Curasight not to proceed with rights issue; evaluating alternative financing opportunities
March 11, 2024
Regulatory
Copenhagen, Denmark, 11 March 2024 – Curasight A/S ("Curasight" or the “Company" – TICKER: CURAS) announces today it will not proceed with the Rights Issue announced on February 13[th] 2024 (“Rights Issue”). The Board of Directors took the decision following a less than optimal participation in the Rights Issue by shareholders due to the current challenging market conditions and the fact that Curasight’s share price is trading below the offer price in the Rights Issue. The Company remains committed to accelerating its therapeutic strategy and is currently evaluating alternative financing options.
"We believe the right way to build value in Curasight is by accelerating our therapeutic strategy so that we develop our cutting-edge radiopharmaceutical platforms uTRACE® and uTREAT®, in parallel. We are disappointed that participation in the Rights Issue was less than optimal and we are currently evaluating alternative financing options in order to secure the Company a robust balance sheet to both continue our development activities and ensure we are in a strong position when negotiating potential partnerships.” said chairman of the Board of Directors Per Falholt.” Together with my colleagues on the board and the executive management team, I would like to take this opportunity to thank the many shareholders who had decided to participate in the Rights Issue and thereby shown their support for our goal to provide improved diagnosis and more gentle treatments for cancer patients. We are committed to finding alternative financing for the Company in order to reward your confidence in our strategy and future growth.”
Consequence of the cancellation of the Rights Issue
With reference to section 19.10 of the Information Memorandum published on 22 February 2024, the consequence of the cancellation of the Rights Issue is that:
- Investors who have submitted subscription commitments will receive back the subscription amount excluding expenses to e.g. the bank or financial intermediaries.
- For investors who have traded temporary shares, the subscription amounts less expenses will go to the last registered owner of the temporary share.
- Purchasers of subscription rights will not be compensated for the purchase of subscription rights and they will only receive a subscription amount back ex. Expenses, if they have submitted a subscription commitment.
Shares and share capital
The Company’s share capital will remain unchanged amounting to DKK 994,694.55 and a total number of 19,893,891 shares.
Status
Curasight’s current development activities, including the recently announced Phase I/IIa therapeutic study investigating uTREAT® in five different cancer types, are funded until 2H 2024. The Company will update the market on alternative financing options in the coming time.
Advisors
Redeye AB is acting as a financial advisor to Curasight. DLA Piper Denmark Advokatpartnerselskab is acting as the legal adviser of Curasight. VP Euronext Securities A/S is the Company’s issuing agent and Nordic Issuing is acting as the settlement agent.
This disclosure contains information that Curasight is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 11-03-2024 21:53 CET.
Curasight is a clinical development company based in Copenhagen, Denmark. The Company is a pioneer in the field of exploiting a novel Positron Emissions Tomography (PET) imaging (uTRACE®) and Radioligand Therapy (uTREAT®) Theranostic Platform targeting the urokinase-type plasminogen activator receptor (“uPAR”). The technology is expected to improve diagnosis and provide more gentle and efficient treatment of multiple cancer types.
This announcement does not constitute and is not a part of an offer to sell securities. Copies of this announcement are not made and may not be distributed, published or sent to the United States, Australia, Hong-Kong, Japan, Canada, Switzerland, Singapore, South Africa or New Zealand or any other jurisdiction where distribution of this press release would be unlawful or require registration or other measures. This announcement is for information purposes only and does not constitute a prospectus or any other offer to sell or a solicitation to offer to acquire any securities in the United States or any other jurisdiction. Securities that may be issued in connection with the transactions referred to in this announcement will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and consequently will not be offered or sold within the United States.
This announcement does not constitute a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and the Council (the “Prospectus Regulation”). This press release does not contain and does not constitute an invitation or an offer to acquire, sell, subscribe or otherwise trade in shares, warrants, subscription rights or other securities of Curasight in the United States or elsewhere. The Rights Issue is exclusively targeted at investors in Denmark and is subject to local Danish exemptions for the production and publication of a prospectus. The invitation to affected persons to subscribe for shares in Curasight will only take place through the Information Memorandum that Curasight has published on the Company's website. The Information Memorandum contains, among other things, risk factors, certain financial information and information about the Company's management and Board of Directors. This press release has not been approved by any regulatory authority and does not constitute a prospectus. Investors should not subscribe or acquire securities referred to in this press release except on the basis of the information that is be contained in the Information Memorandum that has been published.
Topics discussed in this announcement may constitute forward looking statements. Forward looking statements are statements that are not historical facts that can be identified by the use of words such as, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “will”, “may”, “continue”, “should” and similar expressions. Forward looking statements in this press release are based on various assumptions, many of which in turn are based on further assumptions. Although Curasight believes these assumptions were reasonable when made, these assumptions are inherently associated with known and unknown material risks, uncertainties, unforeseen events and other important factors that are difficult or impossible to predict and that are beyond its control. Such risks, uncertainties, unforeseen events and other important factors could cause actual events to differ materiality from the expectations expressed or implied in this announcement by such forward looking statements. Information, opinions and forward looking statements contained in this announcement speak only as at its date, and may be changed without notice.
