The subscription period in the Offer expired on 13 September, 2018. The Offer will increase the number of shares from 8,203,566 to 15,353,566 provided that the over-allotment option is fully exercised. The subscription price in the Offer was SEK 21.0. In accordance with what is stated in the prospectus, the Company will also issue 476,190 new shares to IdInvest as a consequence of conversion of the Company’s bridge loan. In addition, the Company has issued 207,462 new shares in connection with the Offer which constitute payment in accordance with a cooperation agreement with Ergomed plc. With regards to this, and provided that the over-allotment option is fully exercised, the number of shares in the Company after the Offer will amount to 16,037,218.
The Offer comprised approximately 90 percent of subscription commitments from a number of Swedish and international institutional and private investors.
In accordance with what is stated in the prospectus, Otto Skolling and Graham Fagg resign from the Board of Directors. This in order to further increase the Board’s independence before the listing on Nasdaq First North. Otto Skolling is part of the Company’s management team and will continue to operate in the Company as Chief Business Officer.
“I am very pleased that there has been a great interest in Asarina Pharma and that we have been able to attract both reputable institutional owners as well as achieving a wide distribution of shares in our offer. Our goal is to become the first company to develop a pharmaceutical product focused on PMDD and menstrual migraine, which are significant indications where there is a great need for better treatment options. The share issue and the upcoming listing on First North strengthen the opportunity to further develop Asarina Pharma into becoming a leading specialist pharmaceutical company in women’s health”, says Peter Nordkild, CEO of Asarina Pharma.
Erik Penser Bank AB is the financial advisor in connection with the Offer and has been appointed the Company’s Certified Adviser.