Successful placement of NOK 25 million share issue

Successful placement of NOK 25 million share issue

On November 30, EXACT Therapeutics announced the successful private placement of a NOK 25 million share issue:

Reference is made to the stock exchange announcement published on 30 November 2023 by EXACT Therapeutics AS ("EXACT-Tx" or the "Company"), a clinical-stage precision medicine company, regarding a contemplated private placement (the "Private Placement") of new shares in the Company (the "Offer Shares"). EXACT-Tx is pleased to announce that the Private Placement has been successfully placed through an allocation of 2,083,333 Offer Shares, at a subscription price of NOK 12 per Offer Share for total gross proceeds of NOK 25 million.

The net proceeds from the Private Placement will be used to (i) advance and conclude on the dose expansion part of the ACTIVATE study in patients with liver metastases and announce the top line results, (ii) expand and conclude on the ACT® platform utility in selected additional high-value areas through preclinical studies, including glioblastoma, (iii) focused business development efforts, pursuing productive leads in selected use areas of ACT® (iv) conclude a pre-IND process with the FDA, for the ENACT study and development programme in pancreatic cancer, and (v) general corporate purposes and IP.

Per Walday, CEO of EXACT Therapeutics, says: "This financing has been completed without any significant discount to the market price, and we are excited and grateful for the exceptional support from leading Norwegian investors. The capital infusion will take us well beyond key milestones in the ongoing clinical ACTIVATE study in patients with metastatic liver cancer, and will also enable us to conduct pre-IND discussions with regulatory authorities in the USA (FDA) for pancreatic cancer, a disease with significant unmet medical needs. Furthermore, it will enable us to obtain potentially transformational results from our preclinical activities in glioblastoma, immuno-oncology, and CNS. Positive results from these studies could open up significant new and valuable therapy areas for our unique ACT technology."

The share issue and associated share capital increase in the Private Placement has been resolved by the board of directors of the Company pursuant to an authorization to issue new shares granted by the annual general meeting of the Company on 9 June 2023. Following completion of the Private Placement, the Company's share capital will be NOK 128,322.208 divided into 32,080,552 shares, each with a par value of NOK 0.004.

Settlement of the Offer Shares is expected to take place on or about 5 December 2023 on a delivery versus payment basis by delivery of existing and unencumbered shares in the Company that are already listed on Oslo Børs facilitated by a share lending agreement entered into between Kvåle AS, the Company and the Manager.

See the full stock exchange publication here:

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