NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE, SOUTH AFRICA, SWITZERLAND, THE UNITED STATES, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.
The subscription period of the rights issue of units consisting of shares and warrants in SciBase Holding AB (publ) ("SciBase" or the "Company") ended on May 26, 2020 with the outcome that the rights issue was heavily oversubscribed. SciBase will receive proceeds from the issue amounting to SEK 24.9 million before transaction costs, excluding the additional capital contribution that may come from the exercise of the warrants in October 2020.
17,977,344 units were subscribed for by exercise of unit rights. In addition, applications for subscription without unit rights corresponding to 50,608,560 units have been received
The rights issue was fully secured through subscription undertakings of approximately SEK 4.1 million and guarantee commitments of approximately SEK 20.8 million
No guarantee commitments have been utilized
"We are very pleased to have finalised the rights issue so successfully, especially in the current financial environment. We thank the investors who have subscribed in the rights issue and we will continue to work hard to deliver further milestones in line with the strategy we have laid out over the past months." says Simon Grant, CEO SciBase.
The outcome shows that 17,977,344 units, have been subscribed for by exercise of unit rights. In addition, applications for subscription without unit rights have been received for 50,608,560 units. Accordingly, the rights issue is heavily oversubscribed and the guarantee commitments that have been provided in the rights issue have consequently not been utilized.
The rights issue will provide SciBase with SEK 24.9 million before transaction costs, which are estimated to amount to approximately SEK 5.2 million. The rights issue consists of 19,941,721 units, each consisting of one (1) share and one (1) warrant free of charge, which can be used for subscription of one (1) new share in the Company during the period October 5 - October 16, 2020 at an exercise price corresponding to the higher of (i) 70 per cent of the volume-weighted average price of the Company's share on Nasdaq First North Growth Market during a period of ten (10) trading days immediately preceding September 30, 2020 (including September 30, 2020), but not less than SEK 1.00 and not more than SEK 1.75 per share, and (ii) the quotient value of the share at the time the warrants are exercised.
The number of shares in SciBase is increased by 19,941,721, from 16,618,101 to 36,559,822 through the rights issue. At full exercise of all warrants issued in the rights issue, the number of shares in the Company will increase further with a maximum of 19,941,721 additional shares.
The last day of trading in the paid-up subscribed units ("BTU") is expected on or around June 4, 2020. The new shares and warrants that are subscribed for in the rights issue are expected to be registered with the Swedish Companies Registration Office ("SCRO") on or around June 8, 2020.
Allocation of units subscribed for without unit rights will be made in accordance with the principles outlined in the prospectus. As confirmation of allocation of units subscribed for without unit rights, a contract note will be sent to those who have been allocated units on or around May 29, 2020. No communication will be sent out to those who have not been allocated units. Subscribed and allocated units must be paid for in cash in accordance with the instructions in the contract note sent to those who have been allocated units. Shareholders with nominee-registered holdings will receive confirmation of the allocation in accordance with the procedure of the respective nominee. Only those who are allocated units will be notified.
Advisors
Vator Securities is financial advisor and Setterwalls Advokatbyrå is legal adviser to SciBase in connection with the rights issue.
For more information, please contact: Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: [email protected]
About SciBase and Nevisense SciBase AB is a Swedish medical technology company, headquartered in Stockholm that has developed and sells a unique point-of-care device for evaluation of skin disorders such as skin cancer and atopic dermatitis. Its first product, Nevisense, helps doctors to detect malignant melanoma, the most dangerous type of skin cancer. Further development has led to Nevisense also being used as a tool to assess the skin barrier and inflammation. SciBase was founded by Stig Ollmar, Associate Professor at The Karolinska Institute in Stockholm, Sweden. Nevisense is based on substantial research and has achieved excellent results in the largest clinical study ever conducted on the detection of malignant melanoma. Nevisense is CE marked in Europe, has TGA approval in Australia and an FDA approval (PMA) in the United States. Nevisense is based on a method called Electrical Impedance Spectroscopy (EIS), which uses the varying electrical properties of human tissue to categorize cellular structures and thereby detect malignancies and abnormalities. SciBase is listed on First North Growth Market ("SCIB"). Further information is available at www.scibase.com.Important information
Publication, distribution or release of this release can in some jurisdictions be subject to restrictions by law and persons in those jurisdictions where this release has been published or distributed should inform themselves of and comply with such legal restrictions. The recipient of this release is responsible to use this release and information herein in accordance with applicable rules in respective jurisdiction. This release does not contain or constitute an offer, nor an invitation, to acquire or subscribe for shares or other securities in the Company in any jurisdiction, either from the Company or from any others.
The information in this release may not be distributed or sent into Australia, Canada, Hong Kong, Japan, New Zealand, Switzerland, Singapore, South Africa the United States or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. Acts in contrary to this instruction can constitute a crime according to applicable securities laws. This release is not an offer or invitation to acquire or subscribe for shares or other securities in the United States. The securities that have been mentioned in this release are not allowed to be sold in the United States without registration, or without application of an exemption from registration, according to the applicable U.S. Securities Act from 1933 ("Securities Act"), or as a part of a transaction that is not covered by the registration requirements according to the Securities Act. There is no intention to register any shares or securities mentioned herein in the United States or to announce a public offering of such securities in the United States.
This release is not a prospectus in accordance with the definition in the Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the "Prospectus Regulation"). Complete information regarding the rights issue can only be obtained through the prospectus which has been published.
This information is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). This information must not be acted on or relied upon by persons who are not Relevant Persons. An investment or an investment activity referred to in this release is only available in the United Kingdom for Relevant Persons and will only be conducted with Relevant Persons.
This release may include forward-looking statements. Forward looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and beyond the Company's control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.
Information to distributors
For the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) national implementing measures, (together the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the offered shares have been subject to a product approval process, who have established that these shares are: (i) suitable for a target marked consisting of non-professional investors and investors who fulfil the criteria for professional clients and eligible counterparties, each as defined in MiFID II, and (ii) suitable for distribution through all distribution channels that has been approved in MiFID II ("Target Market Assessment"). Irrespective of the Target Market Assessment, distributors should note that: the price of the shares in the Company may decline and investors could lose all or part of their investment; the Company's shares offer no guaranteed income and no capital protection; and an investment in the Company's shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The target market assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the issues.
