Iconovo AB (publ), that develops complete inhalation products for a global market, has registered the subsidiary Iconovo Pharma AB with the Swedish Companies Registration Office. This is part of the previously communicated strategy to establish an infrastructure for in-house pharmaceutical sales in the Nordic market. Iconovo's goal is to reach sales revenues of SEK 200 million by 2026, of which approximately one third is estimated to come from Iconovo Pharma.

The sales of pharmaceuticals in the Nordic region will be conducted in the subsidiary Iconovo Pharma AB as the business differs from the development of inhalation products for the global market. A separate and dedicated structure ensures the necessary focus needed in an efficient and dynamic sales organization. The recruitment of an experienced leader for Iconovo Pharma will begin in 2022, and the company plans to gradually hire the handful of specialized employees needed to promote effectively in the Nordic market.

Iconovo Pharma's product portfolio is expected to consist largely of products that are currently being developed together with Iconovo AB's current global partners. Iconovo's current global partner network will open up opportunities for effective in-licensing of additional value-creating products.

Iconovo has already secured the Nordic rights for a generic version of the asthma and COPD drug Symbicort® through an agreement with its global partner Amneal. The product is developed in Iconovo's inhaler ICOres with unique feedback features that brings significant benefits to the patient. The Nordic market for generic Symbicort is estimated to approximately SEK 900 million.

"Our ambition is to establish a Nordic pharmaceutical company with a product portfolio consisting of selected inhalation products developed by Iconovo, where we have already secured the rights to generic Symbicort in our unique proprietary inhaler ICOres. In addition, we open up for licensing of other medicines with high commercial potential," says Johan Wäborg, CEO of Iconovo.

About Iconovo Pharma AB
Iconovo Pharma AB will sell pharmaceutical products in the Nordic region based on products that Iconovo AB develops for global pharmaceutical companies as well as other medicines with high commercial potential. The rights to sell the proprietary generic version of Symbicort® in ICOres in the Nordic markets have been licensed from Iconovo's partner Amneal. This is the first building block in a portfolio of inhalation products to be sold in the Nordic region.

Iconovo AB (publ), that develops complete inhalation products for a global market, and TOA Pharmaceutical Co., Ltd, which develops generic products for the Japanese market announced today that they have signed a feasibility agreement to use an inhaler from Iconovo for a generic product development. The feasibility agreement has a value of EUR 202.000 to be paid over the coming 12 months.

"We are very happy to continue the collaboration between TOA and Iconovo that was started in 2017. The end goal is to enter a license agreement to develop an inhaled generic product to a pharmaceutical product with significant sales in the Japanese market based on an inhaler from Iconovo,” said Johan Wäborg, CEO of Iconovo.

About TOA Pharmaceuticals

TOA Pharmaceuticals Co., Ltd. based in Japan manufactures and markets pharmaceuticals, chemicals, sanitary ware and medical devices. The company has invested in a production facility specializing in the manufacture and filling of inhalable drugs as well as manufacture of substances used in inhalers. http://www.toayakuhin.co.jp/english/top.html

At the Annual General Meeting of 8 May 2020, it was resolved that Iconovo shall have a Nomination Committee consisting of four members representing the four largest shareholders as of 30 September each year.

The Nomination Committee for the 2022 Annual General Meetings consists of:

Mats Johansson, appointed by Mats Johansson and holding company, and Chairman of the Nomination Committee

Karin von Wachenfeldt, appointed by Lastow Consulting AB;

Stefan Berger, appointed by Eiffel Investment Group;

Sussi Kvart, appointed by Handelsbanken Fonder

Participates as co-opted;

Gunnar Gårdemyr, Chairman of the Board

The Nomination Committee’s overarching responsibility for the 2022 Annual General Meeting is to present suitable candidates for the positions of Board Chair, Board members and auditor(s) of the Company, and to propose their remuneration.

The Nomination Committee shall prepare proposals in the following matters to be submitted to the Annual General Meeting for decision:

proposal for Chair of the AGM,

proposal for the number of AGM-elected Board members and, where applicable, number of auditors,

proposal for remuneration to non-employed members of the Board and to non-employed members of the various committees of the Board,

proposal for remuneration to the auditors,

proposals for election of Board Chair, other members of the Board and, where applicable, auditors,

proposals for guidelines for appointing members to the Nomination Committee and for the Nomination Committee’s assignments,

proposal for remuneration to the members of the Nomination Committee.

