despite the prevailing market climate. It’s really great, of course, to discover that so many investors want to join us on our journey, which should also make the shares liquid on Aktietorget. I’d like to welcome everyone who has subscribed for shares warmly as NeuroVive shareholders.”

Eskil Elmér
MD and CSO, also physician and associate professor of experimental neurology at Lund University

For more information contact:

Eskil Elmér
MD and CSO, Neurovive Pharmaceutical AB (publ)

Telefon: + 46 (0)46-288 01 10
eskil(punkt)elmer(snabel-a)neurovive(punkt)se

NeuroVive is involved in research and development into cyclosporine-based drugs, also known as cyclophilin-D inhibitors. The company’s first product, NeuroSTAT®, is now ready for clinical trials in humans. NeuroVive is also involved in advanced research and development into new potential drugs that could protect nerve cells. The company holds broad patent rights to a family of drugs known as cyclosporines. NeuroVive intends to license products to major pharmaceutical companies for registration and marketing.