The target market assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, purchase, or take any other action whatsoever with respect to the Company's shares.
Each distributor is responsible for undertaking its own target market assessment in respect of the Company's shares and determining appropriate distribution channels.
SciBase (SCIB) Stockholm, Sweden - announced today that it has received approval from the US Food and Drug Administration (FDA) for Nevisense 3.0, the third generation of their Nevisense system for early melanoma detection. Nevisense, an AI-based point-of-care system for the non-invasive evaluation of irregular moles remains the only FDA approved system available for melanoma detection in the US.
Nevisense 3.0 is a more efficient and streamlined version of the product previously approved by the FDA. The European version released at the end of 2018 has significantly improved both adoption and utilization, and has been used clinically on over 30,000 patients to date.
"The release of Nevisense 3.0 in late 2018 in Germany and the EU has been the catalyst for five consecutive quarters of growth, and we see this as step one of our strategic plan" said Simon Grant, Chief Executive Officer of SciBase. "Receiving US approval means that we can focus on step two of our strategy which is to increase our marketing and sales activities in the US based on our deep market experience with Nevisense 3.0 in Germany and the positioning we have developed for Nevisense in the US.'
For more information, please contact: Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: [email protected]
This information is information that SciBase Holding AB 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 12.45 CET on May 1, 2020.
About SciBase and Nevisense SciBase AB is a Swedish medical technology company, headquartered in Stockholm that has developed and sells a unique point-of-care device for evaluation of skin disorders such as skin cancer and atopic dermatitis. Its first product, Nevisense, helps doctors to detect malignant melanoma, the most dangerous type of skin cancer. Further development has led to Nevisense also being used as a tool to assess the skin barrier and inflammation. SciBase was founded by Stig Ollmar, Associate Professor at The Karolinska Institute in Stockholm, Sweden. Nevisense is based on substantial research and has achieved excellent results in the largest clinical study ever conducted on the detection of malignant melanoma. Nevisense is CE marked in Europe, has TGA approval in Australia and an FDA approval (PMA) in the United States. Nevisense is based on a method called Electrical Impedance Spectroscopy (EIS), which uses the varying electrical properties of human tissue to categorize cellular structures and thereby detect malignancies and abnormalities. SciBase is listed on First North Growth Market ("SCIB"). Further information is available at www.scibase.com.
Stockholm, Sweden - SciBase (SCIB) announced today, on "Melanoma Monday", that they have entered into a collaboration agreement with Advanced Dermatology and Cosmetic Surgery ("ADCS") - the premier dermatology network in the US with over 150 practices. The agreement will provide ADCS practices with Nevisense, the only FDA approved melanoma detection system, for the analysis of patients' atypical moles at point-of-care.
The partnership further supports ADCS's commitment to the early detection of skin cancer, and their goal of integrating evidence-based technology solutions that help deliver the best possible care to their patients. SciBase will initially install Nevisense in 20 clinics to evaluate practice workflow integration, followed by expansion within ADCS's large network of practices. The practices will be supplied with the latest product, Nevisense 3.0, which received FDA approval on April 30th. ADCS and SciBase will also collaborate on scientific research and the evaluation of new products addressing other skin conditions.
"We are excited to integrate Nevisense during routine total body skin cancer exams to offer our patients the most advanced technology for the earliest possible detection of melanoma. Melanoma is the deadliest form of skin cancer, but when detected early, treatment has a nearly 100% cure rate. Early testing and treatment are critical for improving survival. Providing our patients with enhanced technology for early testing further supports our continued commitment to delivering best in class care that elevates both our provider and patient experience" said Dr. Matt Leavitt, Chief Executive Officer and Founder of Advanced Dermatology and Cosmetic Surgery.
"Having the nation's largest dermatology practice network adopt Nevisense and offer patients advanced care options is an important milestone in our strategy to increase our US focus and broaden our presence in the US market" said Simon Grant, Chief Executive Officer of SciBase. "The collaboration also validates the clinical value we can provide with Nevisense and is a reflection of the growing acceptance we see from providers to adopt AI-based healthcare solutions that are supported by solid clinical evidence and can improve patient care."
For more information, please contact: Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: [email protected]
About SciBase and Nevisense SciBase AB is a Swedish medical technology company, headquartered in Stockholm that has developed and sells a unique point-of-care device for evaluation of skin disorders such as skin cancer and atopic dermatitis. Its first product, Nevisense, helps doctors to detect malignant melanoma, the most dangerous type of skin cancer. Further development has led to Nevisense also being used as a tool to assess the skin barrier and inflammation. SciBase was founded by Stig Ollmar, Associate Professor at The Karolinska Institute in Stockholm, Sweden. Nevisense is based on substantial research and has achieved excellent results in the largest clinical study ever conducted on the detection of malignant melanoma. Nevisense is CE marked in Europe, has TGA approval in Australia and an FDA approval (PMA) in the United States. Nevisense is based on a method called Electrical Impedance Spectroscopy (EIS), which uses the varying electrical properties of human tissue to categorize cellular structures and thereby detect malignancies and abnormalities. SciBase is listed on First North Growth Market ("SCIB"). Further information is available at www.scibase.com.
ABOUT Advanced Dermatology and Cosmetic Surgery
Advanced Dermatology and Cosmetic Surgery is the largest dermatology practice in the country. We are committed to providing comprehensive and unparalleled dermatologic and aesthetic care in a welcoming and engaging environment, seeking to make each patient experience unique. We strive to combine the best of the art of medicine with the latest advances in research and technology in formulating individualized treatment plans to achieve the desired result with superior patient safety and privacy standards.
To learn more about Advanced Dermatology, visit www.advancedderm.com or call 1-866-400-DERM.
The loss after tax amounted to TSEK 8,936 (8,906).
The loss per share amounted to SEK 0.54 (0.54).
The cash flow from current operations was negative in the amount of TSEK 7,893 (8,950).
The gross margin reached 54.0% (52.6%).
Electrode sales volume increased by 8% and reached 6,562 (6,080) units. Repeat sales of electrodes to existing customers increased by 6%.
