Immunovia

Striving to increase pancreatic cancer survival rates through early detection

Rights issue

Subscription period
16 - 30 August
‍

The subscription period starts in

Days

hours

minutes

seconds

Terms for the rights issue
Reasons for the rights Issue
Immunovia aims to improve survival rates for pancreatic cancer patients by detecting the disease early. The company is developing a next-generation blood test for high-risk individuals. During 2024, Immunovia will focus on finalizing the development of the new test, proving its value through clinical studies and securing the resources and commercial partnerships required for a successful market launch in 2025. The company is optimistic and looks forward to meeting the challenges ahead with the support of its assets, partnerships and expertise in the field. Upon full subscription in the rights issue, the company will initially receive approximately SEK 69.3 million before issuance costs, which are intended to be used for research and development as well as ongoing business operations
Summary of the rights issue
Anyone registered as a shareholder in Immunovia on the record date of August 14, 2024, will receive three (3) unit rights per one (1) existing share in Immunovia. Two (2) unit rights entitle the holder to subscribe for one (1) unit. Each unit consists of two (2) shares, two (2) warrants of series TO 2, and one (1) warrant of series TO 3. The warrants are intended to be admitted to trading on Nasdaq Stockholm. The subscription price in the rights issue has been set at SEK 1.02 per unit, corresponding to SEK 0.51 per share. The warrants of series TO 2 and series TO 3 are issued free of charge.
Subscription price: 1.02 SEK per unit, corresponding to 0.51 SEK per share
Subscription period: 16 August 2024 – 30 August 2024
Warrant series TO2
One (1) warrant series TO 2 entitles the holder the right to subscribe for one (1) new share in the company at a subscription price corresponding to seventy (70) percent of the volume-weighted average price of the company's share on Nasdaq Stockholm during the period from and including 12 December 2024 up to and including 27 December 2024, however not less than the share's quota value and not higher than 125 percent of the subscription price per share in the rights issue. Subscription of shares by exercise of warrants series TO 2 shall be made during the period from and including 2 January 2025 up to and including 16 January 2025.
Read more
Warrant series TO3
One (1) warrant series TO 3 entitles the holder the right to subscribe for one (1) new share in the company to a subscription price corresponding to seventy (70) percent of the volume-weighted average price of the company's share on Nasdaq Stockholm during the period from and including 14 March 2025 up to and including 27 March 2025, however not less than the share's quota value and not higher than 150 percent of the subscription price per share in the rights issue. Subscription of shares by exercise of warrants series TO 3 shall be made during the period from and including 1 April 2025 up to and including 15 April 2025.
Read more
Subscription commitments and guarantee commitments
The company has received subscription commitments from existing shareholders, including all shareholder members of the company's board and management, among them the company's CEO Jeff Borcherding, who have committed to subscribe for at least their respective pro rata shares, amounting to a total of approximately SEK 1.3 million, corresponding to approximately 1.9 percent of the rights issue. No compensation is paid for the subscription commitments entered into.

The company has also entered into agreements with a number of external investors regarding guarantee commitments totaling approximately SEK 33.7 million, corresponding to approximately 48.6 percent of the rights issue. Cash compensation is paid according to the guarantee agreements at 14 percent of the guaranteed amount, corresponding to a total of approximately SEK 4.7 million, or 16 percent of the guaranteed amount in the form of newly issued units in the company, under the same terms as the units in the rights issue, but the subscription price per unit shall correspond to the volume-weighted average price of the company's share on Nasdaq Stockholm during the subscription period of the rights issue (i.e., during the period August 16, 2024 - August 30, 2024) multiplied by two (2), but never lower than the subscription price in the rights issue.

In total, the rights issue is covered by subscription commitments and guarantee commitments of up to approximately SEK 35.0 million, corresponding to approximately 50.5 percent of the rights issue.
FDI legislation and registration certificate
FDI legislation Registration certificate

Advancing early detection of pancreatic cancer

Pancreatic cancer is a lethal cancer with a horribly low survival rate - just 13% at five years. That’s because that pancreatic cancer is usually detected at a late stage when the cancer has spread beyond the pancreas, and surgery is no longer an option.

