Monday, 17 December 2018

Diamyd Medical raises SEK 58.4 million through redemption of warrants

06 December 2018 | News

“The proceeds, together with existing cash, will finance both the DIAGNODE-2 trial until results in 2020 as well as our other ongoing activities. With our strengthened cash position, full focus is on preparing a marketing authorization application for the diabetes vaccine Diamyd® ahead of results in 2020”.

Diamyd Medical is dedicated to finding a cure for diabetes and other serious inflammatory diseases through pharmaceutical development and investments in stem cell and medical technology.

During 1 to 30 November 2018, holders of warrants of series TO 1 B and TO 2 A of Diamyd Medical AB have been able to subscribe for shares through warrants. A total of 426 037 A shares and 12 409 855 B shares have been subscribed for, which means a subscription rate of 95.6 percent. Diamyd Medical thus raises approximately SEK 58.4 million before issue costs.

"We are delighted at the outcome of the redemption of warrants," says Ulf Hannelius, CEO of Diamyd Medical. "The proceeds, together with existing cash, will finance both the DIAGNODE-2 trial until results in 2020 as well as our other ongoing activities. With our strengthened cash position, full focus is on preparing a marketing authorization application for the diabetes vaccine Diamyd® ahead of results in 2020”.

Diamyd Medical issued 852 074 warrants of series TO 2 A and 25 989 268 warrants of series TO 1 B in connection with a rights issue in 2017. Two (2) warrants of each series entitled the holder to subscribe for of one (1) new share of that respective series at a price of 4.55 SEK per share during the period 1-30 November 2018. A total of 426  037 A shares and 12 409 855 B shares were subscribed for. The Company thus raised proceeds of approximately SEK 58.4 million before issue costs.

Consequently, all 852 044 warrants of series TO 2 A and 24 819 710 warrants of series TO 1 B of a total of 25 989 268 were utilized, resulting in a subscription rate of 95.6 percent. Following the registration of the new shares at the Swedish Companies Registration Office, the share capital will amount to SEK 7 015 397.92. The total number of shares increases from 56 333 904 to 69 169 796, divided into 2 556 223 A-shares and 66 613 573 B-shares.

 

 

 

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