ViroGates grants warrants to Denmark's Export and Investment Fund (EIFO) as the final step in fulfilling the requirements to obtain debt financing
COMPANY ANNOUNCEMENT - No. 11-2023 – Inside information - 17 May 2023
BIRKERØD, DENMARK - ViroGates A/S (“VIRO”), a medical technology company developing blood tests for better triaging in hospitals to improve patient care and reduce healthcare costs, today announces that the Board of Directors has granted warrants to Denmark's Export and Investment Fund (EIFO), previously known as The Danish Growth Fund, per ViroGates’ articles of association and section 4.2.5 of the Nasdaq First North Growth Market Rulebook.
The warrants allocated to EIFO are a part of the debt financing arrangement, as reported in company announcement no. 16-2022 from ViroGates.
Along with the sale of 60,000 shares by ViroGates’ majority shareholder, reported in company announcement no. 10-2023, all requirements to obtain the debt financing are now fulfilled, and ViroGates expects to receive the first tranche of the loan shortly, comprising DKK 5.3 million.
The grant comprises a total of 17,167 warrants allocated to the participant. The main terms and conditions for the warrant program are:
- Warrants have been granted free of charge and vest for exercise according to payments of the loan in 2 tranches.
- Upon vesting, each vested warrant may be exercised over ten years following two full trading days after the publication of a quarterly financial report.
- Each vested warrant entitles the participant to subscribe one share of nominally DKK 1 in ViroGates A/S subject to payment of the exercise price.
- The exercise price is DKK 60 per nominal DKK 1.00 share.
- If the warrants are not exercised within ten years after vesting, they will expire without compensation.
- The total number of warrants, which may be exercised under this grant, corresponds to 0.51 % of ViroGates’ total outstanding shares.
- By application of the Black-Scholes formula, the fair value of each warrant is DKK 2.04.
- The participant is not a member of the executive or non-executive management.
The announcement can be found at https://www.virogates.com/investor/announcements.
For further information, please contact:
CEO, Jakob Knudsen
Tel. (+45) 2226 1355, email: email@example.com
Västra Hamnen Corporate Finance
Tel. (+46) 40 200 250, email: firstname.lastname@example.org
ViroGates A/S is an international medical technology company developing and marketing blood test products under the suPARnostic® brand for better triaging in hospitals to improve patient care, reduce healthcare costs and empower clinical staff.
The company was founded in 2000. Headquartered in Denmark, ViroGates’ sales force covers the Nordics, Spain, France and Benelux, while distributors serve other markets.
ViroGates’ shares (VIRO) are listed on Nasdaq First North Growth Market Denmark. For more information, visit www.virogates.com.
About suPAR and suPARnostic®
suPAR is a biomarker detected by ViroGates' suPARnostic® products. It is a protein found in the plasma. suPAR is considered a general risk status biomarker measuring inflammation and can indicate disease presence, severity, and progression across disease areas such as cardiovascular diseases, kidney diseases, type 2 diabetes, cancer, etc. Strong scientific evidence from more than 900 clinical trials and studies shows that the higher the level of suPAR, the worse the prognosis for the patient.
The suPARnostic® products can be used to support healthcare professionals in making clinical decisions on hospitalization or discharge of acute care patients. The increasing demands on health systems globally and tightening healthcare budgets necessitate efficiency improvements and innovative solutions in hospitals. The use of suPAR in clinical routine in emergency departments can improve patient care and reduce healthcare costs by increasing the number of discharges by up to 34% and reducing the average hospital length-of-stay by up to 6% without affecting mortality. suPARnostic® TurbiLatex is currently available on Roche Diagnostics’ cobas® instruments, Siemens Healthineers ADVIA® XPT and Atellica® instruments, the Abbott Labs Architect™ and Alinity™ instruments and the Beckmann Coulter AU 5800 instrument. ViroGates works with partners to develop solutions for other platforms. ViroGates has recently launched its Point of Care suPARnostic® POC+ product, a platform that uses only a few drops of finger-prick blood instead of plasma for full quantitative suPAR results in less than 20 minutes.
Prospects about the future reflect ViroGates' current expectations for future events and results. The statements are by nature inherent in risks, uncertainties and other matters that are difficult to predict or out of control. The actual results may therefore differ from the expectations expressed.