North Point Securities acts as financial advisor in connection with ProstaLund AB's (publ) rights issue of approximately SEK 40 million
The board of ProstaLund AB (publ) ("ProstaLund" or the Company") has decided on 17 May 2023 to carry out a rights issue of shares corresponding to a total of approximately SEK 40 million. The rights issue is covered to approximately 35.4 percent by subscription commitments from the board, management and major shareholders.
Read the press release here!
Indicative subscription period: 1 – 20 June 2023
Background and motive and use of the issue proceeds
ProstaLund develops products and treatments in urology. The company sells self-developed disposable catheters and has developed a patented method for individually adapted heat treatment for benign prostate enlargement (BPE/BPH). The company's treatment method is primarily established in the Nordic region, where Sweden is the company's primary market with a market share of 20%. The company's latest version of the treatment method, CoreTherm® Eagle, has received approval for CE marking, which is why the company makes the assessment that there is now an opportunity for increased establishment within the Nordics as well as the opportunity for international expansion on a larger scale. The company is facing a commercial breakthrough and to finance continued commercialization in the Nordics as well as internationally and inventory as well as other expansion costs, the board of ProstaLund has decided to carry out a new issue of shares. The net proceeds will be used as follows:
- Marketing of the CoreTherm® platform and disposable products.
- Clinical studies in connection with registration of products in new markets.
- Working capital for expansion and development of the business.
ProstaLund in brief
ProstaLund AB (publ) is a Swedish medical technology company with headquarters in Lund that develops and markets innovative products for the treatment of benign prostate enlargement. The company has patented the CoreTherm treatment method, an individually tailored heat treatment for BPH (benign prostate enlargement). ProstaLund is listed on the Nasdaq First North Growth Market and has approximately 4,000 shareholders.