Xbrane Biopharma largest shareholder Serendipity Group issues a credit facility of SEK 50 million to the company
Xbrane Biopharma AB (publ) ("Xbrane" or the "Company") has today got issued a credit facility from Serendipity Group AB ("Serendipity Group") of SEK 50 million (the "Credit Facility"). The Credit Facility can be utilized by the Company over a period of 18 months.
The Credit Facility
The Credit Facility has been provided by Serendipity Group and amounts to SEK 50 million and can be utilized over a period of 18 months. The interest rate is 3 percent per year. The credit facility should be viewed as a bridge financing for the Company that can be utilized until a long-term financing is in place that could replace this one.
Serendipity Group owns 45.82 percent of the shares in Serendipity Ixora AB that, in return, owns 20.75 percent of the shares in Xbrane. Serendipity Ixora intends to distribute their listed assets, there among Xbrane, to its shareholders, where after Serendipity Group's ownership in Xbrane would amount to 10.51 percent. The decision about distribution of shares is dependent on the Extra General Meeting's approval. The Extra General Meeting is scheduled to 10 January 2018.
Saeid Esmaeilzadeh, owner of Serendipity Group and Chairman of the Board in Xbrane, comments: "We see ourselves as long-term owners of the Company and with this credit facility, we want to enable management to fully focus on the commercial agreements and complete the ongoing out-licensing deals and not be forced to issue new shares before important out-licensing agreements are closed."
Martin Åmark, CEO, comments: "We are grateful to receive such an attractive financing solution from our largest shareholder. In parallel with this, we will actively seek long-term funding primarily with major institutional investors to secure long-term financing."
Carnegie Investment Bank AB (publ) acted as financial adviser to the Company. Baker McKenzie is legal advisor to Xbrane.
For further information, please contact:
Martin Åmark, CEO, Xbrane Biopharma AB
M: +46 (0) 763-093 777
Susanna Helgesen, CFO/IR, Xbrane Biopharma AB
M: +46 (0) 708-278 636
Xbrane is a commercial phase Swedish biopharmaceutical company specialized in biosimilars and long acting injectables. Xbrane has world leading expertise in developing generics for long acting injectable drugs and proprietary high-yield protein expression technology for the development of biosimilars. Xbrane's headquarter is located in Stockholm and the company's in-house research and development facilities are in Sweden and Italy. Xbrane is listed at Nasdaq First North since February 3rd, 2016 under the name XBRANE and Avanza Bank AB is Xbrane's Certified Adviser. For more information seewww.xbrane.com.
About Serendipity Group
Serendipity Group AB is Saeid Esmaeilzadeh and Ashkan Pouya's joint ownership company, where they both own 50 percent of the shares. The company was founded in 2010.
This information is information that Xbrane Biopharma AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU) no. 596/2014. The information was submitted for publication, through the agency of the contact person set out above, at 8:00 22 December 2017.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Xbrane Biopharma AB via Globenewswire