Immunovia’s mission is to increase survival rates for patients with pancreatic cancer by detecting the cancer at stage 1 or 2.

There’s a significant unmet need in early detection of pancreatic cancer - and a strong desire for a simple, accurate blood test.

Early detection survival rate
44 %

Late detection survival rate
3%

About Immunovia

Leading in early detection of pancreatic cancer

Immunovia's mission is to increase survival rates for patients with pancreatic cancer through early detection

Immunovia is rapidly developing a precise blood test to detect pancreatic cancer at stage 1 or 2.

This next-generation test will give individuals at high risk for pancreatic cancer a simple, convenient and affordable way to check for early signs of cancer.

The test has shown strong results in detecting stage 1 and 2 pancreatic cancer, with specificity of 98% and sensitivity of 75%.

The Company plans to launch the new test in the US market in 2025.

Immunovia today

An efficient and productive organization

Immunovia is now a much leaner and more agile company following its significant transformation in 2023. The Company substantially reduced staffing and operating costs while increasing the pace of its development efforts.

Strong relationships with key experts

Immunovia has close, productive relationships with key professors and pancreatic cancer centers throughout Europe and the US.

Extensive biobank to drive development

Immunovia has accumulated a biobank of thousands of blood samples, including hundreds of samples from pancreatic cancer patients and samples from high-risk individuals who do not have cancer. This biobank has enabled rapid development of the company’s next-generation test.

About the test

Superior test accuracy

High specificity and sensitivity for early detection of pancreatic cancer

In the model-development study, Immunovia's next-generation test achieved specificity of 98% and sensitivity of 75% in detecting early (stage 1 and 2) pancreatic ductal adenocarcinoma (PDAC), the most common form of pancreatic cancer. The test significantly outperformed CA19-9, a biomarker commonly used to detect pancreatic cancer.

See less
‍

Cost-effective and convenient

Simple and affordable blood test solution for early detection

Immunovia's next-generation test offers early detection with high accuracy through a simple and affordable blood test. Currently, individuals at high-risk for pancreatic cancer are screened annually with inconvenient and expensive imaging such as MRI and endoscopic ultrasound. Immunovia’s convenient and affordable blood test will make pancreatic cancer surveillance available to a wider population, increasing the commercial potential of the test.
‍
See less
‍

Broad applicability to diverse patient groups

Reliable performance across populations

Like Immunovia’s previous IMMray PanCan-d test, the next-generation test includes the biomarker CA19-9. However, the new test includes multiple other accurate biomarkers, so it is less reliant on CA19-9. This will enable the test to be used in a broader population of patients, including those who do not produce CA19-9. Since the inability to produce CA19-9 is more common in individuals who are Black and Hispanic, the next-generation test will be a more inclusive test that can serve patients regardless of race or ethnicity.
‍
See less
‍

Strategic shift and commercial success

Improved biomarkers and market potential

The results confirm that Immunovia made the right decision in shifting focus from IMMray™ PanCan-d to the new test. The company now has a test that includes more accurate biomarkers, surpasses CA19-9, expands the market compared to the IMMray test, and offers a much better chance of securing reimbursement and driving commercial success.

Unlike the IMMray test, the new test eliminates the "borderline" category, meaning all tested patients now receive a clear "positive" or "negative" result. This reduces uncertainty and provides both patients and clinicians with clearer guidance on the next steps in treatment.
‍
See less
‍

Interview highlights

" There's a tremendous clinical need in pancreatic cancer surveillance; the alternatives are not good.

The market wants and needs a blood-based biomarker test to detect pancreatic cancer.

We're in a great position to deliver against that need, because of our history, our biobank and our relationships. We are rapidly advancing to address this critical demand.

