Progress Update on BioPorto’s Activities to Strengthen its Financial Position
March 16, 2020
Announcement no. 5
Progress Update on BioPorto’s Activities to Strengthen its Financial Position
Due to the financial market developments, BioPorto is revising the subscription price in its intended rights issue to subscribe for up to 24,992,054 new shares to DKK 1.60 per share. BioPorto has received advanced binding commitments for subscription of approximately 72 % of the new shares, entailing gross proceeds of approximately DKK 28 million.
As announced on March 11, 2020 in Announcement no. 4/2020, BioPorto A/S (“BioPorto” or the “Company”) wishes to strengthen its financial position and plans to complete a rights issue allowing for subscription of up to 24,992,054 new shares corresponding to approximately 14.3 % of the current share capital.
Following the dramatic development on international financial markets since its announcement, the Company has revised the subscription price to DKK 1.60 per share. BioPorto has currently received advance commitments for subscription of approximately 72 % of the new shares, entailing gross proceeds of approximately DKK 28 million. If the offering is fully subscribed, the gross proceeds for BioPorto will be DKK 39,987,286.40.
Proceeds from the rights issue will be applied to fuel BioPorto’s strategic execution focused on submitting applications to the FDA for potential clearance of the NGAL Test in 2020 and fund the ongoing business development efforts to increase awareness of the NGAL platform, especially in the U.S.
Additional information about the rights issue, including the time schedule and the terms and conditions for subscription, is expected to be communicated by the Company through Nasdaq Copenhagen A/S later this evening.
For further information, please contact:
Peter Mørch Eriksen, CEO
Ole Larsen, CFO
Telephone , e-mail:
About BioPorto
BioPorto is an in vitro diagnostics company that provides tests and antibodies to clinicians and researchers around the world. We use our antibody and assay expertise to transform novel research tools into clinically actionable biomarkers that can make a difference in patients’ lives. BioPorto is headquartered in Hellerup, Denmark and is listed on the Nasdaq Copenhagen stock exchange [CPH:BIOPOR].
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