XSpray Pharma AB – Rights Issue Results

XSpray Pharma AB (ticker: XSPRA) completed a rights issue on 11 September 2025 that was fully subscribed and subsequently extended through an over‑allotment mechanism. The company raised a total of SEK 161 million, of which SEK 31 million came from the over‑allotment portion.

Subscription Details

  • Rights Issue Size: The primary rights issue was fully subscribed, with an overall subscription rate of approximately 245 %.
  • Subscription Breakdown:
    • 98 % of the shares were subscribed using the company’s own subscription rights.
    • 147 % of the shares were subscribed without the use of subscription rights, reflecting strong demand from institutional and retail investors.
  • Over‑Allotment: The board chose to exercise the over‑allotment option and extend it by SEK 31 million, which is fully utilized.

Capital Raised

  • Total Funds Raised: SEK 161 million, comprising the primary rights issue and the over‑allotment portion.
  • Purpose: The capital will be used to support XSpray’s research and development activities, particularly in the area of amorphous drug structure technologies, and to strengthen the company’s balance sheet.

Market Reaction

  • The Stockholm Stock Exchange (OMXS30) index remained largely unchanged during the trading session, with the health‑care sector registering a modest gain of 0.7 %.
  • XSpray’s share price on 9 September 2025 closed at SEK 45.3, below the 52‑week low of SEK 23 but within a range that suggests the market is assessing the impact of the new capital structure.

Company Context

XSpray Pharma AB is a biotechnology company headquartered in Solna, Sweden, that specializes in particle manufacturing and solid‑state characterization services. Its portfolio includes formulations of protein kinase inhibitors, targeting both the slowing and acceleration of biological processes. With a market capitalization of approximately SEK 1.68 billion, the rights issue represents a significant infusion of capital for the company’s ongoing research initiatives.

All figures are taken from the official press releases and market data available on 11 September 2025.