Sweden's Immunovia AB said it completed a directed share issue for gross proceeds of about 324 million Swedish kronor.
The company sold 2,162,794 new shares at a subscription price of 150 kronor per share.
Net proceeds will be used to prepare for launches, build sales and account teams in the U.S.; support marketing campaigns; and fund the company's product development platform.
Immunovia said the share issue generated interest from institutions such as Swedbank Robur AB, Handelsbanken Fonder AB, Alfred Berg Kapitalforvaltning AB, Nyenburgh Investment Partners, Apus Capital and Bonit Capital.
The share issue will increase the number of outstanding shares and votes to 19,480,853 from 17,318,059, a dilution of about 11%, according to the company.
Vator Securities AB acted as sole book runner, with Erik Penser Bank AB as issuer agent. Baker & McKenzie acted as legal adviser to Immunovia.
Immunovia said it is performing clinical studies for the commercialization of its product, called IMMray PanCan-d, which has the potential to be the first blood-based test for early diagnosis of pancreatic cancer.
As of June 8, US$1 was equivalent to 8.72 Swedish kronor.
