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Cirio legal advisor to NeuroVive in its rights issue

2019.01.23

Cirio acted as legal advisor to NeuroVive Pharmaceutical AB (publ), listed on Nasdaq Stockholm, Small Cap, in connection with its rights issue directed to existing shareholders.

On 10 December 2018, the Board of Directors of NeuroVive resolved, subject to approval by general meeting, to increase the company’s share capital by an issue of shares with preferential rights for existing shareholders. The Board of Directors resolution was approved by the extraordinary general meeting on 17 January 2019. On full subscription of the rights issue, the company will raise approximately MSEK 123.8 before issue costs. The rights issue is guaranteed up to 80 percent of the rights issue, through subscription commitments from existing shareholders and guarantee commitments from external investors. The motive for the rights issue is primarily to acquire working capital to advance the company's projects in clinical development. The prospectus with regard to the rights issue was published on 22 January 2019.

NeuroVive Pharmaceutical AB is a leader in mitochondrial medicine, with one project in clinical phase II development for the prevention of moderate to severe traumatic brain injury (NeuroSTAT®) and one project in clinical phase I (KL1333) for genetic mitochondrial diseases. The R&D portfolio also consists of projects for genetic mitochondrial disorders, cancer and NASH. The company advances drugs for rare diseases through clinical development into the market. For projects for common indications the goal is out-licensing in the preclinical phase. A subset of compounds under NeuroVive’s NVP015 program has been licenced to Fortify Therapeutics, a BridgeBio company, for local treatment development of Leber’s Hereditary Optic Neuropathy (LHON). NeuroVive is listed on Nasdaq Stockholm, Sweden (ticker: NVP). The share is also traded on the OTCQX Best Market in the US (OTC: NEVPF).

Cirio's team consisted of partner Annika Andersson (Capital Markets and public M&A), and by Tim Johansson and Oscar Lunde (Capital Markets and public M&A) and Yousef Chakir (Strategic contracts).

About Cirio
Cirio Law Firm was founded in Stockholm in 2019 and has around 125 employees. The law firm has a long heritage in Stockholm ranging back to 1918 and is one of the leading law firms within several areas of business law. Cirio offers legal advice in most areas of business law such as M&A and other transactions, operational and strategic business decisions, special situations such as dispute resolution and bankruptcies and collaborative innovation. The firm has special competence within business areas such as renewable energy, life science and digitalisation.

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