Important events during the quarter
During Q1 2020 the Covid-19 pandemic broke out and the consequences of the outbreak started to affect SciBase from mid-March. Sales in the company's key market Germany were affected and decreased by 10% in the quarter, though overall sales rose by 5%. There is a high risk that Covid-19 could lead to a significant financial impact on the Group. At this point, the effects are however very difficult to predict, and the situation is changing constantly.
The Board of Directors is constantly monitoring and assessing the situation around the Covid-19 pandemic and its impact on the company's business and decided on a fully guaranteed rights issue of units consisting of shares and warrants, to provide funds to increase US market penetration and develop new applications. The proposal was approved by an extraordinary general shareholders meeting on April 29th. The subscription price per unit is SEK 1.25 resulting in net proceeds of the raise of approximately MSEK 19.5 after issue costs.
A summons to an extraordinary general shareholders' meeting was published on March 26th. The EGM was held on April 29th.
Important events after the end of the period
At the EGM on April 29th the Board's proposal for a rights issue of units was approved.
SciBase received FDA approval for Nevisense 3.0.
SciBase entered into a partnership agreement with the Advanced Dermatology and Cosmetic Surgery group (ADCS), the single largest dermatology network in the US with over 150 practices.
The annual report for 2019 was published on April 5th.
Apr 1 2019 -
Jan 1 - Mar 31
Mar 31 2020
Jan 1 - Dec 31
THE GROUP
2020
2019
Rolling-12
2019
Net sales, SEK ths
2 496
2 368
9 404
9 276
Gross margin, %
54,0%
52,6%
54,9%
54,5%
Equity/Asset ratio, %
64,8%
79,0%
74,6%
69,4%
Net indebtness, multiple
0,54
0,27
0,34
0,44
Cash equivalents, SEK ths
17 970
58 057
17 970
26 456
Cashflow from operating activities, SEK ths
-7 893
-8 950
-36 898
-37 956
Earnings per share (before and after dilution), SEK
-0,54
-0,54
-2,38
-2,38
Shareholder's equity per share, SEK
1,40
3,78
2,59
1,93
Average number of shares, 000'
16 618
16 618
16 618
16 618
Number of shares at closing of period, 000'
16 618
16 618
16 618
16 618
Share price at end of period, SEK
1,84
4,14
1,84
4,36
Number of sold electrodes, pieces
6 562
6 080
24 206
23 724
Average number of employees
16
19
18
18
This information is information that SciBase Holding AB 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 below, at 08.00 CET on May 5, 2020.
Contact person: Michael Colérus, CFO. +46 70 341 34 72
For more information, please contact:
Simon Grant, CEO SciBase
Phone: +46 72 887 43 99
Email: [email protected]
About SciBase and Nevisense SciBase AB is a Swedish medical technology company, headquartered in Stockholm that has developed and sells a unique point-of-care device for evaluation of skin disorders such as skin cancer and atopic dermatitis. Its first product, Nevisense, helps doctors to detect malignant melanoma, the most dangerous type of skin cancer. Further development has led to Nevisense also being used as a tool to assess the skin barrier and inflammation. SciBase was founded by Stig Ollmar, Associate Professor at The Karolinska Institute in Stockholm, Sweden. Nevisense is based on substantial research and has achieved excellent results in the largest clinical study ever conducted on the detection of malignant melanoma. Nevisense is CE marked in Europe, has TGA approval in Australia and an FDA approval (PMA) in the United States. Nevisense is based on a method called Electrical Impedance Spectroscopy (EIS), which uses the varying electrical properties of human tissue to categorize cellular structures and thereby detect malignancies and abnormalities. SciBase is listed on First North Growth Market ("SCIB"). Further information is available at www.scibase.com.
The board of directors of SciBase Holding AB (publ) ("Scibase" or the "Company") has prepared a prospectus in connection with the issue of units consisting of shares and warrants with preferential rights for the Company's shareholders of up to approximately SEK 24.9 million (the "Rights Issue") announced by the Company through press release on 26 March 2020. The prospectus has today been approved and registered by the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) and is available on the Company's website.
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE, SOUTH AFRICA, SWITZERLAND, THE UNITED STATES, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.
Prospectus approval and publication
The prospectus regarding the Rights Issue has been approved and registered by the Swedish Financial Supervisory Authority and is now available on the Company's website (http://investors.scibase.se/en) and on Vator Securities' website (www.vatorsecurities.se). The prospectus will also be available on the Swedish Financial Supervisory Authority's website (www.fi.se).
Rights Issue preliminary timeline
May 7, 2020 Record date for participation in the Rights Issue with pre-emptive rights, that is, shareholders who are registered in the Company's share register as of this day will receive unit rights for participation in the Rights Issue with pre-emptive rights
May 11 - 22, 2020 Trading in unit rights (trading in paid subscribed units will commence on the same date and continue until the Rights Issue has been registered with the Swedish Companies Registration Office)
May 11 - 26, 2020 Subscription period (with or without pre-emptive rights)
Around May 28, 2020 Announcement of the outcome of the Rights Issue
Around June 5, 2020 The Rights Issue is completed and registered
Advisors
Vator Securities is financial advisor and Setterwalls Advokatbyrå is legal adviser to SciBase in connection with the Rights Issue.
For more information, please contact: Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: [email protected]
The information was submitted, through the agency of the contact person set out above, for publication at the time stated by Scibase's news distributor Cision upon publication of this press release.About SciBase and Nevisense SciBase AB is a Swedish medical technology company, headquartered in Stockholm that has developed and sells a unique point-of-care device for evaluation of skin disorders such as skin cancer and atopic dermatitis. Its first product, Nevisense, helps doctors to detect malignant melanoma, the most dangerous type of skin cancer. Further development has led to Nevisense also being used as a tool to assess the skin barrier and inflammation. SciBase was founded by Stig Ollmar, Associate Professor at The Karolinska Institute in Stockholm, Sweden. Nevisense is based on substantial research and has achieved excellent results in the largest clinical study ever conducted on the detection of malignant melanoma. Nevisense is CE marked in Europe, has TGA approval in Australia and an FDA approval (PMA) in the United States. Nevisense is based on a method called Electrical Impedance Spectroscopy (EIS), which uses the varying electrical properties of human tissue to categorize cellular structures and thereby detect malignancies and abnormalities. SciBase is listed on First North Growth Market ("SCIB"). Further information is available at www.scibase.com.
