Hoersholm; February 19, 2016 – Medical Prognosis Institute A/S (MPI.CO) (Denmark and Phoenix, AZ, USA) announced today that MPI raises DKK 8,686,575 in private placement at a price of 135. The new shares will be issued in the temporary ISIN code DK0060709574
The board of directors of Medical Prognosis Institute A/S today resolved to issue 64,345 new shares of nominally DKK 1 each at a price of DKK 135 per share.
The offering represents appr. 5.8 % of the company’s currently registered share capital of nominally DKK 1,099,770.
MPI has obtained binding subscription commitments in the total amount of DKK 8,686,575 from a group of investors, including MPI’s CEO Peter Buhl Jensen who has invested DKK 500,000 through his holding company Buhl Krone Holding. All shares in the private placement will be issued to these investors without pre-emption rights for the existing shareholders of MPI.
The gross proceeds will constitute DKK 8,686,575.
The decision to launch the offering of new shares in a directed issue is made pursuant to article 7.2 of the company’s articles of association by which the board of directors is authorized to make share capital increases.
Upon completion of the private placement the nominal share capital of MPI will amount to DKK 1,164,115 divided into shares of DKK 1.
The new shares will be negotiable instruments made out in the name of the holder. There will be no restrictions in the transferability of the shares. The new shares will in every respect carry the same rights as the existing shares, including the right to receive dividends, if any, for the financial year 2015 and other rights in the Company as from the time of registration of the capital increase with the Danish Business Authority which is expected to take place on 24 February 2016.
Use of proceeds
The proceeds will be used to strengthen the capital resources of MPI.
The new shares will be issued in the temporary ISIN code DK0060709574. The temporary ISIN will be merged with the permanent ISIN code for the existing shares in MPI as soon as possible following registration of the capital increase with the Danish Business Authority. The new shares are expected to be admitted to trading in the permanent ISIN code as of 29 February 2016.
About MPI’s multiple biomarker called Drug Response Predictor – DRP(TM)
MPI’s lead product, the DRP(TM) diagnostic platform, is a tool to develop tumor-derived gene signatures that may predict which cancer patients are highly likely responders to a given anticancer product. The DRP(TM) has been tested in 37 trials, where 29 trials showed that drug-specific DRP(TM) Biomarkers could predict which patients had a positive effect of the treatment. The DRP(TM) platform has also been externally validated and published in collaboration with leading statisticians at the MD Anderson Cancer Center. The DRP(TM) method can be used to design the Clinical Development Plan, i.e. to select which indications are relevant for a given anticancer drug. Further to and in addition to this, individual patients’ gene patterns can be analyzed as part of a screening procedure for a clinical trial to ensure inclusion of those patients who have a high likelihood of response to the drug. This DRP(TM) method builds on the comparison of sensitive and resistant human cancer cell lines including genomic information from cell lines combined with clinical tumor biology and clinical correlates in a systems biology network. MicroRNA is used on certain products whereas the messenger RNA is more broadly useable and more validated. The DRP(TM) platform can be used in all cancer types and has been patented for more than 60 anticancer drugs in the US.
Medical Prognosis Institute advances personalized medicine by partnering with cancer drug developers to apply its DRP(TM) diagnostic platform to streamline and de-risk clinical trials and drug development via biomarker optimization, patient stratification, and development of companion diagnostics.