BioPorto A/S publishes prospectus in connection with a fully-guaranteed rights issue with pre-emptive subscription rights for its existing shareholders - Seite 2

Reason for the Offering and use of proceeds
The Offering is expected to raise gross proceeds for the Company of approximately DKK 106.6 million with net proceeds expected to be approximately DKK 93.6 million after deduction of costs and expenses payable by the Company in relation to the Offering.

The Company expects to apply net proceeds of DKK 60 million to finance of the Company’s operations until October 2021, which includes costs for employees, clinical trial costs, sales & marketing costs, production costs, R&D costs not related to employees or clinical trials, as well as other operational costs. Any net proceeds from DKK 60 million to DKK 90 million will be applied to finance the further development of NGAL, which includes building its U.S. organization to prepare for a potential FDA clearance and commercialization of The NGAL Test and supporting NGAL’s clinical development, including costs for a clinical trial and submission to FDA for an adult NGAL application. Net proceeds above DKK 90 million including the Company’s current cash position, will be applied to develop the gRAD platform, including developing new indications using the this platform.

Advance subscription commitments and guarantee undertakings
The Offering is fully underwritten pursuant to advance subscription commitments and guarantee undertakings from a number of Existing Shareholders, institutional investors and qualified investors. On the terms and conditions of the advance subscription commitments and guarantee undertakings, the Company has obtained commitments that all New Shares will be subscribed for corresponding to aggregate gross proceeds of approximately DKK 106.6 million.

Terms and conditions of the Offering
Below is a summary of the main terms of the Offering. Reference is made to the Prospectus for a detailed description.

The Offering
The Offering comprises of up to 66,645,476 New Shares of nominally DKK 1 each with Pre-emptive Rights for the Existing Shareholders. The Offering is subject to minimum of 45,000,000 New Shares being subscribed for. As mentioned above, the Company has obtained commitments covering all New Shares comprised by the Offering.

Subscription Price
The New Shares are offered at a Subscription Price of DKK 1.60 per New Share.

Subscription ratio and allocation of Pre-emptive Rights
The Offering is being made at a ratio of 1:3, meaning that Existing Shareholders registered as such with VP Securities A/S on 29 September 2020 at 5:59 p.m. CEST will be allocated one (1) Pre-emptive Right per existing share and that three (3) Pre-emptive Rights will be required to subscribe for one (1) New Share at the Subscription Price of DKK 1.60 per New Share.