Isofol Reports All Employees Participate in Newly Created Share Warrant Program
GOTHENBURG, Sweden, Feb. 1, 2019 /PRNewswire/ -- Isofol Medical AB (publ), (Nasdaq First North Premier: ISOFOL), today announced that all senior executives and employees participated in Isofol's share warrant program "2018" (series 2018/2022 and series 2018/2023). A total of 1,260,139 warrants with the right to subscribe for new shares in Isofol were acquired. Management and employees have invested up to 207,000 Swedish Crowns (SEK) per person in the program.
The warrants were acquired at a market price according to a calculation undertaken by Grant Thornton Sweden AB. At the end of each program, each warrant entitles the holder to subscribe for one new share in Isofol at a fixed exercise price. For series 18/22 the exercise price is set to 51.3 SEK per share with a subscription period running from May 15, 2022 to July 15, 2022, and for series 18/23 the exercise price is set to 76.9 SEK with a subscription period running from May 15, 2023 to July 15, 2023.
The share warrants program comprises a maximum of 1,461,698 warrants according to a decision taken at the extraordinary general meeting on December 17, 2018 and is directed to all current employees of the company and future key persons who may be recruited to Isofol.
Upon full exercise of the warrants, the share capital increase by around 44,700 SEK and correspond to a dilution of about 4.5 percent of the total number of shares and votes.
Anders Rabbe, CEO of Isofol: "It is very gratifying to have the broad participation in the share warrant program, which means that all employees at Isofol have a stronger ownership interest in the company as well as a long-term commitment to achieve our goals. The Isofol team is now fully focused on our recently initiated Pivotal Phase 3 AGENT study of arfolitixorin in first line metastatic colorectal cancer with the intention to improve the treatment for hundreds of thousands of patients."
Arfolitixorin is Isofol's proprietary drug candidate being developed to increase the efficacy of standard of care chemotherapy for advanced colorectal cancer. The drug candidate is currently being studied in a global Phase 3 clinical trial. As the key active metabolite of the widely used folate-based drugs, arfolitixorin can potentially benefit all patients with advanced colorectal cancer, as it does not require complicated metabolic activation to become effective.
About Isofol Medical AB (publ)
Isofol Medical AB (publ) is a clinical stage biotech company developing arfolitixorin to improve the efficacy of standard of care chemotherapy for advanced colorectal cancer by increasing tumor response and progression free survival. Isofol holds a worldwide exclusive license agreement with Merck KGaA, Darmstadt, Germany to develop and commercialize arfolitixorin for oncology indications. Isofol Medical AB is traded on the Nasdaq First North Premier. Certified Adviser is FNCA Sweden AB.
For further information, please contact::
Isofol Medical AB (publ)
Anders Rabbe, CEO
Phone: +46 (0)707-646-500
Gustaf Albert, CFO
LifeSci Public Relations
FNCA Sweden AB
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SOURCE Isofol Medical