SoftOx Options has acquired commitments from chosen shareholders to take part in a warrant consortium for a rights problem of NOK 22.5 million with a subscription worth of NOK 0.02, based on a inventory alternate announcement on Tuesday.
In line with the corporate, the case will present enough funding to design, put together and run a course of with the purpose of elevating funds for a “proof-of-concept”, part 2 scientific research for the therapy of ventilator-associated pneumonia (VAP ).
Co-founder leaves
A unanimous board has accepted the matter, and they’re going to name a separate normal assembly earlier than the tip of July. The case shall be accomplished by August 24, and the membership rights shall be settled.
The market reacts by sending the share down 36 % to NOK 0.10.
In line with a separate inventory alternate announcement, after the difficulty, SoftOx shall be restructured, refocused and could have ready a brand new, strategic approach ahead. On the identical time, co-founder Geir Almås pronounces that he’s stepping down as chairman of the corporate.
– SoftOx is out of monetary situation. That is the proper time for me to step again and let the brand new staff lead the corporate by way of additional scientific research and commercialization, he says in a remark.
Been bleeding for a very long time
SoftOx Options has been bleeding cash for a very long time, and an ongoing restructuring program contributed to a lack of greater than NOK 21 million within the first quarter of this yr. This got here along with greater than NOK 42 million in 2023.
Within the report for the primary quarter, SoftOx repeated the message from the earlier quarter.
“The corporate has restricted funds, and it must strengthen itself financially and when it comes to liquidity within the brief and long run. “
SoftOx’s collectors, together with bondholders and key workers, agreed within the first quarter to transform the full quantity of NOK 76.2 million into shares within the firm. As well as, NOK 22.3 million was raised in problem, divided into NOK 14 million in money turnover and NOK 8.3 million in money.
A well-recognized Danish lodge
Ulrik Spork has been appointed as the brand new chairman of the board, and he’s at the moment deciding on “extra certified candidates” who can be part of the board. For greater than 25 years, Danske Spork has been the chairman or board member of greater than 30 early-stage life science corporations, a number of of that are nonetheless energetic at this time. On the identical time, he’s energetic in two funds that put money into enterprise/personal fairness funds.
Spork has held key positions in Novo Group, and, amongst different issues, has been director of enterprise improvement at Novo Nordisk. The latter is at this time Europe’s largest listed firm and final week it rose to an “all-time excessive” after the slimming drug Wegovy was accepted in China. On Tuesday, the corporate was priced at 3,420 billion Danish kroner, equal to five,250 billion Norwegian kroner.
As well as, Thomas Bjarnsholt was appointed as the brand new CEO of SoftOx Options. He has been a advisor for SoftOx since 2017 and the corporate’s chief technique officer (CSO) since 2022.
Bjarnsholt will get Ingrid Juven as CFO after Harald Sætvedt leaves.
2024-07-02 09:59:30
#SoftOx #pronounces #case #supervisor #chairman
