Norway-based Targovax ASA intends to raise gross proceeds of 175 million to 225 million Norwegian kroner in a private placement of new shares.
Targovax set the minimum subscription and allocation to the number of new shares equal to the aggregate subscription price of at least the kroner equivalent of €100,000. Two of the largest Targovax shareholders, HealthCap and Norwegian Radium Hospital Research Foundation, will subscribe for up to 25 million kroner and 5 million kroner, respectively.
The accelerated book building process to determine the subscription price started June 8 and will close June 9, unless extended or canceled by the company.
Targovax plans to use the net proceeds to finance five additional data read-outs from clinical trials through 2018 and selective CMC development in preparation for future pivotal clinical studies.