Prolight Diagnostics, a medtech company based in Sweden, has long been experiencing a clear demand in the market for user-friendly Point-of-Care (POC) systems. Primary care, care homes, emergency departments and ambulances all require rapid, reliable blood test results when the patient is being examined for the first time, rather than, as they do today, having to send blood samples to hospital laboratories and waiting for hours or days for test results. Access to POC analyses is extremely important in emergency situations, for example, for patients who are presenting with acute chest pain and a suspected myocardial infarction. In these situations, being able to make a correct diagnosis early on and initiate proper treatment is critical to saving lives.
To meet this demand, Prolight is developing Psyros™, a new and flexible POC system that can conduct IVD tests with the same levels of sensitivity and precision as hospital laboratories, but with the difference that test results can be provided within ten minutes. By obtaining these test results early on in the care chain, physicians and medical staff can make a correct diagnosis and prioritise the proper resources for the right patient. This way, major cost savings can also be achieved in the heavily burdened medical care system.
The company’s launch product will be the measurement of the biomarker troponin to enable the detection and exclusion of myocardial infarction. During myocardial infarction, the damaged cardiac muscle secretes troponin molecules into the bloodstream.
Over the last year, the company’s proprietary POC system Psyros™ demonstrated proof of performance for detecting and measuring both troponin and thyroid-stimulating hormone (TSH) at very low levels. These concentrations are indicative of what is required to rule out myocardial infarction under the European Cardiology Society’s Guidelines on Fourth Universal Definition of Myocardial Infarction. Additionally, the new POC system aims, with the same drop of blood, to test multiple biomarkers simultaneously, a so-called multiplex.
After the company successfully developed six functional prototypes, Integrated Technologies Ltd was selected for the next phase of product development to ensure that the commercial instrument was both state of the art and in line with all the required regulatory standards for an IVD tool. Going forward, the focus will be on continued development of a commercial POC system that is ready for clinical validation and ensuring that all regulatory procedures have been fulfilled in order to obtain IVDR (In Vitro Diagnostic Regulation) approval prior to commercial launch. In parallel, efforts around business development and other factors will be accelerated.
The company believes that its existing working capital is not sufficient to meet its current needs during the next 12-month period. To finance the continued development of a commercial POC system that is ready for clinical validation, the company has decided to carry out a rights issue that, if fully subscribed, the company will receive approximately SEK 98.8 million, before issue expenses. Proceeds from the rights issue are intended to be used as follows:
If all Series TO6 warrants are exercised to subscribe for shares, the company will receive additional issue proceeds of at most approximately SEK 123.5 million before issue expenses. Proceeds from the Series TO6 warrants are intended to be used as follows,
If all Series TO7 warrants are exercised to subscribe for shares, the company will receive additional issue proceeds of at most approximately SEK 98.8 million before issue expenses. Proceeds from the Series TO7 warrants are intended to be used as follows,
December 4, 2023 – December 18, 2023 (please note that some nominees may close subscriptions on an earlier date).
Trading in unit rights:
December 4, 2023 – December 13, 2023.
Subscription with preferential rights:
Each share held in the company on the record date entitles the holder to one (1) unit right. Two (2) unit rights entitle the holder to subscribe for one (1) unit. Each unit comprises two (2) newly issued shares, two (2) free-of-charge Series TO6 warrants and one (1) free-of-charge Series TO7 warrant.
SEK 0.70 per unit, corresponding to a subscription price of SEK 0.35 per share. Series TO6 and TO7 warrants are issued free of charge.
Upon full subscription in the rights issue, the company will receive approximately SEK 98.8 million before for issuance expenses. Upon full exercise of all series TO6 warrants are exercised to subscribe for shares, the company will receive additional issue proceeds of at most approximately SEK 123.5 million before issue expenses. Upon full exercise of all series TO7 warrants are exercised to subscribe for shares, the company will receive additional issue proceeds of at most approximately SEK 98.8 million before issue expenses.
Subscription commitments and underwriting agreements:
The rights issue is covered by approximately 76.1 percent in subscription commitments and underwriting agreements.
The prospectus and offerings may NOT be downloaded or read by persons residing in the United States, Canada, Japan, Australia, Hong Kong, New Zealand, Switzerland, Singapore, South Africa, or any other jurisdiction where participation would require additional prospectuses, registration, or measures other than those under Swedish law or otherwise contrary to the rules of such jurisdiction. Distribution of the Prospectus and offerings and participation in the Offer are subject to restrictions in law and other rules in some jurisdictions. The Company has not taken and will not take any steps to allow an offer to the public in any jurisdictions other than Sweden. The Offer is not addressed to persons domiciled in the United States, Canada, Japan, Australia, Hong Kong, New Zealand, Switzerland, Singapore, South Africa, or any other jurisdiction where participation would require additional prospectuses, registration, or other measures than those arising under Swedish law or otherwise contrary to the rules of such jurisdiction. Consequently, the prospectus, the notification form and other documents relating to the Offer may not be distributed in or to said countries or any other jurisdiction where distribution or the Offer requires such action or otherwise violates applicable rules. Subscription of units and acquisition of securities in violation of the above limitations may be invalid. Persons receiving copies of the Prospectus must inform themselves of and comply with such restrictions. Measures in breach of the restrictions may constitute a breach of applicable securities laws. You can find the documents with restricted access below.