 

Shareholders who wish to submit proposals to the Nomination Committee can contact the Nomination Committee by email at gunnar.gardemyr@gmail.com.

In order for the Nomination Committee to process received proposals with sufficient care, these should be received by the Nomination Committee by 1 March 2022.

The Chinese Patent Office has announced the intention to grant a patent (Notice of Allowance) regarding Iconovo’s inhalation device ICOone.

Iconovo has previously granted ICOone patents in Sweden, Europe (EPO), USA and India. The new patent covers a unit dose inhaler used in Iconovo’s two innovative customer projects with Oxytocin and Covid-19 vaccine.

ICOone® is Iconovo’s platform for simple and cost-efficient delivery of vaccines and biomolecules to the lung. Since ICOone® delivers a dry powder, there is no need for expensive and complicated cold storage. Inhaling the drug eliminates the use of disposable syringes and no hazardous waste with blood contaminated syringes is generated.

”This patent strengthens our international patent protection of ICOone. China is a very important market for simple and cost-effective vaccination”, says CTO Dr. Orest Lastow.

About ICOone® 

ICOone® is a unique, patented dry powder inhaler for single use. The smart design generates an ultra-low manufacturing cost combined with simple and discreet use. It is particularly suitable for short-term treatment and as-needed use as it provides an unsurpassed low treatment cost and price point for treatments with a low number of doses. The simple design also enables patients and caregivers to learn how to handle the inhalers with minimal training. ICOone® can deliver large inhalation doses that are well protected against moisture, an important factor for many biomolecules.

 
https://iconovo.se/products/icoone/ 
 

New nasal inhaler has great potential in treatment of COVID-19

Key figures in TSEK unless otherwise indicated  Jul-Sep 2021 Jul-Sep 2020 Jan-Sep 2021 Jan-Sep 2020 Jan-Dec 2020
Net turnover 6,169 5,754 11,809 10,111 17,792
Operating profit/loss -3,895 -2,304 -17,807 -13,104 -16,717
Cash flow for the period 60,741 -3,640 45,308 -17,069 -27,467
Earnings per share (SEK) before and after full dilution -0.43 -0.25 -2.15 -1.62 -2.20
Cash and cash equivalents 106,997 72,087 106,997 72,087 61,689
Equity 145,667 97,245 145,667 97,245 92,729
Number of shares at period-end 8,847,500 7,776,000 8,847,500 7,776,000 7,776,000
Number of royalty agreements** 6 4 6 4 5

**Number of agreements at the end of the period.

Significant events 1 July – 30 September

  • In July, Iconovo carried out a directed share issue and raised SEK 75 million before issue expenses. The issue has been subscribed by a number of Swedish and international institutional investors, including Alcur Fonder, FE Fonder and Humle Fonder, as well as a number of existing shareholders, including Andra AP-fonden, Fjärde AP-fonden, Handelsbanken Fonder and Länsförsäkringar Fonder. The proceeds of the issue will primarily be used for acceleration and value creation activities and investments linked to the Company's long-term strategy.
  • In July, Iconovo entered into an agreement with ISR (Immune System Regulation AB) for additional work on the ongoing inhaled COVID-19 vaccine project for the development of a nasal version of Iconovo’s ICOone inhaler. The additional work could provide up to SEK 4.9 million on top of the previous agreement. In addition, there is the possibility of future royalties.
  • The Japan Patent Office issued an Intention to Grant notification regarding a patent for the ICOres inhalation platform. Iconovo already has approved patents for ICOres in Japan, Sweden, Europe (EPO) and the USA. The patent describes the technology used in Iconovo’s many customer projects, including generic Symbicort.
  • Iconovo's Quality Management System (QMS) has been upgraded to comply with the US Quality System Regulation for medical devices. The upgrade is a critical step in gaining access to the US market for Iconovo’s pharmaceutical products.

Significant events after the end of the third quarter
No significant events have occurred since the end of the quarter.

A word from the CEO – More innovative deals through increased focus on business development

New nasal development for ICOone
Iconovo’s inhalation expertise and vast experience in the development of inhalation products for the lungs has been used to develop a new version of ICOone for nasal use. With this product, the Company entered into a further agreement with ISR in July on the use of a new version of ICOone adapted for nasal delivery of powder. Starting with this agreement, a parallel track will be opened up in the development of a powder vaccine against COVID-19. Nasal delivery enables faster progression through the study programme, which is one of the key components of the project. There will be an enormous need for vaccination for a long time to come, especially in developing countries, where liquid-based vaccines requiring cold storage are not a sustainable solution. It is very gratifying to see our partner ISR moving forward and making the plans concrete. In recent months, they have inter alia released a press release to announce that they have entered into an agreement with Northway Biotech for large-scale production of the spike protein to be used. An agreement has also been entered into with a clinical investigator in Bangladesh to start a phase 1 study.

