Extraordinary General Meeting and new directed share issue to take Rabeximod through Phase 2B trials
Prior to the extraordinary general meeting (EGM) that will be held in Malmö on December 11, at 10AM, I would first like to thank shareholders for their considerable interest in participating in the EGM.
As you may already know, we have published a link on our website, (in the News section on November 27), so that you can easily find documentation relating to the EGM.
It has come to our attention that some shareholders may be unsure about company thinking in terms of raising capital to take Rabeximod through Phase 2B trials for rheumatoid arthritis. I would therefore like to briefly describe Cyxone’s planning and direction.
When the company was listed in 2016, Cyxone outlined how it would develop the T20K cycloid to complete Phase 1 clinical trials in humans. The capital the company received in conjunction with its floatation and at TO1 and TO2 was calculated to be sufficient for Phase 1 trials to be concluded in 2018.
When Cyxone acquired Rabeximod from OxyPharma in June this year to conduct Phase 2B trials with the substance, Cyxone announced that the company would require capital in addition to that allocated to the T20K programme. At the same time, the company announced that it would hold an EGM later in the year to obtain shareholders’ support for a share issue for the capital increase.
Cyxone’s strategy is to primarily source new capital of around SEK 60 million from institutional investors and “family offices” outside Sweden. This work has resulted in many positive meetings and discussions about investments in Cyxone. To continue its financing efforts, Cyxone is calling the EGM on December 11 to discuss and garner support for a directed share offer of SEK 60 million.
I hope that this newsletter clarifies Cyxone’s strategy and plans to finance the T20K and Rabeximod projects. Cyxone shareholders are always welcome to contact me if they have questions or concerns related to our activities.
Welcome to our EGM in Malmö on December 11!
Kjell G Stenberg