FluoGuide receives approval for listing and publishes prospectus
March 29, 2019
FluoGuide A/S (“FluoGuide” or “Company”), the Danish based company improving precision in surgery, today announces that Spotlight Stock Market has approved the company for listing. FluoGuide will raise capital through an issue of units to reach clinical proof-of-concept for its first product – FG001 – which is lighting up cancer during surgery. The subscription starts on Monday 1st April 2019. The prospectus is available on the websites of FluoGuide (www.fluoguide.com), Sedermera Fondkommission (www.sedermera.se) and Spotlight Stock Market (www.spotlightstockmarket.com). Teaser and subscription form will be published on the webpages mentioned above at the start of the subscription period.
FluoGuide – intelligent surgical targeting
FluoGuide A/S develops surgical solutions that are expected to reduce suffering for the patient and increase the likelihood of cure as well as reduce costs for the health care system. The first product is the compound FG001, which lights up the cancer and its invasive growth into the surrounding tissue, and the first indication is glioblastoma (brain tumor). Today, local cancer tissue is left behind in up to 50 % of patients undergoing surgery with the intention to completely remove the cancer. In a recently performed non-human preclinical study on eight subjects, additional metastasis were found in four of the eight subjects using FG001 and fluorescent light. This means that in half of the subjects (50 %) traditional white light surgery overlooked cancer tissue that could be seen and removed with FG001. These results demonstrate the potential of FG001 to vastly improve the likelihood of performing radical surgery (removal of all cancer) and thereby improving outcome and survival.
“I am thrilled by the huge interest we have received for our innovative solution to light up cancer during surgery and look forward to bring this product to clinical use for the benefit of patients together with an extraordinary team”, comments Morten Albrechtsen, CEO of FluoGuide
Issue of units
In order to add capital, FluoGuide has decided to raise initially approximately DKK 15.9 million before issue costs through an issue of units, prior to a planned listing at Spotlight Stock Market. The proceeds that FluoGuide is provided through the initial issue of units are primarily intended to finance the proof-of-concept Phase I/IIa study with FG001 as well as recruitment of a basic organization and EMA and FDA consultation. The Board of Directors assesses that the proceeds will be sufficient to finalize proof-of-concept for FG001.
Listing at Spotlight Stock Market
FluoGuide has been approved for listing at Spotlight Stock Market. The approval is given under the condition that the company raises the minimum limit of approximately DKK 12.8 million and that the company obtains a sufficient number of shareholders in accordance with Spotlight Stock Market’s listing agreement. The first day of trading on Spotlight Stock Market is planned to be the 7th of May 2019.
Offering in summary
- Subscription period: April 1st – April 15th, 2019.
- Subscription price: DKK 14.85 per unit. One (1) unit consists of three (3) shares and one (1) consideration free warrant of series TO 1. The price per share is thus DKK 4.95.
- Subscription post: The minimum subscription is 250 units, corresponding to DKK 3,737.50.
- Issue volume and minimum limit for implementation: The offering comprises a total of 3,224,274 shares and 1,074,758 warrants of series TO 1, initially corresponding to DKK 15,960,156.30 at the most. The minimum limit to implement the issue of units is 864,648 units, corresponding to DKK 12,840,022.80.
- Number of shares before new share issue: 4,000,000 shares.
- Valuation (pre-money): Approximately DKK 19.8 million.
- Subscription commitments: The Company has received subscription commitments of approximately DKK 9.9 million, a total of approximately 62 percent of the issue volume.
- Listing on Spotlight Stock Market: The share in FluoGuide is planned to be listed on Spotlight Stock Market. The trading is planned to commence on May 7th, 2019.
Summary of the consideration free warrants
- Exercise period: April 16th – May 7th, 2020.
- Exercise price: Each warrant entitles the holder the right to subscribe for one (1) new share in FluoGuide at a subscription price of DKK 5.95 per share.
- Issue volume: If the initial issue of units is fully subscribed, a total of 1,074,758 warrants of series TO 1 will be issued. The warrants can provide the Company a total of DKK 6,394,810.10 if all warrants are exercised.
- Valuation (pre-money): Approximately MDKK 43.0.
Information concerning the news above is also available in Swedish and Danish. Please contact either of the parties below to be provided such information.
Financial advisor, legal advisor and Selling Agent
Sedermera Fondkommission is acting as financial advisor and issuing agency to FluoGuide in connection with the IPO and the planned listing at Spotlight Stock Market. Legal advisor is Markets & Corporate Law. Nordnet Bank AB will act as Selling Agent in the IPO.
FluoGuide A/S develops surgical solutions that is expected to reduce suffering for the patient and increases the likelihood of cure as well as reducing costs for the health care system. The first product is the compound FG001, which lights up the cancer and its invasive growth into the surrounding tissue. Preclinical studies have demonstrated the potential of FG001 to vastly improve the likelihood of performing radical surgery (removal of all cancer) and thereby improving outcome and survival. FluoGuide is initially focused on glioblastoma (brain tumor) but the Company plan to expand its business to other solid tumors. Market launch of FG001 in a first country is expected in 2022/2023.