STOCKHOLM, Feb 8 (Reuters) - Sweden’s Oncopeptides AB said on Wednesday it would list its shares on Nasdaq Stockholm, raising capital for the continued development of its cancer treatment drug Ygalo.
* Says has together with HealthCap and Industrifonden decided, in order to further the company’s continued development of its product candidate Ygalo, to carry out a broadening of its shareholder base through a new share issue of 650 million crowns ($73 million).
* “To finance phase 3-studies we are raising capital through a share issue. We have high hopes that the study will succeed and that we after that will be able to commercialize Ygalo,” Oncopetides CEO Jakob Lindberg said in a statement.
* Oncopeptides says Gladiator, SEB-Stiftelsen and Carnegie Asset Management have undertaken to, subject to certain conditions, acquire shares in the Offering for a total value of 196 million crowns.
* The main shareholders have also undertaken to, subject to certain conditions, acquire shares in the offering for a total value of 40 million crowns.
* Says in connection with IPO, the company will also issue new shares as a result of the conversion of the company’s bridge loans.
* First day of trading in the company’s shares is expected to be Feb 22, 2017.
* The price per share in the Offering is set to 46 SEK per share.
* Ygalo is intended for the treatment of patients with late-stage relapsed and refractory multiple myeloma.
* As a rare condition, multiple myeloma is classified as an orphan disease in the U.S. and Europe and Ygalo has been granted orphan drug designation by the relevant authorities in both these jurisdictions.($1 = 8.8827 Swedish crowns) (Reporting by Johannes Hellstrom; editing by Niklas Pollard)