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Immunovia Raises $43M Through Stock Issuance

NEW YORK — Swedish cancer diagnostics firm Immunovia said on Thursday that it has raised approximately SEK 398 million ($43.0 million) in gross proceeds through the sale of stock to certain institutional investors.

Through the transaction, Immunovia issued 2,948,228 million shares of its stock at a price of SEK 135 apiece to both international and domestic investors. Kempen & Co and Danske Bank acted as joint global coordinators, as well as joint bookrunners along with Vator Securities.

Immunovia said that the transaction resulted in the dilution of approximately 13 percent of the number of shares and votes in the company, and increased the number of its shares outstanding to 22,603,081 from 19,654,853.

Immunovia said it intends to use the proceeds to accelerate the commercialization of its PanCan-d liquid biopsy test for early-stage pancreatic cancer detection, which runs on its antibody-based microarray platform, as well as for general corporate purposes.

In late 2019, Immunovia said it aimed to launch PanCan-d in the US and Sweden in the third quarter of 2020 following a series of delays.