Important information
Publication, distribution or release of this release can in some jurisdictions be subject to restrictions by law and persons in those jurisdictions where this release has been published or distributed should inform themselves of and comply with such legal restrictions. The recipient of this release is responsible to use this release and information herein in accordance with applicable rules in respective jurisdiction. This release does not contain or constitute an offer, nor an invitation, to acquire or subscribe for shares or other securities in the Company in any jurisdiction, either from the Company or from any others.
The information in this release may not be distributed or sent into Australia, Canada, Hong Kong, Japan, New Zealand, Switzerland, Singapore, South Africa the United States or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. Acts in contrary to this instruction can constitute a crime according to applicable securities laws. This release is not an offer or invitation to acquire or subscribe for shares or other securities in the United States. The securities that have been mentioned in this release are not allowed to be sold in the United States without registration, or without application of an exemption from registration, according to the applicable U.S. Securities Act from 1933 ("Securities Act"), or as a part of a transaction that is not covered by the registration requirements according to the Securities Act. There is no intention to register any shares or securities mentioned herein in the United States or to announce a public offering of such securities in the United States.
This release is not a prospectus in accordance with the definition in the Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the "Prospectus Regulation"). Complete information regarding the rights issue can only be obtained through the prospectus which has been published. Pursuant to article 2 k of the Prospectus Regulation, this press release constitutes an advertisement.
This information is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). This information must not be acted on or relied upon by persons who are not Relevant Persons. An investment or an investment activity referred to in this release is only available in the United Kingdom for Relevant Persons and will only be conducted with Relevant Persons.
This release may include forward-looking statements. Forward looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and beyond the Company's control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.
Information to distributors
For the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) national implementing measures, (together the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the offered shares have been subject to a product approval process, who have established that these shares are: (i) suitable for a target marked consisting of non-professional investors and investors who fulfil the criteria for professional clients and eligible counterparties, each as defined in MiFID II, and (ii) suitable for distribution through all distribution channels that has been approved in MiFID II ("Target Market Assessment"). Irrespective of the Target Market Assessment, distributors should note that: the price of the shares in the Company may decline and investors could lose all or part of their investment; the Company's shares offer no guaranteed income and no capital protection; and an investment in the Company's shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The target market assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the issues.
The target market assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, purchase, or take any other action whatsoever with respect to the Company's shares.
Each distributor is responsible for undertaking its own target market assessment in respect of the Company's shares and determining appropriate distribution channels.
SciBase Holding AB ("SciBase" or the "Company") has updated the Company's financial calendar for 2020.
Due to the preparation of the rights issue announced earlier today, the Company has resolved on changes in the Company's financial calendar. The Company's annual report in respect of the financial year 2019 will be made public on April 3, 2020, the interim report in respect of the first quarter of 2020 will be made public on May 5, 2020 and the annual general meeting will be held on June 17, 2020.
The updated financial calendar is set out as follows:
April 3 Annual report 2019
May 5 Interim report Q1 2020
June 17 Annual general meeting 2020
August 20 Interim report Q2 2020
November 12 Interim report Q3 2020
For more information, please contact: Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: [email protected]
About SciBase and Nevisense SciBase AB is a Swedish medical technology company, headquartered in Stockholm that has developed and sells a unique point-of-care device for evaluation of skin disorders such as skin cancer and atopic dermatitis. Its first product, Nevisense, helps doctors to detect malignant melanoma, the most dangerous type of skin cancer. Further development has led to Nevisense also being used as a tool to assess the skin barrier and inflammation. SciBase was founded by Stig Ollmar, Associate Professor at The Karolinska Institute in Stockholm, Sweden. Nevisense is based on substantial research and has achieved excellent results in the largest clinical study ever conducted on the detection of malignant melanoma. Nevisense is CE marked in Europe, has TGA approval in Australia and an FDA approval (PMA) in the United States. Nevisense is based on a method called Electrical Impedance Spectroscopy (EIS), which uses the varying electrical properties of human tissue to categorize cellular structures and thereby detect malignancies and abnormalities. SciBase is listed on First North Growth Market ("SCIB"). Further information is available at www.scibase.com.
The information was submitted for publication, through the agency of the contact person set out above, at 08.00 CET on April 3, 2020.
About SciBase and Nevisense
SciBase AB is a Swedish medical technology company, headquartered in Stockholm that has developed and sells a unique point-of-care device for evaluation of skin disorders such as skin cancer and atopic dermatitis. Its first product, Nevisense, helps doctors to detect malignant melanoma, the most dangerous type of skin cancer. Further development has led to Nevisense also being used as a tool to assess the skin barrier and inflammation. SciBase was founded by Stig Ollmar, Associate Professor at The Karolinska Institute in Stockholm, Sweden. Nevisense is based on substantial research and has achieved excellent results in the largest clinical study ever conducted on the detection of malignant melanoma. Nevisense is CE marked in Europe, has TGA approval in Australia and an FDA approval (PMA) in the United States. Nevisense is based on a method called Electrical Impedance Spectroscopy (EIS), which uses the varying electrical properties of human tissue to categorize cellular structures and thereby detect malignancies and abnormalities. SciBase is listed on First North Growth Market ("SCIB"). Further information is available at www.scibase.com.
Today, an extraordinary general meeting has been held in SciBase Holding AB (publ) ("SciBase" or the "Company"). The general meeting resolved, in accordance with the proposals presented in the notice to attend the meeting (which is available on the Company's website www.scibase.com):
(i) To change the articles of association and reduce the share capital without cancellation of shares.
(ii) To approve the board of directors' resolution on issuance of units consisting of shares and warrants with preferential rights for the shareholders (the "Rights Issue").
(iii) To change the articles of association and increase the share capital through bonus issue without issuance of new shares.
(iv) To reduce the share capital without cancellation of shares.
