Xspray Pharma: Securing SEK 265 Million Overnight
Redeye has a positive impression of the directed share issue of SEK 265 million by Xspray to Swedish and international investors. We have increased confidence in the case, and in our view, the lowered financial risk and increased operational focus offset the mathematical dilution of the issue. We reiterate our Base case valuation of SEK 200 per share.