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Stockholm, May 6, 2024. Redwood Pharma AB (publ) announces today that all of the company's board members have committed to subscribe for units in the ongoing rights issue for a total amount of SEK 290,000. These commitments reflect the board's strong confidence in the company's strategic direction and future growth prospects. The subscription period in the new issue began on April 30 and runs through May 14.
With a planned CE marking of RP501 - a user-friendly medical device for the treatment of mild dry eye - in the first quarter of 2025 and an approval at the end of the same year, the company is expected to achieve a positive cash flow already in 2027.
Martin Vidaeus, CEO and board member has undertaken to use all his subscription rights and thereby subscribe for units for a total amount of SEK 170,000. Ulf Björklund, chairman of the board, will use all his subscription rights and has also undertaken to subscribe for units without the support of subscription rights, in total for an amount of SEK 40,000. Board members Håkan Magnusson and Tom Rönnlund - who have no shareholding in the company previously - have committed to subscribe for units without the support of subscription rights for a total amount of SEK 40,000 each.
"Redwood Pharma is on the cusp of realizing significant commercial potential in its products and formulation technology in the field of eye diseases. We are now preparing the submission of an application for CE marking of RP501 - a completely new type of thermogel for the first-line treatment of dry eye. The board members' subscription commitments in the ongoing new share issue send a clear signal to other shareholders about the potential for value creation that we see in the company," says Redwood Pharma's chairman of the board, Ulf Björklund.
More information about the ongoing rights issue is available on the company's website, www.redwoodpharma.se