(v) To change the articles of association and reduce the share capital without cancellation of shares subject to authorization from the Swedish Companies Registration Office or a general court.
Resolutions in accordance with item (i)-(iv) above were proposed in order to enable the Rights Issue resolved by the board of directors subject to the subsequent approval of the general meeting, to minimize the subsequent increase of the share capital and to adjust the limits of the share capital and the number of shares in the articles of association, to be registered simultaneously. Resolution in accordance with item (v) above was presented in order to enable further reduction of the share capital following registration of the other proposals, with the main purpose of decreasing the quotient value in order to enable a subscription price within the range for the new shares that may be subscribed for through exercise of the warrants issued in the Rights Issue and in order to otherwise adapt the capital structure.
The Rights Issue in short
The Rights Issue consists of up to 19,941,721 units with a subscription price of SEK 1.25 per unit. Each unit consists of one (1) share and one (1) warrant.
The record date for obtaining unit rights and to participate in the Rights Issue with pre-emptive rights will be Thursday, May 7, 2020. Each existing share in the Company will entitle to six (6) unit rights and five (5) unit rights will entitle to subscription of one (1) unit.
In the event that not all units are subscribed for by exercise of unit rights in accordance with the shareholders' pre-emptive rights, the board shall, within the framework of the maximum amount for the Rights Issue, resolve on allotment of units subscribed for without unit rights.
The warrants are issued free of charge and will be exercisable for subscription of new shares during the period October 5 - October 16, 2020. Each warrant will entitle the holder to subscribe for one (1) new share in the Company at an exercise price corresponding to the higher of (i) 70 per cent of the volume-weighted average price of the Company's share on Nasdaq First North Growth Market during a period of ten (10) trading days immediately preceding September 30, 2020 (including September 30, 2020), but not less than SEK 1 and not more than SEK 1.75 per share, and (ii) the quotient value of the share at the time the warrants are exercised.
The Rights Issue is fully covered by subscription undertakings and guarantee commitments. Neither subscription undertakings nor guarantee commitments are secured through bank guarantee, blocked funds, pledge or similar arrangements.
For more information, please refer to the press release published by the Company on March 26, 2020 (which is available on the Company's website www.scibase.com).
Full terms and conditions for the Rights Issue will be disclosed in the EU Growth Prospectus which will be published by the Company no later than in conjunction with the commencement of the subscription period.
Rights Issue preliminary timelines
May 5, 2020 Last day of trading including unit rights
May 6, 2020 First day of trading excluding unit rights
May 7, 2020 Record date for participation in the Rights Issue with pre-emptive rights, that is, shareholders who are registered in the Company's share register as of this day will receive unit rights for participation in the Rights Issue with pre-emptive rights
May 11 - 22, 2020 Trading in unit rights (trading in paid subscribed units will commence on the same date and continue until the issue has been registered with the Swedish Companies Registration Office)
May 11 - 26, 2020 Subscription period (with or without pre-emptive rights)
Around May 28, 2020 Announcement of the outcome of the Rights Issue
Around June 5, 2020 The Rights Issue is completed and registered
For more information, please contact: Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: [email protected]
The information was submitted for publication, through the agency of the contact person set out above, on April 29, 2020 at 11.00 CET.
About SciBase and Nevisense SciBase AB is a Swedish medical technology company, headquartered in Stockholm that has developed and sells a unique point-of-care device for evaluation of skin disorders such as skin cancer and atopic dermatitis. Its first product, Nevisense, helps doctors to detect malignant melanoma, the most dangerous type of skin cancer. Further development has led to Nevisense also being used as a tool to assess the skin barrier and inflammation. SciBase was founded by Stig Ollmar, Associate Professor at The Karolinska Institute in Stockholm, Sweden. Nevisense is based on substantial research and has achieved excellent results in the largest clinical study ever conducted on the detection of malignant melanoma. Nevisense is CE marked in Europe, has TGA approval in Australia and an FDA approval (PMA) in the United States. Nevisense is based on a method called Electrical Impedance Spectroscopy (EIS), which uses the varying electrical properties of human tissue to categorize cellular structures and thereby detect malignancies and abnormalities. SciBase is listed on First North Growth Market ("SCIB"). Further information is available at www.scibase.com.
Important information
Publication, distribution or release of this release can in some jurisdictions be subject to restrictions by law and persons in those jurisdictions where this release has been published or distributed should inform themselves of and comply with such legal restrictions. The recipient of this release is responsible to use this release and information herein in accordance with applicable rules in respective jurisdiction. This release does not contain or constitute an offer, nor an invitation, to acquire or subscribe for shares or other securities in the Company in any jurisdiction, either from the Company or from any others.
The information in this release may not be distributed or sent into Australia, Canada, Hong Kong, Japan, New Zealand, Switzerland, Singapore, South Africa the United States or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. Acts in contrary to this instruction can constitute a crime according to applicable securities laws. This release is not an offer or invitation to acquire or subscribe for shares or other securities in the United States. The securities that have been mentioned in this release are not allowed to be sold in the United States without registration, or without application of an exemption from registration, according to the applicable U.S. Securities Act from 1933 ("Securities Act"), or as a part of a transaction that is not covered by the registration requirements according to the Securities Act. There is no intention to register any shares or securities mentioned herein in the United States or to announce a public offering of such securities in the United States.
This release is not a prospectus in accordance with the definition in the Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the "Prospectus Regulation"). Complete information regarding the rights issue can only be obtained through the prospectus expected to be publicized. Pursuant to article 2 k of the Prospectus Regulation, this press release constitutes an advertisement.
This information is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). This information must not be acted on or relied upon by persons who are not Relevant Persons. An investment or an investment activity referred to in this release is only available in the United Kingdom for Relevant Persons and will only be conducted with Relevant Persons.
This release may include forward-looking statements. Forward looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and beyond the Company's control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.
Information to distributors
For the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) national implementing measures, (together the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the offered shares have been subject to a product approval process, who have established that these shares are: (i) suitable for a target marked consisting of non-professional investors and investors who fulfil the criteria for professional clients and eligible counterparties, each as defined in MiFID II, and (ii) suitable for distribution through all distribution channels that has been approved in MiFID II ("Target Market Assessment"). Irrespective of the Target Market Assessment, distributors should note that: the price of the shares in the Company may decline and investors could lose all or part of their investment; the Company's shares offer no guaranteed income and no capital protection; and an investment in the Company's shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The target market assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the issues.
