INSIDE INFORMATION: Bioretec Ltd launches an accelerated book-building process to raise approximately EUR 10 million through a private placement of new shares - Bioretec Ltd.
Summary
INSIDE INFORMATION: Bioretec Ltd launches an accelerated book-building process to raise approximately EUR 10 million through a private placement of new sharesTHE INFORMATION CONTAINED IN THIS RELEASE IS NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN, SINGAPORE, SOUTH AFRICA OR THE UNITED STATES OR IN ANY OTHER JURISDICTION IN WHICH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.Bioretec Ltd ("Bioretec" or the "Company"), a pioneer in bioabsorbable orthopedic implants, hereby announces its intention to issue new shares (the "Placing Shares") in a private placement to institutional and other qualified investors (the "Placing") to raise approximately EUR 10 million in gross proceeds.The number of Placing Shares and their subscription price will be decided based on offers received in an accelerated book building. The book building can be discontinued or extended at any time during the book building process.The purpose of the contemplated Placing is to raise funds to accelerate the U.S. commercialization and distribution of Bioretecs RemeOs products, facilitate the expansion of manufacturing capacity for RemeOs products, and enhance the product development of other RemeOs products, following the U.S. market authorization received by the Company for its RemeOs trauma screw from the U.S. Food and Drug Administration (FDA), as announced on 30 March 2023.The Placing will be carried out based on the authorization granted to the board of directors by the Companys annual general meeting of 13 April 2022.Subject to the completion of the Placing, the Placing Shares (ISIN code FI4000480454) will be registered with the trade register maintained by the Finnish Patent and Registration Office on or about 28 April 2023. The company has built unique competencies in the biological interface of active implants to enhance bone growth and accelerate fracture healing after orthopedic surgery. In some cases, forward-looking statements can be identified by terminology such as "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "guidance," "intend," "may," "plan," "potential," "predict," "projected," "should" or "will" or the negative of such terms or other comparable terminology.By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to any offering of the Placing Shares.