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Vicore Pharma’s Board of Directors has resolved on a directed share issue of around SEK 160 million to finance the continued development of the drug development programs VP01 and VP02

Mölndal, 30 November 2018 – The Board of Directors of Vicore Pharma Holding AB (publ) (”Vicore Pharma”, or the ”Company”) has resolved, subject to the approval by an Extraordinary General Meeting (the “EGM”), on a directed issue of 9,414,706 new shares at a subscription price of SEK 17 per share. The issue is expected to raise proceeds to Vicore Pharma of around SEK 160 million before issue costs. The subscription price has been determined through a so-called book building procedure, representing a discount of 4.3 per cent compared to volume weighted average for the Vicore Pharma share during the last five trading days up to and including 29 November 2018.

The objective of the resolution and the reasons for the deviation from the shareholders’ pre-emption rights are to strengthen the institutional ownership structure in the Company as well as, in a timely and cost-efficient manner, enable the financing of the continued development of the Company’s drug development programs VP01 and VP02. The issue is directed to a number of selected Swedish and international long-term institutional investors and sector specialist funds, including HealthCap, Nordic Cross, Fjärde AP-fonden, Handelsbanken Fonder, HBM Healthcare Investments, Alfred Berg, Swedbank Robur, Eriksam Invest Aktiebolag and Unionen.

Vicore Pharma has gained significant interest among high quality investors. This financing is paramount for the continued transformation of the company, which includes the acquisition of INIM Pharma, the strengthening of the executive management and board of directors as well as the expansion of the VP01 program. Together with the rights issue completed in October this year, we have raised in total circa SEK 242 million which will enable us to execute on our plan to reach value-driving milestones”, says Carl-Johan Dalsgaard, CEO.

The proceeds will enable the Company’s continued development of the drug development programs VP01 and VP02 up to important events. VP01 (C21) will enter into a 3-months phase II proof of concept study in idiopathic pulmonary fibrosis (IPF) with lung function and safety as endpoints. The Company will also work with the development of a commercial formulation of C21 and a pilot study in a second indication. Furthermore, the proceeds will be used for generating clinical data for its second program, VP02, for patients with severe IPF.

The Board of Directors has, at the same time, convened an EGM, to be held on 7 January 2019 to approve the Board of Directors’ resolution to issue shares. The notice is included in a separate press release. In order to execute the directed issue in full, the EGM has to approve the amendment of the Articles of Association with regard to the limits on number of shares and share capital. Shareholders representing approximately 51.4 per cent of the shares and votes of Vicore Pharma, including HealthCap, Protem Wessman AB, Kjell Stenberg, Eriksam Invest Aktiebolag and Carl-Johan Dalsgaard, have undertaken to vote in favour of the issue.

In accordance with what has previously been communicated, the Company intends to apply for admission of trading of its shares on Nasdaq Stockholm’s main market during the course of 2019.

Should the directed issue be approved, it will result in an increase in the number of shares in Vicore Pharma by 9,414,706 from 32,960,008 to 42,374,714, and an increase in the share capital by SEK 4,707,352.954298 from SEK 16,480,004.8400000 to SEK 21,187,356.794298, resulting in a dilution of approximately 22.2 per cent for Vicore Pharma’s existing shareholders after the issue.

DNB Markets, goetzpartners securities and Zonda Partners have acted as financial advisers to Vicore Pharma. In connection with the transaction the Company has engaged Advokatfirman Vinge as legal adviser.

For further information, please contact:
Carl-Johan Dalsgaard, CEO
Mobile phone: +46 70 975 98 63

Hans Jeppsson, CFO
Mobile phone: +46 70 553 14 65

This information is such that Vicore Pharma Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above on November 30, 2018 at 08.00 CET.

About Vicore Pharma
Vicore Pharma is a Swedish rare disease company focused on interstitial lung diseases and related indications. The Company currently has two drug development programs, VP01 and VP02.

VP01 aims to develop the substance C21 for the treatment of idiopathic pulmonary fibrosis (“IPF”). As a result of the acquisition of INIM Pharma AB in August 2018, the Company’s pipeline was expanded with a second drug development program, VP02. VP02 is based on a new formulation and delivery route of an existing immunomodulatory compound (an “IMiD”). VP02 focuses on IPF with regards to both the underlying disease and the severe cough associated to IPF. C21 and IMiD are also evaluated for other indications within interstitial lung diseases. The acquisition of INIM Pharma meant an expansion of Vicore Pharma’s operation and that the Company’s strategy focused on developing drugs for the treatment of rare and severe lung diseases.

Vicore Pharma’s drug candidate C21 is the first small-molecular compound which is an angiotensin II type 2 receptor (AT2r) agonist. Based on the extensive research conducted on C21 in general and its anti-fibrotic effects in particular, Vicore Pharma has chosen to focus the clinical development of the drug candidate to IPF and related indications. Based on C21’s safety profile Vicore Pharma will take the opportunity to increase the exposure by identifying new and higher doses of C21 through an expanded Phase I study. The company expects to initiate the expanded dose escalating Phase I study in the beginning of 2019 and the Phase IIa study in IPF patients is expected to start six months later.

The IMiD program (VP02) is entering a phase of optimization of formulation before local tolerability studies will commence. The first clinical studies with VP02 are expected to start in 2020.

The company’s share (VICO) is listed for trading on Nasdaq First North in Stockholm with Erik Penser Bank as Certified Adviser. For more information, see

Important information
This announcement is not being made in and copies of it may not be distributed or sent into the United States, the United Kingdom, Canada, Australia or Japan.

The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Vicore Pharma Holding AB (publ) does not intend to register any of the securities in the United States or to conduct a public offering of the securities in the United States.

This communication does not constitute an offer of the securities to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the securities. This communication is being distributed to and is directed only at (i) persons who are outside the United Kingdom or (ii) persons who are investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) and (iii) high net worth entities, and other persons to whom it 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”). Any investment activity to which this communication relates will only be available to and will only be engaged with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this document or any of its contents.

Forward-looking statements
This press release contains forward-looking statements that reflect the Company’s intentions beliefs, or current expectations about and targets for the Company’s future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates, including with respect to prospects for pharmaceutical treatments and studies. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “expect”, “anticipate”, “intend”, “may”, “plan”, “estimate”, “will”, “should”, “could”, “aim” or “might”, or, in each case, their negative, or similar expressions. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements as a result of many factors. 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 Company does not guarantee that the assumptions underlying the forward-looking statements in this press release are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this press release or any obligation to update or revise the statements in this press release to reflect subsequent events. Undue reliance should not be placed on the forward-looking statements in this press release. The information, opinions and forward-looking statements contained in this press release speak only as at its date and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release.

Source: Vicore Pharma