" The capital we are seeking will fund the analytical and clinical validation studies needed to commercialize our next-generation test in 2025.

We've already shown good results, but there will be a larger study to confirm that the accuracy we have shown earlier really holds true and will be something physicians can count on.

We are eager to move quickly to bring the test to market to satisfy the tremendous market demand for a simple blood test to detect pancreatic cancer.

Important Recent Events

Q3 2021

Launch of IMMray PanCan-d

In Q3 2021, Immunovia launched IMMray PanCan-d, the first blood test dedicated to the early detection of pancreatic cancer. The IMMray PanCan-d test was used and adopted throughout the United States at many high-risk surveillance centers. The IMMray® PanCan-d test has since been discontinued, but the test paved the way for the next-generation test the Company is now developing.

Q3 2022

Began development of the next-generation test

In Q3 2022, Immunovia initiated development of its next-generation test for early detection of pancreatic cancer. The Company sought to identify new, more accurate biomarkers to increase test performance. In November 2022, Immunovia entered into an agreement with the Swiss company Proteomedix AG to access their extensive experience in developing protein-based assays to detect cancer.

Q2 2023

Jeff Borcherding promoted to CEO

To streamline operations and increase focus on the American market, Immunovia’s board of directors appointed Jeff Borcherding as CEO in April 2023. Jeff had previously led the Company’s US operations since joining Immunovia a year earlier. He immediately began a strategic review to identify changes needed to ensure the success of the Company.

Q3 2023

Initiated a transformation of Immunovia

The company began a broad and sweeping transformation in July 2023. The transformation was intended to significantly lower costs, increase productivity, and drive speed. Immunovia discontinued the IMMray PanCan-d test to focus resources on its next-generation test. The Company also transitioned to the commercially available ELISA platform to enable faster and less expensive testing compared to the previous proprietary IMMray® platform. Finally, staffing and operating expenses were substantially reduced.

Q4 2023

Successfully completed the discovery phase of the next-generation test

The discovery study marked a critical milestone in the development of Immunovia's next-generation test for early detection of pancreatic cancer. Over a dozen proteins were identified that can be used to detect stage I and II pancreatic ductal adenocarcinoma (PDAC) in the blood. This was the most comprehensive pancreatic cancer proteomics study to date and used the Olink platform to explore nearly 3,000 protein biomarkers. The promising biomarkers identified in the discovery study were then transitioned to the ELISA platform for further testing.

Q2 2024

Positive results from the model development study

The next-generation test for pancreatic cancer achieved both the primary and secondary endpoints in a model development study. In the study, Immunovia's next-generation test demonstrated a specificity of 98% and a sensitivity of 75% for detecting early stages (1 and 2) of PDAC (pancreatic ductal adenocarcinoma), a highly aggressive and the most common form of pancreatic cancer. Immunovia's test was also significantly more accurate than CA19-9, the biomarker typically used for detecting pancreatic cancer.

Q2 2024

Moved the laboratory to Research Triangle Park, North Carolina

To further streamline operations and reduce costs, Immunovia moved its lab and US headquarters to Research Triangle Park, North Carolina in May 2024. The new lab in RTP is smaller and more cost-effective than the prior lab in Marlborough, Massachusetts. The RTP market also offered a rich and cost-effective labor market, enabling Immunovia to staff the lab with talented employees at a lower cost.

2024-2025

Analytical and clinical validity studies

During the second and third quarters of 2024, Immunovia will perform several analytical validation steps to verify the accuracy and reproducibility of the protein biomarker measurements. In the fourth quarter of 2024, the company will conduct a large clinical validation study to confirm the performance of the next-generation test, setting the stage for a US launch in 2025.

