BioPorto (NASDAQ COPENHAG:BIOPOR) A/S has said that its previously announced rights issue aimed at raising up to around DKK 100.4 million (US$14.8 million) has been fully subscribed.
Under the 1 for 4 rights issue, existing shareholders were allocated one pre-emptive right for each share held, with four pre-emptive rights required to subscribe for one new share for DKK 1.50 (US$0.22).
BioPorto said 66,938,601 of the new shares have been subscribed, with 34,917,082 new shares subscribed for by the exercise of pre-emptive rights, while the remaining shares were subscribed pursuant to separate undertakings, advance subscription commitments, or guarantee undertakings.
READ: BioPorto A/S unveils plans for a rights issue to raise up to around DKK 100.4 million
“We are very appreciative of the support of a majority of our shareholders and our institutional partners, including their collective commitment to strengthen the company’s capital resources and advance implementation of its strategic priorities, including a clinical trial and application to the US Food and Drug Administration (FDA) for approval of The NGAL Test for assessment of Acute Kidney Injury in children under the age of 22 (pediatrics) in the US,” Tony Pare, BioPorto chief executive officer, said in a statement.
“Following a potential approval by the FDA of The NGAL Test in pediatrics, our strategic priorities include development of the company’s US organization to commercialize The NGAL Test.," he added.
The company said it expects to complete the offering when payment of subscription amounts has taken place and the new shares have been registered with the Danish Business Authority, expected to be on April 1, 2022.
As soon as possible thereafter, the new shares will be admitted to trading and official listing on Nasdaq Copenhagen A/S, expected to be no later than April 4, 2022.
BioPorto is headquartered in Hellerup, Denmark and is listed on the NASDAQ Copenhagen stock exchange. Its flagship product is the NGAL Test, which has been designed to aid in the risk assessment of Acute Kidney Injury (ACI), a common clinical syndrome that can have severe consequences.
Contact the author at jon.hopkins@proactiveinvestors.com