Press release —
Attgeno has completed a fully subscribed share issue of SEK 4.35 million
Attgeno AB has completed a successful new share issue directed to existing shareholders. Through the share issue, the company will receive SEK 4.35 million in gross proceeds.
Earlier in the year, Attgeno initiated production development of Supernitro to ensure sufficient quality for clinical development in Phase III and for delivery to patients after possible marketing approval.
By switching from batch- to flow chemistry-based production, the safety of production and the quality of the product have been significantly improved. The next step is to optimize and fully validate all the chemical analyses needed to ensure release of product according to Good Manufacturing Principles (GMP), needed for administration to humans.
This type of work is time-consuming and costly, and in order not to risk delays in the clinical development program, Attgeno has chosen to initiate this work during the autumn. To finance this important step, the Board of Directors in September decided to carry out a small share issue, aimed at the current owners who expressed interest in investing further in the company.
"Our ambition is to maintain a high pace in the development of Supernitro in light of the fact that there is currently no safe and effective treatment for acute pulmonary hypertension, a condition that is associated with increased mortality in patients who are in need of intensive care, e.g. after undergoing cardiac surgery." says Per Agvald, CEO.
The current investors include private investors, investment companies, and life science-focused venture capital funds such as Hadean Ventures and Eir Ventures.
The issue in brief:
- Raised SEK 4.35 million.
- The subscription price was set to SEK 250
- The total number of issued shares was 17,400, generating a total number of shares, after the issue, of 1,145,654.
- Makes it possible to take further crucial steps to produce Supernitro of sufficient quantity and quality for the clinical development Phase III and market.
- The issue gives Attgeno a post-money valuation of SEK 286.35 million
Related links
Topics
- Health, Health Care, Pharmaceuticals
Categories
- disease
- icu
- karolinska
- lifescience
- attgeno
- cardiovascular
- cure
- intensive care
- medicine
- science
About Attgeno
Attgeno AB is a clinical-stage, privately held Swedish pharmaceutical company with the mission to develop and commercialise the discovery of completely new methods of providing innovative and efficient nitric oxide-donating drugs. Its leading drug candidate, Supernitro, is currently in phase II clinical trials. For more information, please visit www.attgeno.com.
About Supernitro (PDNO)
Supernitro is administered as an intravenous infusion, and when entering into the blood, it has an ultra-short half-life rapidly releasing its active moiety nitric oxide (NO). As a result, the majority of its NO is released just through the short passage through the lung blood circulation where it reacts with the blood vessels and causes them to dilate. The dilation reduces the resistance for the blood flow through the lungs generated by the pumping of the right heart, and thereby the lung blood pressure is decreased. With decreased pressure to work against the right heart is alleviated. By the donation of NO in the lungs, Supernitro replaces the decrease in NO production that is a well-known consequence of different diseases leading to increased risk for acute pulmonary hypertension.
About acute pulmonary hypertension
Acute pulmonary hypertension, due to acute elicited constriction of the vessels of the lung blood, is a feared complication to major surgery, especially heart surgery, lung emboli and severe infections e.g. Covid-19. In acute pulmonary hypertension, constriction of blood vessels within the lung causes increased resistance in the lung blood vessels with a risk that the heart’s right ventricle does not have the capacity to sufficiently pump the blood through the lungs. In severe cases, the consequence is right heart failure and a drop in systemic blood pressure threatening blood flow to vital organs such as the brain, liver, kidneys and the heart itself – which can lead to a rapid death.
