Reinventing BioInvent

A proposed financing by BioInvent International AB (SSE:BINV) would give the cancer antibody company new life to reach clinical proof of concept for three assets and fund preclinical immuno-oncology programs that it had been forced to deprioritize.

On Feb. 16, BioInvent proposed to raise SEK234 million ($27.7 million) through a rights issue to existing investors and a private placement with Omega Funds. The biotech proposed to sell up to 97.8 million shares in the rights issue and 22.1 million shares in the private placement, both at SEK1.95 per share, a haircut of 28% from the stock's close of SEK2.69 on the day. ...