The target market assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, purchase, or take any other action whatsoever with respect to the Company's shares.
Each distributor is responsible for undertaking its own target market assessment in respect of the Company's shares and determining appropriate distribution channels.
The loss after tax amounted to TSEK 10,207 (11,506).
The loss per share amounted to SEK 0.61 (0.69).
The cash flow from current operations was negative in the amount of TSEK 8,842 (9,990).
The gross margin reached 58.0% (52.1%).
Electrode sales volume increased by 85% and reached 7,180 (3,872) units. Repeat sales of electrodes to existing customers increased by 97%.
Full year 2019 in figures
Net sales amounted to TSEK 9,276 (6,899).
The loss after tax amounted to TSEK 39,594 (44,215).
The loss per share amounted to SEK 2,38 (2.66).
The cash flow from current operations was negative in the amount of TSEK 37,956 (37,482).
The gross margin increased to 54.5% (52.0%).
Electrode sales volume increased by 53% and reached 23,724 (15,478) units. Repeat sales of electrodes to existing customers increased by 64%.
Important events during the quarter
Sales in the company's key market Germany continue to grow and increased by 24% in the quarter following a further improvement in electrode sales. Total sales increased by 38%
SciBase received the first multi system (6) order from a large US dermatology practice group. Advanced Dermatology, P.C. is a group of over 40 dermatology practices in the New York tri-state area.
SciBase received an order from the new dermatology clinic at the Mount Sinai hospital in New York, one of the most prestigious dermatology centers in the US.
Thomas Eklund resigned from SciBase and other Board positions due to lack of time.
Important events after the end of the period
No significant events have occurred since the end of the period.
Oct 1 - Dec 31
Jan 1 - Dec 31
THE GROUP
2019
2018
2019
2018
Net sales, SEK ths
2 800
2 030
9 276
6 899
Gross margin, %
58,0%
52,1%
54,5%
52,0%
Equity/Asset ratio, %
69,4%
88,1%
69,4%
88,1%
Net indebtness, multiple
0,44
0,13
0,44
0,13
Cash equivalents, SEK ths
26 456
67 514
26 456
67 514
Cashflow from operating activities, SEK ths
-8 842
-9 990
-37 956
-37 482
Earnings per share (before and after dilution), SEK
-0,61
-0,69
-2,38
-2,66
Shareholder's equity per share, SEK
1,93
4,30
1,93
4,30
Average number of shares, 000'
16 618
16 618
16 618
16 618
Number of shares at closing of period, 000'
16 618
16 618
16 618
16 618
Share price at end of period, SEK
4,36
3,10
4,36
3,10
Number of sold electrodes, pieces
7 180
3 872
23 724
15 478
Average number of employees
18
19
18
19
This information is information that SciBase Holding AB 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 below, at 08.00 CET on February 21, 2020.
Contact person: Michael Colérus, CFO. +46 70 341 34 72
For more information, please contact:
Simon Grant, CEO SciBase
Phone: +46 72 887 43 99
Email: [email protected]
About SciBase and Nevisense SciBase AB is a Swedish medical technology company, headquartered in Stockholm that has developed and sells a unique point-of-care device for evaluation of skin disorders such as skin cancer and atopic dermatitis. Its first product, Nevisense, helps doctors to detect malignant melanoma, the most dangerous type of skin cancer. Further development has led to Nevisense also being used as a tool to assess the skin barrier and inflammation. SciBase was founded by Stig Ollmar, Associate Professor at The Karolinska Institute in Stockholm, Sweden. Nevisense is based on substantial research and has achieved excellent results in the largest clinical study ever conducted on the detection of malignant melanoma. Nevisense is CE marked in Europe, has TGA approval in Australia and an FDA approval (PMA) in the United States. Nevisense is based on a method called Electrical Impedance Spectroscopy (EIS), which uses the varying electrical properties of human tissue to categorize cellular structures and thereby detect malignancies and abnormalities. SciBase is listed on First North Growth Market ("SCIB"). Further information is available at www.scibase.com.
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE, SOUTH AFRICA, SWITZERLAND, THE UNITED STATES, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.
The board of directors of SciBase Holding AB (publ) ("SciBase" or the "Company") on March 26, 2020, resolved to carry out a fully guaranteed rights issue of up to 19,941,721 units with a subscription price of SEK 1.25 per unit. Each unit consists of one (1) share and one (1) warrant free of charge. Of the Company's larger shareholders, Fouriertransform has committed to subscribe for its full pro rata share, 12.08 per cent, corresponding to approximately SEK 3 million. In addition, SciBase's Chairman of the Board and CEO have committed to participate with a combined amount of SEK 1.1 million, corresponding to approximately 4.4 per cent of the issue, exceeding their pro rata share which together corresponds to approximately 0.5 per cent. At full subscription, the Company will receive approximately SEK 24.9 million before issue costs, which are expected to amount to approximately SEK 5.2 million. At full exercise of all warrants, the Company will receive an additional capital contribution of up to approximately SEK 19.9 - 34.9 million before issue costs (depending on the final subscription price for the new shares that may be subscribed for by exercise of the warrants in the interval set forth below). The board's resolution requires approval by a general meeting and a reduction of the share capital entailing a lower quotient value. The quotient value will not exceed the subscription price. The board therefore intend to issue a notice of an extraordinary general meeting and a resolution in this respect will be published in a separate press release.
Background and reasons
SciBase's unique technology platform Nevisense is utilised by dermatologists for skin diagnostics, with the first application being the detection of melanoma. Following the launch of the third generation of Nevisense (Nevisense 3.0) in the third quarter of 2018, the Company has achieved five consecutive quarters of sales growth compared to the corresponding quarter in the previous year. The sales growth has primarily been driven by:
Significantly improved `fit' into clinic workflow, with reduced and more consistent measurement procedure time with Nevisense 3.0.
German reimbursement for privately insured patients.
