STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
NeuroVive Pharmaceutical AB (STO:NVP) (”NeuroVive” or the “Company”, OMX:NVP) today announces that the Company intends to raise new equity through a private placement directed towards qualified institutional investors. The Company intends to effect the private placement at a share volume and a price per share to be determined through an accelerated bookbuilding process. The Board of Directors will disapply the preferential subscription rights of existing shareholders in connection with the intended capital increase, which will take place within the limits of the authorization from the Annual General Meeting on March 30, 2015.The bookbuilding process will end before the commencement of trading on Nasdaq Stockholm on May 8, 2015.
The proceeds from the private placement will primarily be used for the preparation of CicloMulsion®’s clinical trial in the US and commercialization in Europe. A minor share of the proceeds will be allocated to the pre-clinical program for NVP019 and preparing for the first human dose.
The reasons for the deviation from the shareholders’ pre-emptive rights are that the Board of the Company deems it beneficial for the Company and the shareholders to expand the Company´s institutional and international shareholder base but also to capitalize on the opportunity to raise new capital on for the Company favorable terms.
The Company will announce the results of the placing as soon as possible after closing of the bookbuilding.
NeuroVive Pharmaceutical AB (publ), the mitochondrial medicine company, is developing a portfolio of products to treat acute cardiovascular and neurological conditions through mitochondrial protection. These medical conditions are characterized by a pressing medical need and have no approved pharmaceutical treatment options at present. NeuroVive’s products CicloMulsion® (myocardial infarct) and NeuroSTAT® (traumatic brain injury) are currently being evaluated in phase III and phase II studies, respectively. NeuroVive’s research programs also include development of treatments against brain injury in stroke patients, and drug substances for cellular protection and treatment of mitochondrial disorders causing energy deficiency. NeuroVive’s shares are listed on Nasdaq, Stockholm, Sweden.
NeuroVive Pharmaceutical AB (publ) is required to publish the information in this news release under The Swedish Securities Market Act. The information was submitted for publication on 7 May 2015, at 5.31 p.m. CET.
Publication or distribution of this press release in certain jurisdictions may be subject to restrictions according to law and the people in jurisdictions where this press release has been made public or distributed should inform themselves and follow such local restrictions. This press release does not contain and does not constitute or form part of an invitation to acquire or subscribe or a solicitation of any offer to buy or subscribe for shares, subscription rights or other securities in NeuroVive.
This press release may not be published or distributed, directly or indirectly, in or into the US, Canada, Japan, Hong Kong, New Zeeland, South Africa, Australia or in any other jurisdiction where such distribution would be prohibited by applicable law. The information in this press release may not be redistributed, reproduced or passed on in ways that conflict with applicable restrictions. Failure to comply with these restrictions may constitute a violation of the United States Securities Act of 1933 (“Securities Act”) or applicable laws of other jurisdictions.
The securities have not been and will not be registered under the Securities Act or securities legislation in any state or other jurisdiction in the US and may not be offered or sold, directly or indirectly, in or into the US, except pursuant to an available exemption from the registration requirements of the Securities Act and in compliance with the securities laws of any state or other jurisdiction of the US.
This press release contain certain forward-looking statements that reflect the Company’s current view and expectations of future events and financial and operational performance, including statements regarding the directed share issue and statements regarding guidance, planning, outlook and strategies. Words such as "intends", "anticipates", "expects", "plan", “can” or similar expressions regarding indications or predictions of future developments or trends, and are not based on historical facts, constitute forward-looking information. Although the Company believes that these statements are based upon reasonable assumptions and expectations, the Company cannot guarantee that such statements will be realized. Forward-looking statements are inherently associated with both known and unknown risks and uncertainties and future results or developments may differ materially from those set forth in forward-looking information. Forward-looking statements in the press release are only valid on the date of the press release and are subject to change without notice. The Company undertakes no obligation to publicly update or revise any forward-looking statements as a result of new information or future events, other than as required by applicable law or stock market regularization.
NeuroVive Pharmaceutical AB (publ) - the mitochondrial medicine company. The company is listed on NASDAQ OMX Stockholm, Small Cap, under the ticker symbol NVP. The share is also traded on the OTC market in the US. NeuroVive Pharmaceutical (OTC: NEVPF) trades on the OTC Grey Market. Investors can find Real-Time quotes and market information for the company at www.otcmarkets.com/stock/NEVPF/quote (http://htt://www.otcmarkets.com/stock/NEVPF/quot)
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