Xspray Pharma AB (publ) has completed a private placement of shares through an accelerated book building procedure, raising approximately SEK 265 million before transaction costs.
Xspray Pharma is a product development company with multiple product candidates in clinical development. Xspray uses its innovative, patented RightSize technology to develop improved and generic versions of marketed drugs, primarily protein kinase inhibitors (PKIs) for the treatment of cancer.
A number of Swedish and international institutional investors, including Tredje AP-fonden, Handelsbanken Fonder, Andra AP-fonden, Swedbank Robur Fonder, Fjärde AP-fonden and TIN Ny Teknik have subscribed for shares in the private placement.
The proceeds from the private placement will be used to enhance Xspray Pharma’s financial position ahead of negotiating a deal pertaining to its lead product, HyNap-Dasa, continue to expand the product portfolio, complete the construction of the new manufacturing facility in Malta, and general corporate purposes.
Citigroup Global Markets Limited, Pareto Securities and Zonda Partners acted as Joint Bookrunners. Baker McKenzie Advokatbyrå acted as legal adviser to the Joint Bookrunners in connection with the transaction. Baker McKenzie's team consisted of Henric Roth and Joakim Falkner.