NeoDynamics' largest owner secures the launch of NeoNavia in the US

Rhea-AI Summary

On February 16, 2023, NeoDynamics AB (Nasdaq First North Growth Market Stockholm: NEOD) announced a SEK 14 million loan from its largest shareholder, Gryningskust Holding AB, to support the launch of its NeoNavia system in the US. This loan carries an 8% fixed interest rate and is convertible into shares if the company issues new shares in the future. The loan is crucial for maintaining momentum as NeoDynamics prepares for its entry into the US market, following FDA clearance for NeoNavia. The support reflects Gryningskust's long-term commitment to NeoDynamics and confidence in its growth potential.

Positive

• Loan of SEK 14 million secured for NeoNavia launch.
• Fixed interest rate of 8% is competitive.
• Loan can be converted into shares, indicating potential shareholder interest.

Negative

• None.

STOCKHOLM, Feb. 16, 2023 /PRNewswire/ -- NeoDynamics AB (Nasdaq First North Growth Market Stockholm: NEOD.ST), a medical device company dedicated to advancing the diagnosis and care of cancer, today announced that the company's largest shareholder Gryningskust Holding AB is offering the company SEK 14 million in a loan that can be converted into shares in order to secure the launch of NeoNavia in the US.

NeoDynamics is ready to kick-start the planned launch of the NeoNavia system to clinics and potential partners in the United States. The company's largest shareholder Gryningskust Holding AB has strong faith in NeoDynamics as a long-term successful company in cancer diagnostics. Therefore, Gryningskust Holding AB offers NeoDynamics a loan of SEK 14 million, with a fixed interest rate of 8%, which is within the market price range considering other similar financing. The loan maturity date is August 15^th, 2023.

The loan is intended to be converted into shares if the company issues new shares in the future. Conversion will then take place at the current exchange rate.

"I am extremely pleased that our principal owner has strong faith in NeoDynamics and the commercial opportunity we now face with NeoNavia in the important US market. Interest in the US is great for our innovative, ultrasound-guided system, which will be of significant value, both to those who are to be diagnosed with breast cancer and to their caregivers. Thanks to the support from Gryningskust Holding AB, we can now proceed with the launch without losing momentum," said Anna Eriksrud, CEO of NeoDynamics.

"To us, NeoDynamics represents a long-term investment with great potential and NeoNavia's commercial breakthrough in the US is now very close after FDA clearance. Therefore, for us it is natural to support the company's launch in the US, and this loan is part of our continued commitment to NeoDynamics," said Johan Thorell,  Gryningskust Holding AB's CEO.

This disclosure contains information that NeoDynamics is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 16-02-2023 16:51 CET.

CONTACT:

For further information, please contact:

Anna Eriksrud, CEO NeoDynamics AB, phone +46708 444 966 or e-mail anna.eriksrud@neodynamics.com

Aaron Wong, CFO NeoDynamics AB,  phone +46735 972 011 or e-mail aaron.wong@neodynamics.com

View original content:https://www.prnewswire.com/news-releases/neodynamics-largest-owner-secures-the-launch-of-neonavia-in-the-us-301749046.html

SOURCE NeoDynamics

FAQ

What is the loan amount offered to NeoDynamics by Gryningskust Holding AB?

Gryningskust Holding AB is offering a loan of SEK 14 million to NeoDynamics.

What is the fixed interest rate on the loan from Gryningskust Holding AB?

The loan has a fixed interest rate of 8%.

When is the maturity date for the loan provided to NeoDynamics?

The loan matures on August 15, 2023.

What is the purpose of the loan secured by NeoDynamics?

The loan is intended to support the launch of the NeoNavia system in the US.

What is the significance of the NeoNavia launch for NeoDynamics?

The launch is crucial for NeoDynamics as it expands into the important US market for cancer diagnostics.