Directed equity issue of SEK ~62m

Strong institutional interest

Financial support for all pipeline projects

Favourable financing conditions – a sign of strength
Intervacc has completed a directed issue to institutional investors of approximately SEK 62m before issue costs, which corresponds to 15% of the equity capital. The issue was priced at SEK 11, a mere 0.5% discount from yesterday’s closing, with three reputable institutional investors. The subscribers of the directed issue are Robur (SEK 25m), AP4 (Fjärde AP-fonden) (SEK 20m) and HealthInvest (SEK 17m). We are encouraged by this efficient financing solution and the entrance of institutional owners.

Considerable investor interest
The company indicated that there has been considerable investor interest in Intervacc, allowing for favourable financing terms for long-term institutional shareholders. The financing form was chosen to ensure a time and cost-effective capital raising process as well as to strengthen the ownership base with strategic and institutional owners.

Support for Strangvac – and the other pipeline projects
Intervacc is in the final phase of the development of Strangvac, where it expects to submit final documentation to the EMA in late ’19e, and expects market approval before the end of ’20e. The proceeds from the directed issue will add support to the preparations for the commercialisation of Strangvac. Furthermore, Intervacc can increase the rate of clinical development for the two other vaccines in its pipeline that target pigs and cows. The company has not yet commented on whether the financing will be sufficient to reach positive cash flows. We view this as a positive development in Intervacc’s commercialisation journey, not only for Strangvac, but its other pipeline projects as well.

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