High pressure at CombiGene!
Let me begin this text by expressing my and CombiGene’s very great appreciation to all who participated in the warrants of series TO3. The result was fantastic with a subscription rate of 97.25 percent, which means that CombiGene received more than 17 million SEK before issue costs. The confidence shown to us by our shareholders is greatly appreciated. Since the rights issue in April, we have worked hard with our procurement of capital to ensure that we have the necessary resources when our epilepsy project CG01 now enters an intensive phase of final design of production method and final preclinical studies. Through the rights issue and directed issue in April and a directed issue in July and the warrants in August, CombiGene has received SEK 63.45 million before issue costs. The July issue was made to the Dutch life science investor Nyenburgh Holding BV, which has made itself known as stable and knowledgeable owners.
The CG01 project is now advancing at high pace. Over the past few weeks, after intensive work, we have chosen a manufacturing method based on suspension to ensure that we can scale up our production in future commercial volumes. We have also chosen the Spanish company Viralgen as our production partner and have recently signed an agreement with them. Furthermore, we work together with CGT Catapult to develop analytica
l methods for quality assurance of production and together with Cobra Biologics we have produced so-called master cell banks, which means that we can now produce the plasmids that make up the starting material for the production of CG01 in a quality-safe way. Thanks to the fact that all parts of the production platform are now in place, we can start production of the CG01 material that we will use in the final preclinical studies during next year.
In our lipodystrophy project CGT2, we are currently testing various drug candidates with the aim of launching a proof-of-concept study next year and we have recently submitted a priority patent application to the UK Patent Office. Our goal right now is to work towards the final choice of drug candidate.
At the Annual General Meeting on June 29, 2020, a largely new Board of Directors was elected, which is presented in this issue of Ingeneious. Recently, BioStock conducted an interview with Bert Junno, CombiGene’s new Chairman of the Board. With BioStock’s kind permission, we publish the interview in its entirety in this issue of Ingeneious.
Finally, I would like to say that the entire team at CombiGene is looking forward to an intense autumn with many important activities and decisions. The summer weather is behind us, but when it comes to work at CombiGene there is high pressure!
CombiGene’s vision is to provide patients affected by severe life-altering diseases with the prospect of a better life through novel gene therapies. CombiGene’s business concept is to develop effective gene therapies for severe life-altering diseases where adequate treatment is currently lacking. Development assets are sourced from an external research network and developed to achieve clinical proof of concept. Drug candidates for common diseases will be co-developed and commercialized through strategic partnerships, while the company may manage this process on its own for drugs targeting niched patient populations. The company is public and listed on the Swedish marketplace Nasdaq First North Growth Market and the company’s Certified Advisor is FNCA Sweden AB, +46 (0)852 80 03 99 email@example.com.