The ISR agreement for ICOone Nasal has enabled us to kick-start our nasal version of ICOone. ICOone Nasal will be a unique inhaler based on the same innovative concept as ICOone. We can now offer the world’s first inhalation-driven, single-use inhaler for nasal powder with high performance, with a production cost that is very difficult to beat. ICOone Nasal is developed according to the same technical principles as its sibling ICOone. The technical solution is patent protected. 
There is a very high demand for nasal powder delivery among several companies, all of which are looking for a smart, cost-effective solution. 

In Q4, we will initiate a major marketing initiative to find suitable innovative customer projects for ICOone Nasal. 

ICOpre progressing as planned
The goal for 2021 is to be able to present an ICOpre inhaler with all parts in injection-moulded plastic. Proprietary generic formulations of Relvar®, Anoro®, Trelegy®, Incruse® and Arnuity® will be tested. Once the goal is reached, we will intensify dialogues with potential customers.

Increasing our commercial efforts
A strong cash position enables additional efforts and drive behind each of our three strategies. The capital raising of SEK 75 million completed in July now enables us, among other things, to invest more heavily in business development. We aim to build a strong and well differentiated portfolio of both Generic and Innovative inhalation drugs, and have the ambition to enter into one to three new deals per year.

We are building for success by now starting recruitment and strengthening the organisation with two additional key positions, a Director Business Development and a Communications & Marketing Manager.

We recently launched a major continuous marketing effort that will target our identified customer groups using modern technology in various campaigns.

It will be an exciting and intense end to the year, with continued focus on delivering success for existing projects and securing new agreements.

Johan Wäborg, CEO

Iconovo AB (publ), that develops complete inhalation products for a global market today announces that the company’s Quality Management System (QMS) has been upgraded to meet the US Quality System Regulation (QSR 21 CFR 820) for medical devices. The company’s development and documentation process must comply with this FDA regulation to enable registration and marketing of medical device products in the US.

This achievement is a crucial step to obtain future US market access for all Iconovo drug device combination products including ICOres, ICOpre, ICOone and ICOcap.

In 2020, Iconovo’s QMS became compliant with the international ISO 13485:2016 standard for medical devices. Thus, the QMS also complies with the EU Medical Device Regulation. This has enabled Iconovo to develop drug device combination products that will be ready for registration on the European market.

“Iconovo have global ambitions for our inhalation platforms and US is the biggest pharma market in the world. Compliance with the US regulations is a key component to advance existing projects and will unlock even more opportunity in our partnering and business development process,” said Johan Wäborg, CEO for Iconovo.

Japan Patent Office has announced the intention to grant a patent (Notice of Allowance) regarding Iconovo’s inhalation device, ICOres. Iconovo has previously granted ICOres patents in Japan, USA, Sweden, Europe (EPO) and China. The new patent covers the technology used in many of Iconovo’s projects like generic Symbicort©.

Japan Patent Office has announced the intention to grant a patent (Notice of Allowance) regarding Iconovo’s inhalation device, ICOres. Iconovo has previously granted ICOres patents in Japan, USA, Sweden, Europe (EPO) and China. The new patent covers the technology used in many of Iconovo’s projects like generic Symbicort©.

“This new patent strengthens our patent protection on the very large and important Japanese market. This provides an opportunity to our partners to launch ICOres products in Japan”, says CTO Dr. Orest Lastow.