Publication of German Guidelines for Nevisense by Onkoderm, the German dermatology Association for prevention and treatment of skin cancer.
When it comes to sales growth in the German market, it is still too early to assess how the COVID-19 outbreak will affect SciBase's sales. According to the Company's current plan, investments will be focused on the US market and new clinical applications. SciBase has taken the first steps towards establishing a market presence in the US, where the first Nevisense sales to larger dermatology chains took place during 2019.
In addition, SciBase is developing two new clinical applications based on the Nevisense platform: Skin Barrier Assessment and Non-melanoma Skin Cancer. The first sales within Skin Barrier Assessment have been delivered to researchers and institutions and SciBase has also seen clear interest from industrial players for this application. The development of a smaller, portable system, Nevisense Go, is ongoing and will expand the addressable market to a broader set of clinicians as well as potentially enabling use in patient's homes.
SciBase's board of directors believe that though the Company's strategy is well placed to enable continued sales growth, the current capital in the Company is insufficient to realise the strategy. To supply the Company with capital and to create the financial environment needed to continue to develop in line with the strategy, the board of directors resolved on March 26, 2020 to carry out a capital raise of a maximum of SEK 59.8 million in total (assuming full subscription of units and full exercise of the warrants at the highest subscription price of the interval).
The capital raised in the rights issue will primarily be used to increase the market presence and penetration of SciBase in the US market where an FDA approval of Nevisense 3.0 is expected during the second quarter of 2020. It will also be used for the development of the two new applications Skin Barrier Assessment and Non-melanoma Skin Cancer and for the new handheld device Nevisense Go.
Comment from SciBase CEO Simon Grant:
"This capital raise will enable us to make significant progress in developing the US market, a market of high importance both strategically and financially for us. Furthermore, it will help fund the next step in our product development - the launch of our two new applications during 2020.
In the short term, we look forward to the FDA approval of generation three of Nevisense for the US market. Our success and experience in the German market makes us confident that with Nevisense 3.0 we also can fulfil an important role in detecting melanoma with high precision and at an early stage in the US.
Given that the market conditions and the outbreak of COVID-19 are affecting the access to capital and increasing volatility, I'm very pleased that SciBase has been able to attract capital under these conditions."
Terms of the rights issue
On March 26, 2020, the board of directors of SciBase resolved, subject to the approval of a general meeting, to issue up to 19,941,721 units with pre-emptive rights for the Company's shareholders. Each unit consists of one (1) share and one (1) free warrant, entitling to subscription of one (1) new share.
The subscription price amounts to SEK 1.25 per unit, which means that the Company, if the rights issue is subscribed for in full, will receive approximately SEK 24.9 million before issue costs, excluding the additional capital contribution that may come from the exercise of warrants. The issue costs are expected to amount to approximately SEK 5.2 million. The subscription price is lower than the current quotient value of SEK 3.70 per share. Since it is not possible to subscribe for shares at a subscription price lower than the quotient value, the board intends to propose to the general meeting to resolve on a reduction of the share capital entailing a reduction of the quotient value corresponding to the subscription price, at the most.
The right to subscribe for units shall be granted with pre-emptive rights to the Company's shareholders, whereby one (1) existing share will entitle to six (6) subscription rights (referred to as "unit rights") and five (5) unit rights will entitle to subscription of one (1) unit. In the event that not all units are subscribed for by exercise of unit rights in accordance with the shareholders' pre-emptive rights, the board shall, within the framework of the maximum amount for the rights issue, resolve on allotment of units subscribed for without unit rights. In such a case, units shall primarily be allocated to those who have also subscribed for units with unit rights and secondly be allocated to those who have subscribed for units without unit rights. Lastly, units shall be allocated to those who have entered into guarantee commitments.
The warrants are issued free of charge and will be exercisable for subscription of new shares during the period October 5 - October 16, 2020. Each warrant will entitle the holder to subscribe for one (1) new share in the Company at an exercise price corresponding to the higher of (i) 70 per cent of the volume-weighted average price of the Company's share on Nasdaq First North Growth Market during a period of ten (10) trading days immediately preceding September 30, 2020 (including September 30, 2020), but not less than SEK 1 and not more than SEK 1.75 per share, and (ii) the quotient value of the share at the time the warrants are exercised. The shares today have a quotient value of SEK 3.70. The board intends to propose to the general meeting to resolve on a reduction of the share capital entailing a reduction of the quotient value, meaning that only paragraph (i) in the previous sentence is intended to govern the determination of the exercise price (and not paragraph (ii)). Such measures are expected to be conditional upon permission being granted by the Swedish Companies Registration Office.
Within the specified interval (SEK 1 - SEK 1.75), the additional capital contribution from the warrants may amount to a maximum of approximately SEK 34.9 million before issue costs associated with registration and practical management of the warrants.
The record date for obtaining unit rights and to participate in the rights issue with pre-emptive rights will be May 7, 2020 and the subscription period will run between May 11 and May 26, 2020. The last date for trading in the SciBase share including the right to participate in the rights issue with pre-emptive rights will be May 5, 2020. Trading in unit rights will occur during the period May 11 - 22, 2020 and trading in paid subscribed units will commence on May 11, 2020 and continue until the rights issue has been registered with the Swedish Companies Registration Office.
Total subscription undertakings amount to approximately SEK 4.1 million, corresponding to approximately 16.5 per cent of the rights issue. In addition, guarantee commitments amount to approximately SEK 20.8 million, corresponding to approximately 83.5 per cent of the rights issue. The rights issue is thus fully secured through subscription undertakings and guarantee commitments. Neither subscription undertakings nor guarantee commitments are secured by bank guarantee, blocked funds, pledges or similar arrangements. Further information on the parties that have entered into guarantee commitments will be disclosed in the EU Growth Prospectus which will be published by the Company in connection with the rights issue. The guarantee commitments have been provided by external investors. For the guarantee commitments, there is a customary guarantee commission, conforming to the prevailing market conditions, of ten (10) per cent of the guaranteed amount in cash compensation. No compensation is paid to the parties that have provided subscription undertakings.
