VC-backed ViroGates readies for Copenhagen IPO

The offer price is DKK 91 per share, which equates to a market cap of DKK 276m. The offering comprises a minimum of 659,341 and a maximum of 824,175 newly issued shares with a listing on Nasdaq First North in Denmark.

The offering will provide ViroGates with gross proceeds of DKK 60-75m, of which commitments of DKK 53.7m have been obtained from Scandinavian cornerstone investors, including Vækstfonden. The Danish growth fund participates as a cornerstone investor with a commitment of DKK 7m, marking its first participation in a Copenhagen IPO.

With the proceeds, ViroGate intends to accelerate the commercial development of its Suparnostic product, which measures a protein found in blood and is also used for prognosis of lifestyle-related diseases such as cardiovascular diseases, type-2 diabetes and cancer.

Västra Hamnen Corporate Finance is acting as financial adviser and certified adviser, and Mazan­ti-Andersen Korsø Jensen is providing legal advice to the company. Danske Bank is acting as issuing agent, while Nordnet Bank and Avanza Bank act as selling agents and subscription places.

The offer period has been set from 7 June to 20 June 2018, and the listing is expected take place on 25 June 2018.

To date, approximately DKK 110m has been invested in ViroGates. The company generated revenues of DKK 2.4m and an operating loss of DKK 7.7m in 2017. In Q1 2018, revenues amounted to DKK 600,000, and the operating loss came to DKK 2.7m.

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