Expanded agreement doubles royalty potential

Key figures in TSEK unless otherwise indicated  Apr-Jun 2021 Apr-Jun 2020 Jan-Jun 2021 Jan-Jun 2020 Jan-Dec 2020
Net turnover 3,496 2,425 5,641 4,357 17,792
Operating profit/loss -6,586 -5,819 -13,912 -10,800 -16,717
Cash flow for the period -6,911 -9,697 -15,433 -13,429 -27,467
Earnings per share (SEK) before full dilution -0.86 -0.82 -1.77 -1.37 -2.20
Cash and cash equivalents 46,256 75,727 46,256 75,727 61,689
Equity 79,001 99,220 79,001 99,220 92,729
Number of shares at period-end 7,776,000 7,776,000 7,776,000 7,776,000 7,776,000
Number of royalty agreements** 6 3 6 3 5

**Number of agreements at the end of the period.

Significant events 1 April – 30 June

  • In May, Iconovo announced the expansion of its agreement with Amneal regarding generic Symbicort to include the key US and Chinese markets and the Nordic sales rights, more than doubling the potential for future annual royalty income.
  • In May, Iconovo communicated its 5-year business targets at its first Capital Market Day. By 2026, the Company expects to achieve sales of SEK 200 million, with an operating margin of 50%. The Company also announced its long-term strategy, with three strategic areas made up of the original core operation of generic inhalation product development plus the new areas of innovative inhalation product development and pharmaceutical sales in the Nordics.
  • In May, Iconovo entered into an agreement with Respiratorius for the development of an inhalation product for the treatment of COPD. The agreement includes a tiered fee for project work, with a total value of up to SEK 3 million.
  • In April, the Company announced that the United States Patent and Trademark Office issued an intention to approve (Notice of Allowance) a patent for the ICOone inhalation platform. Iconovo already has approved patents for ICOone in Sweden, Europe (EPO) and India.
  • The Board has been further strengthened. Ann Gidner was elected to the Board at the AGM, and Gunnar Gårdemyr has taken over the role of Board Chair.

Significant events after the end of the second quarter

  • In July, Iconovo carried out a directed share issue and raised SEK 75 million before issue expenses. The issue has been subscribed by a number of Swedish and international institutional investors, including Alcur Fonder, FE Fonder and Humle Fonder, as well as a number of existing shareholders, including Andra AP-fonden, Fjärde AP-fonden, Handelsbanken Fonder and Länsförsäkringar Fonder. The proceeds of the issue will primarily be used for acceleration and value creation activities and investments linked to the Company's new long-term strategy.
  • In July, Iconovo entered into an agreement with ISR (Immune System Regulation AB) for additional work on the ongoing inhaled COVID-19 vaccine project for the development of a nasal version of Iconovo’s ICOone inhaler. The additional work could provide up to SEK 4.9 million on top of the previous agreement. In addition, there is the possibility of future royalties.

A word from the CEO – Energised for growth

Long-term strategy with three areas In May, Iconovo held its first ever Capital Market Day, during which we launched our new long-term strategy. As a company, we are uniquely positioned to develop additional areas around inhalation, and we see great opportunities for growth by broadening our offering. Our future is now being shaped in three areas – Generic Inhalation Products, Innovative Inhalation Products and Pharmaceutical Sales in the Nordics.

An important area is the development of new, innovative inhalation drugs. These may be entirely new drugs, or new formulations of substances that were previously available only as injections, for example. We call this strategic area Innovative Inhalation Products. In the last six months, Iconovo has entered into three agreements in this innovative area, clearly demonstrating that our business model can be used in a very attractive way. Our offering allows our partners to invest in an inhalable drug in a high-quality, innovative inhaler – something that very few companies in the world can match.

In June, we further demonstrated the potential of our innovative projects when we entered into a supplemental agreement with ISR for the development of a nasal COVID-19 vaccine in a new Iconovo platform called “ICOone Nasal”. The order could provide Iconovo with an additional SEK 4.9 million on top of previously agreed amounts.

Development of generic asthma and COPD drugs is an area in which Iconovo is already well established, and it remains an important part of our operations. We anticipate significant future revenue from this area, primarily through royalties. We possess globally recognised expertise and can attract generics business on the global stage. The strategic area Generic Inhalation Products will be pursued with a continued focus on winning new business and continued deliveries towards the first market launches, expected in 2023.

When entering into development agreements with generic companies around the world, it is seen as very positive if you have a lot to gain from developing a fantastic product yourself. We therefore have a dual reason to sell generic products in the Nordic market ourselves.

This not only makes as a more attractive business partner, but becoming a Nordic pharmaceutical company helps us to build our own profitable drug portfolio. The strategic area Nordic Pharmaceutical Sales is being kicked off with establishment of Iconovo Pharma in 2021–2022. The first drug product launched is expected to be generic Symbicort in 2023, with a current market value of SEK 900 million in the Nordics.

