FluoGuide’s IPO prior to listing at Spotlight Stock Market commences today
April 1, 2019
Today, the subscription period in FluoGuide A/S’s (“FluoGuide” or “Company”) issue of units prior to planned listing at Spotlight Stock Market commences. A fully subscribed issue of units initially provides the company approx. DKK 15.9 million before issue costs and an additional approx. DKK 6.4 million before issue costs if all consideration free warrants are utilized. FluoGuide has secured approximately DKK 9.9 million, corresponding to approx. 62 percent of the initial issue volume through subscription commitments. The capital is intended to finance clinical proof-of-concept for the company’s first product – FG001 – which is lighting up cancer during surgery. Prospectus, teaser and subscription form are available on the websites of FluoGuide (www.fluoguide.com), Sedermera Fondkommission (www.sedermera.se) and Spotlight Stock Market (www.spotlightstockmarket.com). Subscription of shares can be made by submitting a subscription form to Sedermera Fondkommission or through Sedermera Fondkommission’s website (via BankID) or Nordnet Bank (www.nordnet.se or www.nordnet.dk). For subscription of shares directly through other banks, the subscriber is asked to contact his or her bank.
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 local metastases 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.
Morten Albrechtsen, CEO of FluoGuide, comments:
“Imagine that a surgeon simply could inject a compound and turn on a special light making the tumor clearly visible and fluorescent – allowing the surgeon to remove the entire cancer. This might sound unreal, but this is what FluoGuide makes possible. The route to approval of our first product is well defined and associated with low risk compared to regular drug development. We plan to establish compassionate use sales as early as in 2020 and market launch in a first country in 2022/2023. Join us in transforming cancer surgery!”
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 is acting 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.