Q3 2021

Launch of IMMray PanCan-d

Q3 2022

Began development of the next-generation test

Q2 2023

Jeff Borcherding promoted to CEO

Q3 2023

Initiated a transformation of Immunovia

Q4 2023

Successfully completed the discovery phase of the next-generation test

Q2 2024

Positive results from the model development study

Q2 2024

Moved the laboratory to Research Triangle Park, North Carolina

2024-2025

Analytical and clinical validity studies

Market potential

1.8 million

peopleare at high risk for pancreatic cancer in the USA

Immunovia will initially commercialize the test in the USA, focusing on high-risk patients who should be screened once or twice annually

A similar number of individuals in Europe are at high risk as well.

Current approaches to pancreatic cancer surveillance are not attractive because individuals under surveillance must undergo imaging diagnostics using MRI or endoscopic ultrasound. Both methods are cumbersome and expensive.

The offer

Subscription period

16 - 30 August

Subscrition price

SEK 1.02 per unit,
corresponding to SEK 0.51 per share

Issue volume

cirka 69,3 MSEK

1 share

gives the right to subscribe to

3 Unit rights

2 unit rights

gives the right to subscribe to

1 unit

consists of

2 shares

2 TO2

1 TO3

Subscription warrant series TO 2, subscription period 12 December 2024 - 27 December 2024
Subscription warrant series TO 3, subscription period 14 March 2025 - 27 March 2025

Management

Jeff Borcherding

CEO AND PRESIDENT

Jeff became CEO in 2023 after joining Immunovia a year earlier to lead the US organization. Jeff came from Myriad Genetics, where he served as Chief Marketing Officer and General Manager of the Mental Health Diagnostics business. Earlier, he managed healthcare brands at Procter & Gamble. Jeff holds an MBA from the Kellogg School of Management at Northwestern University.

Karin Almqvist Liwendahl

CFO

Karin, an experienced CFO and Investor Relations professional, has served as CFO at Dignitana and Sprint Bioscience, and has held senior roles at Telia and Ericsson. She holds a bachelor's degree from Lund University.

Norma Palma, PhD

VP, Clinical & MedicalAffairs

Norma has extensive knowledge in oncology, diagnostics, and reimbursement issues, and most recently comes from Aadi Bioscience where she developed a medical strategic plan. Norma holds a PhD in pharmacology and physiology from Georgetown University and has completed postdoctoral studies in molecular virology at the National Cancer Institute, Cancer Research Center, Vaccine Branch in Bethesda.

Lisa Ford, PhD, HCLD

Clinical Lab Director

Lisa has many years of experience leading laboratory project teams through research, development, validation (clinical and analytical), and implementation of diagnostic tests. Lisa holds a PhD in bioorganic chemistry from Duke University and a bachelor's degree in chemistry from the University of California, as well as certification as a highly qualified clinical laboratory director from the American Board of Bioanalysis.

Tom King, MD

Medical Director

Tom joined Immunovia in 2017 and served as Clinical Lab Director for the Company’s Marlborough, Massachusetts lab, where he oversaw the IMMray PanCan-d test. A board-certified pathologist, Tom now acts as the Company’s Medical Director. Tom holds an MD and PhD from Washington University in St. Louis and managed several labs before joining Immunovia.

Links

News

Presentations

The share

Prospectus

The website

I want to subscribe for units without the support of unit rights

Go to subscription

When will the allocation notice be given?

Each unit consists of two (2) shares, two (2) warrants of series TO 2, and one (1) warrant of series TO 3. Final terms will be set around August 6th.
‍
Nominee-registered and directly registered shareholders (custody account, ISK, KF, or VP account): Applications for subscription of units without the support of unit rights can be made through a bank/custodian where you already have a VP account, custody account, ISK, or KF, or via a subscription form available on Vator Securities' website. Payment is made after notification of any allocation of units subscribed for without preferential rights.

I want to subscribe for units with the support of unit rights

Go to subscription

I want to use a different bank/custodian

Each unit consists of two (2) shares, two (2) warrants of series TO 2, and one (1) warrant of series TO 3. Final terms will be set around August 6th.
‍
Nominee-registered shareholders (custody account, ISK, or KF)
Applications are made through your custodian/bank where the shares are held. Shareholders should contact their custodian/bank in good time for further instructions regarding application and payment.