The Company's three largest shareholders, SEB Venture Capital, SEB-Stiftelsen and Fouriertransform, as well as the Chairman of the Board of directors and three senior executives of the Company (including CEO and CFO), have entered into lock-up commitments whereby they have undertaken not to sell existing shares in the Company during a period of 180 days from the announcement of the issue.
The board's resolution on the new issue will be submitted to the general meeting for approval. Notice of the general meeting will be published when it has been resolved upon and in a separate press release.
As of today's date, the Company's share capital amounts to SEK 61,486,973.70, divided on 16,618,101 shares, which entails a quotient value per share of SEK 3.70. To enable the rights issue and the subscription prices set forth above, the board will propose to the general meeting to resolve on reductions of the share capital resulting in reductions in the quotient value. The increases in share capital as a result of the subscription of units and exercise of warrants will depend on the quotient value at each registration date.
At full subscription in the rights issue, the number of shares in the Company will increase from 16,618,101 to 36,559,822, corresponding to a dilution effect of approximately 54.5 per cent of the share capital and the number of shares and votes. At full exercise of all warrants issued in the rights issue, the number of shares in the Company will increase with a maximum of 19,941,721 additional shares, corresponding to a dilution effect of approximately 54.5 per cent in relation to the current share capital and number of shares and votes and approximately 35.3 per cent in relation to the share capital and number of shares and votes provided that the rights issue is fully subscribed.
The total dilution at full subscription in the rights issue and full exercise of all warrants amounts to a maximum of approximately 70.6 per cent. Shareholders who do not participate in the rights issue can gain economic compensation for this dilution by selling their unit rights.
Full terms and conditions for the rights issue and other information about the Company will be disclosed in the EU Growth Prospectus which will be published by the Company no later than in conjunction with the commencement of the subscription period.
Rights issue preliminary timelines
April 29, 2020 Extraordinary general meeting
May 5, 2020 Last day of trading including unit rights
May 6, 2020 First day of trading excluding unit rights
May 7, 2020 Record date for participation in the rights issue with pre-emptive rights, that is, shareholders who are registered in the Company's share register as of this day will receive unit rights for participation in the rights issue with pre-emptive rights
May 11 - 22, 2020 Trading in unit rights (trading in paid subscribed units will commence on the same date and continue until the issue has been registered with the Swedish Companies Registration Office)
May 11 - 26, 2020 Subscription period (with or without pre-emptive rights)
Around May 28, 2020 Announcement of the outcome of the rights issue
Around June 5, 2020 The rights issue is completed and registered
Advisors
Vator Securities is financial advisor and Setterwalls Advokatbyrå is legal adviser to SciBase in connection with the rights issue.
For more information, please contact: Simon Grant, CEO SciBase
Tel: +46 72 887 43 99
Email: [email protected]
This information is information that SciBase Holding AB 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, on March 26, 2020 at 11:00 PM CET.
About SciBase and Nevisense SciBase AB is a Swedish medical technology company, headquartered in Stockholm that has developed and sells a unique point-of-care device for evaluation of skin disorders such as skin cancer and atopic dermatitis. Its first product, Nevisense, helps doctors to detect malignant melanoma, the most dangerous type of skin cancer. Further development has led to Nevisense also being used as a tool to assess the skin barrier and inflammation. SciBase was founded by Stig Ollmar, Associate Professor at The Karolinska Institute in Stockholm, Sweden. Nevisense is based on substantial research and has achieved excellent results in the largest clinical study ever conducted on the detection of malignant melanoma. Nevisense is CE marked in Europe, has TGA approval in Australia and an FDA approval (PMA) in the United States. Nevisense is based on a method called Electrical Impedance Spectroscopy (EIS), which uses the varying electrical properties of human tissue to categorize cellular structures and thereby detect malignancies and abnormalities. SciBase is listed on First North Growth Market ("SCIB"). Further information is available at www.scibase.com.
Important information
Publication, distribution or release of this release can in some jurisdictions be subject to restrictions by law and persons in those jurisdictions where this release has been published or distributed should inform themselves of and comply with such legal restrictions. The recipient of this release is responsible to use this release and information herein in accordance with applicable rules in respective jurisdiction. This release does not contain or constitute an offer, nor an invitation, to acquire or subscribe for shares or other securities in the Company in any jurisdiction, either from the Company or from any others.
The information in this release may not be distributed or sent into Australia, Canada, Hong Kong, Japan, New Zealand, Switzerland, Singapore, South Africa the United States or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. Acts in contrary to this instruction can constitute a crime according to applicable securities laws. This release is not an offer or invitation to acquire or subscribe for shares or other securities in the United States. The securities that have been mentioned in this release are not allowed to be sold in the United States without registration, or without application of an exemption from registration, according to the applicable U.S. Securities Act from 1933 ("Securities Act"), or as a part of a transaction that is not covered by the registration requirements according to the Securities Act. There is no intention to register any shares or securities mentioned herein in the United States or to announce a public offering of such securities in the United States.
This release is not a prospectus in accordance with the definition in the Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the "Prospectus Regulation"). Complete information regarding the rights issue can only be obtained through the prospectus expected to be publicized. Pursuant to article 2 k of the Prospectus Regulation, this press release constitutes an advertisement.
This information is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). This information must not be acted on or relied upon by persons who are not Relevant Persons. An investment or an investment activity referred to in this release is only available in the United Kingdom for Relevant Persons and will only be conducted with Relevant Persons.
This release may include forward-looking statements. Forward looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and beyond the Company's control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.
Information to distributors
For the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) national implementing measures, (together the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the offered shares have been subject to a product approval process, who have established that these shares are: (i) suitable for a target marked consisting of non-professional investors and investors who fulfil the criteria for professional clients and eligible counterparties, each as defined in MiFID II, and (ii) suitable for distribution through all distribution channels that has been approved in MiFID II ("Target Market Assessment"). Irrespective of the Target Market Assessment, distributors should note that: the price of the shares in the Company may decline and investors could lose all or part of their investment; the Company's shares offer no guaranteed income and no capital protection; and an investment in the Company's shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The target market assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the issues.
The target market assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, purchase, or take any other action whatsoever with respect to the Company's shares.
Each distributor is responsible for undertaking its own target market assessment in respect of the Company's shares and determining appropriate distribution channels.
