SynAct Pharma announces oversubscribed share issue
In December, SynAct Pharma successfully completed directed issues raising 45 million SEK and now the rights issue linked to this transaction, raising approximately SEK 20 million, has been completed as well through an oversubscribed transaction conducted at a premium. The subscription rate was 161.8 per cent, thereby eliminating the need to activate guarantee commitments, underscoring strong shareholder support.
SynAct Pharma, listed on Nasdaq Stockholm, is dedicated to improving the treatment of inflammatory and autoimmune diseases by helping patients achieve immune balance and overcome inflammation through resolution therapy.
The company’s lead asset, resomelagon (AP1189), is an oral biased melanocortin agonist that selectively targets the melanocortin receptors MC1R and MC3R, effectively resolving inflammation without suppressing the immune system. SynAct Pharma is currently conducting a phase IIb study of resomelagon in newly diagnosed rheumatoid arthritis patients with elevated systemic inflammation.
Capital raise with strong investor interest
To finance the continued development of resomelagon, SynAct Pharma has successfully conducted a capital raise of 65 MSEK. Despite a challenging financial environment, the company managed to raise 20 SEK million in a rights issue and SEK 45 million in directed share issues.
The subscription period for the rights issue closed on January 7 and was met with strong demand, reaching a subscription rate of 161.8 per cent. Of this, 56.8 per cent of shares were subscribed using subscription rights, while 104.9 per cent were subscribed without the support of subscription rights.
– This oversubscribed share issue at a premium is a clear testament to the confidence of our investors in SynAct Pharma’s strategic direction and potential to deliver on our goals. With continued backing from our shareholders, we are now well-positioned to drive progress and create long-term value for shareholders and patients, says SynAct Pharma’s CEO Jeppe Øvlesen.
The transactions were backed by SynAct Pharma’s major shareholders and also attracted new investors, including the investment company Hunter Capital and entrepreneur Johannes Schildt. Additionally, management’s participation further underscored their commitment to the company’s long-term vision.
Compensation issue
As the rights issue was oversubscribed, the guarantee commitments from Hunter Capital and David Palm were not required. To settle the compensation to the guarantors, SynAct Pharma has decided to conduct a compensation issue of newly issued shares in the company.
The compensation issue to the guarantors amounts to a total value of SEK 1,965,306 to be paid in newly issued shares at a subscription price of SEK 8.65 per share, the same price as in the rights issue.
Next steps
The capital raise has solidified SynAct’s financial foundation, enabling the company to advance its phase IIb study with resomelagon. Currently, SynAct Pharma is focused on activating study clinics in both the USA and Europe and recruiting patients. The company aims to present data from the study in early 2026. If the results are positive, the goal is to establish partnership to drive the further development of resomelagon in a phase III study and prepare for commercialisation.
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