With a subscription rate of 34.7% of the rights issue, and a utilization of guarantee commitments corresponding to 27.1%, Nanexa is provided with SEK 75m before costs. As previously announced, this lower outcome means that the funds will go to finance the completion of Phase 1 with NEX-22 and subsequent FDA meeting, preparation for Phase 1b with NEX-20, but no activities with NEX-18. This tighter roadmap, however, is more investor-friendly as it focuses on the core projects in the case, while the reduced runway increases the pressure on the company to reach some licensing agreement. With an exclusion of NEX-18 from our SOTP, and NEX-20 pushed into the future, we continue to see a wide range of possible outcomes for the company’s projects, all of which continue to support a high potential from today’s depressed levels.
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