Immunovia CEO and board members announce intention to fully exercise their TO2 warrants

Rhea-AI Summary

Immunovia (IMMNOV) announced that CEO Jeff Borcherding and board members will fully exercise their TO2 warrants from the May 2024 rights issue. In total, holders of 1,651,608 warrants have confirmed their intention to exercise during the upcoming period. Each TO2 warrant allows subscription for one new share at 70% of the volume-weighted average price during December 12-27, 2024, with a cap at 125% of the rights issue price (SEK 0.63). The subscription period runs from January 2-16, 2025.

The CEO expressed confidence in the company's mission and recent CLARITI study results validating their next-generation pancreatic cancer detection test. Immunovia focuses on early detection of pancreatic cancer through blood-based testing, targeting the US market where an estimated 1.8 million high-risk individuals could benefit from annual surveillance.

Positive

• Management's confidence demonstrated through warrant exercise commitment
• Recent CLARITI study validated next-generation test accuracy
• Large addressable market of 1.8M high-risk individuals in the US

Negative

• Potential dilution from warrant exercise
• Share price-dependent warrant exercise price indicates uncertainty

LUND, Sweden, Dec. 18, 2024 /PRNewswire/ -- Immunovia (IMMNOV: Nasdaq Stockholm), the pancreatic cancer diagnostics company, today announced its CEO and board members intend to exercise all TO2 warrants they received in the company's rights issue that was announced on May 20, 2024.

Immunovia CEO Jeff Borcherding, one of the company's largest shareholders based on prior purchases, intends to exercise all warrants he purchased in the recent rights issue. In addition, all board members who currently hold TO2 warrants, Martin Møller, Hans Johansson and Peter Høngaard Andersen, have communicated their intention to fully exercise the TO2 warrants they hold. In total, holders of TO2, 1 651 608 warrants have communicated their intention to fully exercise their TO2 warrants during the upcoming exercise period.

"I will invest the funds to exercise all my TO2 warrants because I believe in our mission, our next-generation test, and our company," said Jeff Borcherding, Immunovia's CEO. "There is a tremendous unmet need for an accurate blood test to detect pancreatic cancer early in high-risk individuals. The recently announced CLARITI study results validate the accuracy of our next-generation test and prove we have the right test to meet this need. I have tremendous confidence in the Immunovia team to fulfill our mission, drive the commercial success of our test, and reward shareholders."

One (1) TO2 warrant entitles the right to subscribe for one (1) new share in the company at a subscription price corresponding to seventy (70) percent of the volume weighted average price of the company's share on Nasdaq Stockholm during the pricing period, however not less than the share's quota value and not more than an amount corresponding to 125 percent of the subscription price per share in the completed rights issue (SEK 0.63). The pricing period for the TO2 warrants began on December 12, 2024, and ends on December 27, 2024. The subscription price will thereafter be announced through a press release. Subscription of shares by exercise of TO 2 warrants will take place during the period from and including January 2, 2025, up to and including January 16, 2025.

For more information, please contact:

Jeff Borcherding
CEO and President
jeff.borcherding@immunovia.com  

Karin Almqvist Liwendahl
Chief Financial Officer
karin.almqvist.liwendahl@immunovia.com 

Immunovia in brief 

Immunovia AB is a diagnostic company whose mission is to increase survival rates for patients with pancreatic cancer through early detection. Immunovia is focused on the development and commercialization of simple blood-based testing to detect proteins and antibodies that indicate a high-risk individual has developed pancreatic cancer. 

Immunovia collaborates and engages with healthcare providers, leading experts and patient advocacy groups to make its test available to individuals at increased risk for pancreatic cancer. 

USA is the world's largest market for detection of pancreatic cancer. The company estimates that in the USA, 1.8 million individuals are at high-risk for pancreatic cancer and could benefit from annual surveillance testing. 

Immunovia's shares (IMMNOV) are listed on Nasdaq Stockholm. For more information, please visit www.immunovia.com 

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/immunovia-ab/r/immunovia-ceo-and-board-members-announce-intention-to-fully-exercise-their-to2-warrants,c4084075

The following files are available for download:

https://mb.cision.com/Main/13121/4084075/3180404.pdf

Press Release (PDF)

 

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SOURCE Immunovia AB

FAQ

How many TO2 warrants will be exercised in Immunovia's (IMMNOV) January 2025 subscription period?

1,651,608 TO2 warrants have been confirmed for exercise during the January 2-16, 2025 subscription period.

What is the subscription price for Immunovia's (IMMNOV) TO2 warrants?

The subscription price will be 70% of the volume-weighted average price during December 12-27, 2024, not exceeding 125% of SEK 0.63, and not less than the share's quota value.

When is the exercise period for Immunovia's (IMMNOV) TO2 warrants?

The exercise period runs from January 2, 2025, to January 16, 2025.

What market size does Immunovia (IMMNOV) target for its pancreatic cancer test in the USA?

Immunovia estimates 1.8 million high-risk individuals in the USA could benefit from annual surveillance testing.

What recent study validated Immunovia's (IMMNOV) pancreatic cancer test?

The CLARITI study recently validated the accuracy of Immunovia's next-generation pancreatic cancer detection test.