On May 3, 2024 Xspray Pharma reported the company determined the outcome of exercised warrants of series TO6, issued in connection with the rights issue in June 2023 and for which the subscription period ended on May 2, 2024 (Press release, Xspray, MAY 3, 2024, View Source [SID1234650112]). In total, 2,508,723 series TO6-warrants were exercised to subscribe for the same amount of new shares. Xspray Pharma thereby receives proceeds of SEK 100.3 million before transaction costs. Proceeds will be used for the US launch of the company’s first product, Dasynoc, as well as for continued development of other product candidates in the company’s portfolio.

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"I’m pleased that our shareholders demonstrate their support for Xspray Pharma to an even greater degree than in our previous warrant program, by subscribing newly issued shares and thereby contribute with additional capital towards our commercialization plan. These funds will enable a successful launch of our first product Dasynoc on September 1 this year," comments Per Andersson, CEO of Xspray Pharma.

In connection to the rights issue completed in June 2023, 3,132,946 warrants of series TO6 were issued. Each TO6 gave the right to subscribe for a newly issued share for SEK 40 during the period 16 April – 2 May 2023. When the subscription period had ended, 2,508,723 TO6-warrants had been used to subscribe for shares at SEK 40 each, corresponding to 80% of the warrants. The number of shares in the company thereby increases by 2,508,723 and the share capital increases by SEK 2,508,723 SEK.

The proceeds raised by the exercise of warrants of series TO6 will primarily be used to fund the launch of Dasynoc on the US market which is planned for September 1 this year subject to approval by FDA. Proceeds will also be used for general operational purposes, ongoing operational costs and continued development of product candidates. Xspray Pharma currently has four announced product candidates based on the company’s patented HyNap-technology.