Oasmia Pharmaceutical - Rights issues secured and planned for Q122
Oasmia has announced it has secured a preferential, one-for-five rights issue that will raise gross proceeds of c SEK151m and should alleviate near-term funding requirements. The company’s largest shareholder has agreed to subscribe to its allotment (24.8%) and a consortium of external investors has guaranteed the remainder (75.2%), albeit on a 6.5% cash compensation basis. Subscription rights can be traded from 8 to 17 March. Oasmia has also announced plans to change its name to Vivesto; both this and the rights issue are subject to approval at the EGM planned for 21 February.Oasmia Pharmaceutical develops, manufactures, markets and sells new generations of drugs in the field of human and veterinary oncology. Co.'s product development aims to create and manufacture novel nanoparticle formulations and drug-delivery systems based on well-established cytostatics which, in comparison with alternatives, show improved properties, reduced side-effects, and expanded applications. Co.'s product development is based on its proprietary in-house research and company patents.
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