Home News Iconovo’s CEO comments on the capital raise

Iconovo’s CEO comments on the capital raise

Iconovo’s CEO comments on the capital raise

6 July, 2021

Last week Iconovo carried out a directed share issue of 75 MSEK at a subscription price of 70 SEK per share. A large part of the proceeds from the issue will be used to expand the project portfolio in the field of innovative inhalation products and to build up the Nordic sales of pharmaceuticals through the pharmaceutical division Iconovo Pharma. BioStock contacted Iconovo’s CEO Johan Wäborg to find out more about which doors are opened thanks to the directed share issue.

Iconovo develops ready-to-use inhalation products, i.e. inhalers and associated dry powder formulations that are used to develop both generic and innovative inhalation drugs through partnering and licensing agreements. The company currently has four inhalation platforms in its portfolio – ICOres, ICOcap, ICOone and ICOpre.

On Thursday evening last week Iconovo announced that they had completed a directed share issue of 75 MSEK before issue costs. According to Iconovo, the issue was carried out to enable continued high pace in the company’s development and initiatives connected to their long-term strategy consisting of three focus areas:

  • Own sales of generic inhalation products in the Nordics
  • Development of innovative inhalation products
  • Development of generic inhalation products.

Read more about Iconovo’s long-term strategy in the financial targets for 2026

New and existing owners subscribed to the issue

The directed share issue was carried out at a subscription price of 70 SEK, which was determined through an accelerated bookbuilding procedure. The issue was subscribed to by several new Swedish and international institutional investors, such as Alcur FonderFE Fonder and Humle Fonder, as well as several existing owners, for example Andra AP-fonden, Fjärde AP-fonden, Handelsbanken Fonder and Länsförsäkringar Fondförvaltning.

Investments in innovative inhalation drugs and own sales

Approximately 40 per cent of the issue proceeds are intended to be used to expand the project portfolio within innovative inhalation products. An equal share of the proceeds will be used to build and scale up the company’s own sales in the Nordic market via Iconovo Pharma.

Iconovo Pharma is the company’s pharmaceutical division in the Nordic region which was started in connection with Iconovo acquiring the rights from Amneal to sell generic Symbicort in the multi-dose inhaler ICOres on the Nordic market. This was the first building block in creating a portfolio of inhalation products for sale through its own organisation in the Nordic region.

The remaining share of the proceeds, approximately 20 per cent, will be used to increase the company’s project capacity and thereby reduce the risk in the portfolio and increase the likelihood of launch of additional products to the market. In addition, it will be used to strengthen the commercialisation efforts connected to Iconovo’s three strategic focus areas.

Johan Wäborg, CEO Iconovo

Iconovo’s CEO comments

BioStock spoke to Iconovo’s CEO Johan Wäborg to find out what the directed share issue means for the company.

 Iconovo’s finances are now strengthened by 75 MSEK before issue costs. Why did you choose to do this right now and why through a directed share issue?

– We see an opportunity to continue to maintain a strong drive and create even greater value for shareholders by both accelerating and increasing the number of projects.

– It was a very good time for us to raise capital. In May, we launched our long-term strategy with three strategic focus areas; Nordic Pharmaceutical Sales, Innovative Inhalation Products and Generic Inhalation Products. We want to invest a significant part of the capital in the great opportunities that we see in innovative inhalation products. In the last six months, we have signed three agreements in this area, and we see great opportunities to reach more customers.

– Funds that specialise in small companies with high growth potential, e.g. Alcur, FE Fonder and Humle, have participated in the directed share issue. The issue was also subscribed to by several of our existing owners – among others AP2, AP4, Länsförsäkringar and Handelsbanken showed their confidence in what Iconovo can achieve with this money.

What opportunities are now opening up for Iconovo through the strengthened financial position?

– The money we had before the issue is sufficient for our communicated generic projects and for the first innovative projects. With the proceeds from this issue, we want to increase capacity and commercialisation and build a portfolio of projects in the strategic area of innovative inhalation products. Capital is also needed to establish Iconovo Pharma and set up a small but efficient sales business for a number of generic products in the Nordic markets.


The content of BioStock’s news and analyses is independent but the work of BioStock is to a certain degree financed by life science companies. The above article concerns a company from which BioStock has received financing.

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