Directly registered shareholders (VP account)
Applications are made via a subscription form available on Vator Securities' website. Payment is made according to the instructions on the subscription form.

Done!

Now you can clone this project and reuse the form.

Clone

Oops! Something went wrong while submitting the form.

IMPORTANT INFORMATION

Due to legal restrictions, the information on this part of Immunovia AB (publ)’s (“Immunovia”) website is not accessible to certain persons. We kindly ask you to review the following information and provide the following confirmation each time you wish to access these websites. Please note that the terms set out below may be altered or updated and therefore it is important that you review them each time you visit this page.

The information contained in this section of Immunovia’s websiteis not intended for, and must not be accessed by, distributed or disseminated,directly or indirectly, in whole or in part, to persons resident or physicallypresent in the United States of America, Australia, Belarus, Canada, Hong Kong,Japan, New Zealand, Russia, Singapore, South Africa, South Korea, Switzerland,or any other jurisdiction where distribution would require additionalprospectuses, registration measures or other measures besides those required bySwedish law or otherwise would be in conflict with the rules of suchjurisdiction or which cannot be made without application of exemptions in suchjurisdiction. The information on the websites does not constitute any offerregarding units, unit rights, paid subscribed units, shares, warrants or othersecurities in Immunovia (“Securities”) to any person in said jurisdictions. The information on the websites may not beforwarded or reproduced in such a manner that contravenes such restrictions orwould give cause to such requirements.

No Securities have been registered or will be registered under the United States Securities Act of 1933, as amended (the “Securities Act”) or the securities legislation of any state or other jurisdiction in the United States and may not be offered, subscribed for, used, pledged, sold, resold, allotted, delivered or otherwise transferred, directly or indirectly, in or into the United States except under an available exemption from, or in a transaction not subject to, the registration requirements under the Securities Act and in compliance with the securities legislation in the relevant state or any other jurisdiction of the United States.

Within the European Economic Area (“EEA”), no public offering of Securities is made in other countries than Sweden. In other member states of the European Union (“EU”), such an offering of Securities may only be made in accordance with the Prospectus Regulation (EU) 2017/1129 (the “Prospectus Regulation”). In other member states of the EEA which have implemented the Prospectus Regulation in its national legislation, any offer of Securities may only be made in accordance with an applicable exemption in the Prospectus Regulation and/or in accordance with an applicable exemption under a relevant national implementation measure. In other member states of the EEA which have not implemented the Prospectus Regulation in its national legislation, any offer of Securities may only be made in accordance with an applicable exemption under national law.

In order to be eligible to view the information on the following web page, you shall be deemed, by accessing the following web page, to have confirmed and represented that (i) you have read and accepted the terms and restrictions set out above, and (ii) you are not located in the United States of America, Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore, South Africa, South Korea, Switzerland, or in any other jurisdiction where the release, distribution or publication of the information would be unlawful according to applicable law or regulations.

I accept I do not accept

Genom att klicka på 'Godkänn' samtycker du till lagring av kakor på din enhet för att förbättra webbplatsens navigering, analysera webbplatsanvändning och hjälpa till i våra marknadsföringsinsatser.

avvisa godkänn

FAQ

I do not currently own shares in Immunovia. How do I subscribe?
During the subscription period, applications for the subscription of units can also be made without the support of unit rights. Each unit consists of two (2) shares, two (2) warrants of series TO 2, and one (1) warrant of series TO 3. The subscription price in the rights issue has been set at SEK 1.02 per unit, corresponding to SEK 0.51 per share. The warrants of series TO 2 and series TO 3 are issued free of charge.
I have never subscribed to units in a rights issue before. How do I do it?
If you do not already own shares in the company:
Submit an application for the number of units you wish to subscribe to, either to an existing custodian/bank or to Vator Securities. If you are allocated units in the rights issue, you will receive a contract note (invoice) via email after the subscription period ends. This invoice must be paid before we can deliver the new securities to you.

