Synact Pharma: Funding secured
This morning Synact announced a capital raise of roughly 30 SEKm through a directed share issue (~13 SEKm) and rights issue (~17. 3 SEKm). The capital will primarily be used to finance the full Phase II trial with AP1189 in RA and a Phase II trial in nephrotic syndrome. Overall, we are encouraged by the financing structure and the low discount.
Considering the dilution (25%) of the capitalization, we lower our base case to SEK 10 (13).