Successful capital raising In early July, a directed share issue worth SEK 75 million was carried out. Several of our existing major shareholders took part in the issue, including Andra AP-fonden, Fjärde AP-fonden, Handelsbanken Fonder and Länsförsäkringar Fonder. We also specifically targeted Alcur, FE Fonder and Humle Fonder, which are known for investing in quality small companies with high potential and growth.

Five-year targets A strong cash position enables additional efforts and drive behind each of our three strategies. The strategies form the basis and plan for the work that will lead us to our set targets for 2026. We will reach a turnover of SEK 200 million from our generic projects and from Nordic pharmaceutical sales. In addition to this, the innovative projects with ISR have a potential upside worth SEK 100 million in 2026. Our business model is expected to lead to 50% operating margin from operations. The above targets are based on the projects we have right now, but we have also set an additional target of entering into 1–3 new customer agreements per year during the period up to 2026. Through new agreements, we can exceed the targets, and that is precisely why we want to invest now. To this end, we chose to raise capital via a directed issue.

Now that the strategy is in place, our focus is fully on implementation. We are now energised, well-funded and ready to focus heavily on our three strategic areas to maximise the value of our operations.

Johan Wäborg, CEO

Iconovo AB (publ), a company developing complete inhalation products for a global market, today announced that it has received an order from the immunotherapy company ISR Immune System Regulation AB (ISR), a subsidiary of ISR Immune System Regulation Holding AB (publ), for additional work for the ongoing project with inhaled COVID-19 vaccine with a development of a nasal version of Iconovo's inhaler ICOone. The additional order may give Iconovo up to 4.9 MSEK in addition to previously announced agreement.

The order covers the development of a nasally administered COVID-19 vaccine that will become a new fast track to the market due to a faster development process. The project for a nasal administration of a COVID-19 vaccine will use ICOone Nasal, which is a new nasal platform based on ICOone. It is a unique and proprietary nasal powder delivery device.

ISR and Iconovo pushes the project for an inhaled COVID-19 vaccine forward with high speed. Therefore, ISR has decided to accelerate development by adding a nasally administered vaccine that provides a faster path through the clinical studies. This COVID-19 vaccine, with administration to the nasal cavity, is meant to be a fast track that can either lead to a separate registration or it could pave the way for an orally inhaled vaccine for administration to the lung. The new nasal vaccine will be developed by Iconovo in the new platform ICOone Nasal.

The new agreement gives ISR an exclusive global right to use ICOone Nasal under the current agreement as a line extension to ICOone, for the treatment of COVID-19 and its variants with a technology based on so-called spike proteins with an adjuvant. Under the current agreement, ISR also has a future option to use its vaccination technology in ICOone in influenza, RS-virus and new strands of covid-virus vaccines based on the same technology.

The total value of the order is 10.4 MSEK, which is 4.9 MSEK in addition to previously communicated contractual sums. Iconovo will contractually develop a nasal vaccine and manufacture clinical trial material to a phase 1 study that takes priority into phase 1 over the inhaled lung product. Payments are expected to be divided into 9.1 MSEK over the coming six months and the remaining amount over the next 24 months. Upon signing of the order, an initial payment of 1.3 MSEK will be paid.

"This order provides a great opportunity to evaluate the new platform ICOone Nasal in a clinical study for COVID-19. We give the project the highest priority to support ISR in their efforts to advance the project according to the aggressive timelines required during a pandemic. This project could be the start of a paradigm shift that opens the door to inhaled vaccines instead of injectable vaccines. A shift where Iconovo is well positioned to take the lead", says Johan Wäborg, CEO of Iconovo.

An inhaled formulation for nasal or lung administration gives important benefits such as ease of use, cheaper transportation, storage without the need for refrigeration and no handling of needles and syringes. Removing the need for refrigeration and the handling of contagious material represent a large savings potential and can potentially eliminate the risk of spreading disease through infected needles. Another important benefit is that the vaccine directly reaches the airways and provides both a local protection in the airways and an activation of the systemic immune defense.

”The platform of ICOone with its flexibility enables a rapid, affordable and effective development of a SARS-CoV-2 vaccine for the respiratory tract. The platform can make ISR's vaccine available on the global market shortly after conducting clinical studies. The collaboration is now deepening and broadened to include both nasal and lung administration, which we see as a great advantage, as different respiratory pathogens may have different entry ports in the airways. We see the collaboration with Iconovo as a long-term partnership with the aim of establishing a series of different vaccines”, says Ola Winqvist, CEO of ISR.

