Immunovia Raised ~ 400m SEK to Further Accelerate the Market Introduction of the First Test for Early Detection of Pancreatic Cancer, the IMMray(TM) PanCan-d
LUND, Sweden, June 9, 2020 /PRNewswire/ -- On June 4th, Immunovia announced a Directed Share Issue raising ~400 MSEK in capital, resulting in one of the largest fundraising for a non-US based diagnostics company. Proceeds from this Directed Share Issue will be used for the commercialization activities associated with the launch of IMMray™ PanCan-d. These activities include securing additional high caliber talent for the company's sales, marketing and customer support teams. Additionally, funds will be used to increase Immunovia's activities for reimbursement
Immunovia AB (publ) ("Immunovia") today provides additional information on the use of capital raised in the successful Directed Share Issue on June 4, 2020. In addition to strong support from existing and new local investors, Immunovia also attracted sizeable demand and participation from international investors, further broadening the company's shareholder base. The Directed Share Issue included long-term shareholders, Swedbank Robur, Handelsbanken, AP2, and Apus Capital, as well as others. Via the capital increase, Immunovia also welcomed new investors, such as OstVast Capital Management, Consensus, Aktia Asset Management, and Altitude Capital, among others.
With this injection of capital, Immunovia has strengthened the company's financial position, making it more resilient to mitigate any possible volatility in the financial markets during critical times. This further allows Immunovia to continuously improve its position as the world leader in early detection of complex diseases.
Most of the proceeds from the new share issue will be allocated to grow Immunovia Inc.'s sales and marketing team and activities, located in Marlborough, Massachusetts. Immunovia remains focused on targeting the major gastro centers through the company's strong relationship with our large and supportive Key Opinion Leader network. Proceeds will also be allocated to the reimbursement activities across our priority markets. Immunovia will continue to work on the introduction and further commercialization of the IMMray™ platform, targeting additional opportunities such as lung cancer and a highly accurate differential diagnosis for Rheumatoid arthritis.
IMMray™ PanCan-d's first target market will be the United States and will launch in the Fourth Quarter 2020, followed by a rolling launch in the European market. Additional planned markets will follow.
"We successfully secured one of the largest raises for a non-US based diagnostics company. As we move full speed ahead with the commercialization of the first ever test for early detection of pancreatic cancer, we choose to secure capital now to eliminate the uncertainty of not being able to raise sufficient funding due to a potential increased volatility on the back of the ongoing pandemic. We have successfully done this," stated Mats Grahn, CEO of Immunovia. "We thank our existing shareholders for their long-term support and welcome new local and international renowned investors."
This is information that Immunovia is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 18:00 CET on June 9, 2020.
Immunovia AB is a diagnostic company that is developing and commercializing highly accurate blood tests for the early detection of cancer and autoimmune diseases based on Immunovia's proprietary test platform called IMMray™. Tests are based on antibody biomarker microarray analysis using advanced machine-learning and bioinformatics to single-out a set of relevant biomarkers that indicate a certain disease. Thus, forming a unique "disease biomarker signature".
The company was founded in 2007, based on cancer studies and ground-breaking research in the Department of Immuntechnology at Lund University and CREATE Health Cancer Center, Sweden.
The first product, IMMray™ PanCan-d, is undergoing clinical evaluation in some of the world's largest clinical studies for pancreatic cancer, PanFAM-1, PanSYM-1 and PanDIA-1 and is currently entering the final validation for sales start Q4 2020. When validated, IMMray™ PanCan-d will be the first blood-based test for early diagnosis of pancreatic cancer on the market, with a potential to significantly improve patient survival and outcome.
Immunovia Dx Laboratories located in Marlborough, Massachusetts, USA and Lund, Sweden will provide laboratory testing services in two accredited reference laboratories.
Immunovia's shares (IMMNOV) are listed on Nasdaq Stockholm. For more information, please visit www.immunovia.com.
For more information, please contact:
Julie Silber, Director of Investor Relations, Immunovia
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SOURCE Immunovia AB