March 11, 2020
Announcement no. 4
Progress Update on BioPorto’s Activities to Strengthen its Financial Position
As a consequence of the global outbreak of COVID-19 and the increased volatility in financial markets, BioPorto has decided to initiate a rights issue to subscribe for up to 24,992,054 new shares (corresponding to approx. 14.3 % of the current share capital) rather than to complete a private placement of new shares. With a subscription price of DKK 2.20 per share, gross proceeds from the issue could total up to approximately DKK 55 million. BioPorto has currently received advanced binding commitments for subscription of more than 37 % of the rights issue.
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 at a subscription price of DKK 2.20 per share. The expected gross proceeds from the rights issue could total up to approximately DKK 55 million.
Proceeds from the rights issue will be applied to fuel BioPorto’s strategic execution focused on submitting applications to the FDA for 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.
BioPorto has currently received advance commitments for subscription of more than 37 % of the new shares.
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 no later than Monday 16 March 2020.
For further information, please contact:
Peter Mørch Eriksen, CEO
Ole Larsen, CFO
Telephone +45 4529 0000, e-mail: investor@bioporto.com
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].
Legal disclaimer
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