About ISR

ISR is an innovation-driven development company of pharmaceuticals within immunotherapy. The business idea is to convert preclinical immunological research to clinical development stimulating the the immune system to fight chronic infections like HIV, HBV and cancer by developing the company’s pipeline of immunostimulants Immunolider and Immunorheliner and utilize the immune system to develop designer vaccines. The company has its headquarter in Stockholm. Mangold Fondkommision AB is the certified advisor and can be reached at telephone +46 8 503 01 550.

About ICOone®

ICOone is a unique, patented dry powder inhaler for single use. The smart design generates an ultra-low manufacturing cost combined with simple and discreet use. It is particularly suitable for short-term treatment and as-needed use as it provides an unsurpassed low treatment cost and price point for treatments with a low number of doses. The simple design also enables patients and caregivers to learn how to handle the inhalers with minimal training. ICOone can deliver large inhalation doses that are well protected against moisture, an important factor for many biomolecules.

About ICOone® Nasal

ICOone Nasal is a unique and patented nasal powder delivery device driven by the inhalation of the user for single use. The smart design generates an ultra-low manufacturing cost combined with simple and discreet use. It is particularly suitable for short-term treatment and as-needed use as it provides an unsurpassed low treatment cost and price point for treatments with a low number of doses. The simple design also enables patients and caregivers to learn how to handle the nasal delivery device with minimal training. ICOone Nasal is driven by the inhalation of the user that gives an even and natural distribution of the powder on the nasal mucosa. The patented design gives a stable product avoiding the need for refrigerator-cold transport and minimize the need for preservatives.

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, WITHIN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEELAND, SINGAPORE, SOUTH AFRICA, SWITZERLAND, THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE CONTRAVENING TO ANY APPLICABLE RULES OR REQUIRE REGISTRATION OR OTHER ACTIONS Press release 2021-07-01

The Board of Directors of Iconovo AB (publ) (”Iconovo” or the ”Company”) has, pursuant to the authorisation granted by the Annual General Meeting of the Company that was held on 19 May 2021, resolved on a directed share issue of 1,071,500 new shares, corresponding to approximately 13.8 per cent of the total number of shares outstanding, at a subscription price of SEK 70 per share (the “Issue”). This means that the Company receives SEK 75,005,000 before transaction costs. The subscription price in the Issue has been determined through an accelerated bookbuilding procedure (the ”Bookbuilding”). The Issue was subscribed for by several new Swedish and international institutional investors, such as Alcur Fonder, FE Fonder and Humle Fonder, as well as several existing owners, such as Andra AP-fonden, Fjärde AP-fonden, Handelsbanken Fonder and Länsförsäkringar Fondförvaltning AB.

The Company intends to use the proceeds from the Issue for accelerating and value-creational development and initiatives connected to the Company’s new long term strategy. Approximately 40 per cent of the proceeds intends to be used to build a value-creating portfolio of projects within the strategic area Innovative inhalation products. Another approximately 40 per cent of the proceeds intends to be used for building and scaling up the Company’s Nordic sales of pharmaceuticals through licencing of products to Iconovo Pharma. Remaining share of the proceeds intends to be used for increasing the Company’s project capacity, which would reduce the risk in the portfolio and increase the likelihood of launch of additional products to market, and increased commercialisation connected to Iconovo’s three strategic focus areas (i) own sales of generic inhalation products in the Nordics, (ii) development of innovative inhalation products, and (iii) development of generic inhalation products.

The Company believes that using the flexibility provided by a non-pre-emptive placing is the most appropriate transaction structure in order to raise capital in a time- and cost-effective manner, whilst also further diversifying the Company’s shareholder base.

The Issue results in that the total number of shares outstanding in Iconovo increases by 1,071,500, from 7,776,000 to 8,847,500, and the share capital increases by 107,150, from SEK 777,600 to SEK 884,750, which implies a dilution effect of approximately 12.1 per cent of the share capital in relation to the number of shares in Iconovo after the Issue.

In connection with the Issue, the Company has agreed to a lock-up undertaking on future share issuance for a period of 180 days, subject to customary exceptions. In addition, the Company’s CEO, CFO and Board of Directors who hold shares in the Company at the time of the transaction, have undertaken not to sell any shares in Iconovo during the same period, subject to customary exceptions.

Advisers
In connection with the Issue, the Company has retained Danske Bank as sole bookrunner and Bird & Bird Advokat as legal adviser.