Brief: Nanexa Signs Evaluation Agreement With Novo Nordisk

Nanexa AB

22/12/2022 07:57

Dec 22 (Reuters) - Nanexa AB  NANEXA.ST :
    * SAID ON WEDNESDAY SIGNED MATERIAL TRANSFER AND FEASIBILITY
STUDY
AGREEMENT WITH NOVO NORDISK FOR EVALUATION OF DRUG DELIVERY
SYSTEM PHARMASHELL WITH NOVO NORDISK PRODUCT
    * WILL RECEIVE PAYMENTS OF ABOUT SEK 46.1 MILLION FOR
PROVIDING
NOVO NORDISK EXCLUSIVITY AND PERFORMING WORK UNDER EVALUATION
AGREEMENT
    * ABOUT SEK 41.7 MILLION IS UPFRONT PAYMENT AT SIGNING
    * RESOLVED TO CARRY OUT DIRECTED SHARE ISSUE TO NOVO NORDISK
OF 10
MILLION SHARES AT SUBSCRIPTION PRICE OF SEK 1.72 PER SHARE
    * RAISES GROSS PROCEEDS OF APPROXIMATELY SEK 17.2 MILLION
THROUGH
ISSUE
    * WILL RECEIVE APPROXIMATELY SEK 63.3 MILLION FROM THE
EVALUATION
AGREEMENT AND THE DIRECTED SHARE ISSUE
    *  SUBSCRIPTION PRICE IS EQUIVALENT TO A PREMIUM OF 33
PERCENT
VERSUS CLOSING PRICE YESTERDAY 
    * NEW FORMULATION WILL BE EVALUATED IN PRECLINICAL STUDIES
BY NOVO
NORDISK
    * RECEIVES FEE OF $4.0 MILLION FOR PROVIDING NOVO NORDISK
EXCLUSIVITY TO USE PHARMASHELL IN COMBINATION WITH NOVO NORDISK
PRODUCTS, VALID THROUGHOUT TERM OF EXCLUSIVITY
    * WILL BE ABLE TO CONTINUE THE DEVELOPMENT OF OWN PRODUCT
PROJECT
WITHIN FIELD OF TYPE 2 DIABETES THROUGHOUT EXCLUSIVITY PERIOD
    * NOVO NORDISK INVESTS SEK 17.2 MILLION IN NANEXA IN
DIRECTED
SHARE ISSUE
    * FOLLOWING DIRECTED SHARE ISSUE, NOVO NORDISK'S OWNERSHIP
IN
NANEXA WILL AMOUNT TO APPROXIMATELY 16.5%
    * NOVO NORDISK UNDERTAKES TO SUBSCRIBE FOR ITS PRO-RATA
PORTION OF
ANY FUTURE RIGHTS ISSUE CONDUCTED PRIOR TO DEC 31, 2023 UP TO A
MAXIMUM OF $2.0 MILLION
    * NET PROCEEDS WILL PRIMARILY BE USED TO STRENGTHEN
FINANCIAL
POSITION, AND TO ENABLE PLANNED PRECLINICAL AND CLINICAL STUDIES

        
 Source text for Eikon:  urn:newsml:reuters.com:*:nMFN9SXDTN
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