Nanexa: Capital raise to pursue a broad set of opportunities in 2024 and 2025 - Emergers

As we had expected, Nanexa announced a SEK 121m rights issue, albeit at a slightly higher than expected both discount and amount. This will give Nanexa runway to start and complete phase I with NEX-22 for type 2 diabetes (in 2024), initiate phase Ib with NEX-20 for treatment of Multiple Myeloma, continue development of PharmaShell, and likely finance operations well into 2025. With participation from largest shareholder Novo Nordisk, Board and Management, totaling 20% of the issue, plus guarantors, some 62% of the issue is secured. In light of Novo Nordisk’s renewed commitment and the heightened general interest in GLP-1 drugs, we have reviewed our model and see a 30% probability for a license deal with Novo Nordisk, which we expect would transform Nanexa into a billion SEK company.

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