Redwood Pharma will receive approximately SEK 34.2 million through a heavily oversubscribed rights issue
Redwood Pharma AB's ("Redwood Pharma" or "the Company") new issue of shares with preferential rights for shareholders (the "Rights Issue") ended on February 8, 2021. Interest in the Rights Issue was large with a subscription of 146.5 percent, of which 67.7 percent with the support of subscription rights. Redwood Pharma will receive approximately SEK 34.2 million before issue costs, which will ensure the Company's continued development operations in ophthalmology.
The subscription period in Redwood Pharma's new issue of shares with preferential rights to existing shareholders ended on February 8, 2021. The new issue was subscribed for a total of 146.5 percent, of which 67.7 percent with the support of subscription rights and 78.8 percent without the support of subscription rights. The rights issue is thus heavily oversubscribed and Redwood Pharma will receive approximately SEK 34.2 million before issue costs of approximately SEK 4.8 million, which finances continued validation and development of the Company's products for the treatment of dry eye.
“The great interest in participating in the share issue, from both existing shareholders and new investors, is very gratifying and reflects our own belief in the future of Redwood Pharma. With a strengthened capital structure, we continue to work to take advantage of the company's business opportunities and reach commercializable products for the treatment of chronic dry eye disease”, says Martin Vidaeus, CEO of Redwood Pharma.
Notice of allotment for subscriptions without the support of subscription rights is given by a settlement note sent to the respective subscriber. Shares must be paid in accordance with the instructions on the settlement note.
Following the registration of the Rights Issue at the Swedish Companies Registration Office, the Company's share capital will increase by SEK 975,941.60 to a total of SEK 4,147,754.20. The number of shares in the Company will increase by 4,879,708 to a total of 20,738,771.
Trading in paid subscribed shares (BTA) takes place on the Spotlight Stock Market until the week after the Rights Issue has been registered with the Swedish Companies Registration Office. Registration of the Rights Issue is expected to take place no later than during week 9, 2021.
Erik Penser Bank AB and Advokatfirman Lindahl KB are financial and legal advisers to Redwood Pharma in connection with the Rights Issue.
For further information
Martin Vidaeus - CEO, Phone: 070-232 29 29
Email: [email protected]
This information is such information that Redwood Pharma AB is obliged to publish in accordance with the EU Market Abuse Regulation. The information was submitted, through the agency of the above contact person, for publication on 11 February 2021.
About Redwood Pharma
Redwood Pharma develops ophthalmic products for unmet medical needs through novel approaches. In providing commercial partners and their customers with effective medical solutions, the company currently has products in development to treat dry eye disease in different target patient populations. The RP101 program targets moderate-to-severe dry eye disease in postmenopausal women by delivering a low-dose estrogen therapy to the front of the eye. The RP501 program aims to treat milder forms of dry eye in a broader patient population including both men and women. For other potential drug substances and therapeutic areas, the Company can employ the IntelliGel drug delivery platform that enhances patient convenience by controlling dosing and potentially reducing the number of instillations per day and subsequent side-effects. Redwood Pharma leverages its strengths in early clinical development and aims to generate revenues through, among others, licensing agreements with companies that have capabilities to manufacture and sell medical products worldwide.
Redwood Pharma AB (publ) is listed on the Spotlight Stock Market (Ticker: REDW.ST, ISIN: SE008294789).
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