Redeye comments on BioInvent’s proposed rights issue of about SEK430m, announced on 28 October with an early Q3 report. The covered part is expected to finance the company through the end of 2027, which removes the funding risk, as the company only had capital into Q1 2027. We had expected greater participation from the main owners, and from specialist investors given the promising BI-1808 results. Launching without a set subscription price is also a suboptimal solution, as we expect the share price to take a hit. We will return with a new Update after today's conference call.
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