Setterwalls has advised Iconovo in connection with private placement

Iconovo AB has carried out a private placement of SEK 55 million through a directed new issue of 1,375,000 shares at a subscription price of SEK 40 per share. The private placement was subscribed for by several institutional investors, including funds managed by Eiffel Investment Group.

Iconovo AB develops new inhaled medicinal products in collaboration with international pharmaceutical companies. The company provides several types of patent-protected inhalers that can generate significant commercial opportunities in the development of novel pharmaceuticals and vaccines and at patent expirations for established pharmaceuticals.

Among the subscribers are a number of institutional investors, including funds managed by Eiffel Investment Group. The subscription price was determined through an accelerated bookbuilding process. Iconovo AB intends to use the issue proceeds of SEK 55 million before transaction costs for accelerating and value-creational development and initiatives connected to the company’s long-term strategy.