Pangaea Oncology, a Spanish biotech company specializing in precision oncology is hoping to raise funds of $12.45 million (€12 million) via a capital increase to boost its growth, according to Alejandro García, Pangaea Oncology’s corporate CEO.
The company’s board of directors has agreed to approve a capital increase of $8.2 million (€7.9 million), of which just over $107,118 (€103,225) correspond to nominal value and $8.09 million (€7.8 million) to total issue premium. Pre-emptive subscription rights are recognized for holders of company shares.
Pangaea Oncology has also called a general meeting of shareholders on June 13th with the intention of once again increasing capital by a maximum of $53,558 (€51,612.90) by issuing up to 2.5 million new shares with a par value of $0.021 (€0.02) and a share premium of $1.6 (€1.53) each (thus with an issue price of ($1.61 (€1.55) per share, which means a total outlay of up to $4.05 million (€3.9 million)).
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Pangaea Oncology has $9.5 million (€9.2 million) committed from three Spanish family offices
In total, the company would be in a position to raise $12.45 million (€12 million), which is “the financial instrument needed to have greater speed,” acknowledges Pangaea Oncology’s corporate CEO. “With these operations, we managed to obtain resources that leave us in a good position to materialize inorganic growth operations,” added García.
Pangaea Oncology currently has $9.5 million (€9.2 million) committed from three Spanish family offices, whose names have not yet been disclosed. “We have a subscription commitment, a binding commitment,” says the head of the Spanish biotech company.
In this way, the company will continue with its plan for 2022, after acquiring 75% of Quenet Torrent Institute (QTI). This is a highly complex oncological surgery company.
QTI’s medical team is led by François Quenet, an oncological surgeon who is an international reference in highly complex surgeries such as the treatment of peritoneal carcinomatosis, liver surgery and abdominal sarcomas. Also on the team is Juan José Torrent, oncological surgeon, expert in high complexity surgeries and laparoscopy, with extensive experience in the field of Hipec surgery (hyperthermic intraperitoneal chemotherapy), being one of the pioneers in Spain in the treatment of this pathology.
The Spanish company closed 2021 with revenues of $4.77 million (€4.6 million)
Pangaea Oncology’s 2022 plan is to reach revenues of $5.2 million (€5 million), without taking into account corporate operations, as well as opening up new markets beyond Catalonia, with Zaragoza and Madrid as its main markets.
This is an achievable goal, as the company closed 2021 with revenues of $4.77 million (€4.6 million), 12% more than in 2020, according to the latest results published by the biotech at the end of April. Pangaea Oncology cut losses by 63.4% in 2021 from the previous year, to $666,370 (€642,000).
The company has two main business areas. One is its care division, based on the concept of personalized medicine, which currently manages medical oncology and other activities at various Quirónsalud hospitals. The other is the diagnostic services and research and development (R&D) division, both for its patients and for the pharmaceutical industry, from which the company provides diagnostic and in vitro services to multinationals.
Pangaea Oncology has a high technological component, focused on proprietary and innovative diagnostic techniques (whose main marketed asset is the liquid biopsy) and on drug development (directed at specific targets and up to early clinical phases).
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First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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