BioPorto A/S announces results of rights issue
June 21, 2023
Announcement no. 11
BioPorto A/S announces results of rights issue
COPENHAGEN, Denmark and BOSTON, MA, USA, June 21, 2023, (GLOBE NEWSWIRE) — BioPorto A/S (“BioPorto” or the “Company”) today announces that the rights issue launched on May 30, 2023 (the “Offering”), will raise gross proceeds of approximately DKK 43 million upon receipt of payment for the subscribed shares later this week.
“We are pleased to announce the Offering’s results. The proceeds from the rights issue will strengthen BioPorto’s capital resources, allowing the Company to advance its De Novo application for an NGAL test through review by the US Food and Drug Administration, grow revenues in Europe and other markets, and expand the total addressable market for NGAL tests in the US,” said Tony Pare, BioPorto’s Chief Executive Officer. “I would like to thank our shareholders and new investors, as well as the entire Board and members of the management team who participated in the Offering, for their support and continued trust in BioPorto.”
A total of 42,977,456 New Shares were subscribed for prior to the expiration of the subscription period. Of those, 35,724,802 New Shares were subscribed for by exercise of pre-emptive rights and the balance was subscribed for pursuant to separate undertakings and advance subscription commitments.
The Company expects to complete the Offering when payment of subscription amounts has taken place and the New Shares have been registered with the Danish Business Authority, currently expected to be Friday, June 23, 2023. The New Shares will be admitted to trading and official listing on Nasdaq Copenhagen A/S under the Company’s permanent ISIN-code (DK0011048619) as soon as possible thereafter, currently expected to be no later than Monday, June 26, 2023.
As stated in company announcement no. 10 of May 30, 2023, the Offering may be withdrawn at any time prior to the registration of the capital increase relating to the Offering with the Danish Business Authority. Any such withdrawal would be notified via Nasdaq Copenhagen A/S.
The Offering’s expected timetable remains unchanged.
For investor inquiries, please contact:
Tim Eriksen, EU Investor Relations, Zenith Advisory, +45 61 68 77 79, email: investor@bioporto.com
About BioPorto
BioPorto is an in vitro diagnostics company focused on saving lives and improving the quality of life with actionable biomarkers – tools designed to help clinicians make changes in patient management. The Company uses its expertise in antibodies and assay development, as well as its platform for assay development, to create a pipeline of novel and compelling products that focus on conditions where there is significant unmet medical need, and where the Company’s tests can help improve clinical and economic outcomes for patients, providers, and the healthcare ecosystem.
The Company’s flagship product, The NGAL TestTM, is designed to aid in the risk assessment of Acute Kidney Injury (“AKI”), a common clinical syndrome that can have severe consequences, including significant morbidity and mortality if not identified and treated early. With the aid of The NGAL Test, physicians can identify patients potentially at risk of AKI more rapidly than is possible with current standard of care measurements, enabling earlier intervention and more tailored patient management strategies. The NGAL Test is CE marked and registered in several countries worldwide.
BioPorto has facilities in Copenhagen, Denmark and Boston, MA, USA. The shares of BioPorto A/S are listed on the Nasdaq Copenhagen stock exchange. For more information visit www.bioporto.com.
Forward-looking Statements
This announcement contains certain forward-looking statements. Words such as “believe”, “expect”, “may”, “plan”, “strategy”, “estimate”, “target” and similar expressions identify such forward-looking statements, and such forward looking statements include statements with respect to the U.S. regulatory approval process of BioPorto’s NGAL Test, commercialization activities in Europe and elsewhere, the consummation of the securities offering described herein, the terms thereof, the reasons and purposes for such offering, and the use of proceeds therefrom, and other matters. Forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance and achievements to differ materially from those contained in the forward-looking statements. These include numerous assumptions, risks and uncertainties, many of which are beyond BioPorto’s control. These assumptions, risks and uncertainties are described from time to time in BioPorto’s public announcements, its Interim Reports, and in its 2022 Annual Report under Risk Factors. BioPorto undertakes no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date of this presentation, except as required by applicable law.
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