If you already own shares in the company:
As an existing shareholder, you have preferential rights to choose to use unit rights to subscribe for new units in the company. The preferential rights are granted through the allocation of unit rights for the shares you already own. You can then choose to use these unit rights to subscribe for new units, let them expire, or sell them.

There are three ways to subscribe if you have preferential rights:
1. Through your custodian/bank: If your unit rights are held in an account type other than a VP account, such as a securities account, ISK (investment savings account), or KF (capital insurance), you need to handle the subscription through your custodian/bank.
2. Through the subscription statement: If your shares are held in a VP account/service account (account starting with three zeros), you will receive a payment slip with information sent to you. You use this for payment via Bankgiro to Vator Securities. Vator Securities will then convert your unit rights into the units you are entitled to.
3. Through the subscription form using subscription rights: If you do not want to use all of your rights in the rights issue, you can submit a subscription form indicating how many of your rights you wish to use to subscribe for new securities. Payment should be made according to the instructions on the subscription form. Please note that the rights must be held in a VP account if you want to subscribe for securities in this manner. The VP account is used as a reference for the payment and is always characterized by starting with at least three zeros (000).
How do I subscribe for additional securities beyond the unit rights I have already been allocated?
If you wish to subscribe for more securities than your current holdings entitle you to, you can use a "subscription form without the support of rights." In this form, you indicate the number of units you have already subscribed for using your existing rights.

By subscribing in this way, you increase your chances of allocation if the issue is oversubscribed, as your subscription with the support of rights gives you certain priority over those who subscribe without subscription rights.
Have other financing solutions been discussed, such as convertible loans or other alternatives?
Why is the board proposing a rights issue?
Immunovia's goal is to increase the survival rate for patients with pancreatic cancer through early detection in stages 1 or 2. The company is developing a next-generation blood test to detect cancer in high-risk individuals. Pancreatic cancer is highly lethal with a low survival rate, often due to late detection. Immunovia plans to launch the test on the market in 2025, with the USA as the first market.

The company has made significant progress in 2023 by accelerating research and development. Collaborations with leading researchers have been crucial for the test's development and effectiveness. To finance its plans, Immunovia is conducting a rights issue to raise approximately 70 MSEK.

The information and documents on this website constitute advertising and marketing and are not a prospectus according to Regulation (EU) 2017/1129 of the European Parliament and the Council. The invitation to subscribe for securities in Immunovia AB is made solely through the prospectus that is estimated to be published on or around 12 August 2024 and which will be held available on Immunovia AB's website (immunovia.com). Investors should not subscribe for any securities referred to in the information and documents on this website based on information other than that in the prospectus.

avvisa godkänn

Immunovia

Striving to increase pancreatic cancer survival rates through early detection

Rights issue

Advancing early detection of pancreatic cancer

Leading in early detection of pancreatic cancer

An efficient and productive organization

Strong relationships with key experts

Extensive biobank to drive development

About the test

Superior test accuracy

Cost-effective and convenient

Broad applicability to diverse patient groups

Strategic shift and commercial success

Interview highlights

Launch of IMMray PanCan-d

Began development of the next-generation test

Jeff Borcherding promoted to CEO

Initiated a transformation of Immunovia

Successfully completed the discovery phase of the next-generation test

Positive results from the model development study

Moved the laboratory to Research Triangle Park, North Carolina

Analytical and clinical validity studies

Market potential

1.8 million

The offer

Management

Jeff Borcherding

CEO AND PRESIDENT

Karin Almqvist Liwendahl

CFO

Norma Palma, PhD

VP, Clinical & MedicalAffairs

Lisa Ford, PhD, HCLD

Clinical Lab Director

Tom King, MD

Medical Director

I want to subscribe for units without the support of unit rights

I want to subscribe for units with the support of unit rights

Done!

IMPORTANT INFORMATION

Read more

Prospektet blir tillgängligt den 8 januari 2024

FAQ