Empros Pharma raises SEK 40m to fully finance the upcoming proof-of-concept trial for its primary drug candidate EMP16
Empros Pharma takes the next important step in the clinical development of the drug candidate EMP16, targeting the growing obesity market. With Vator Securities as Financial Advisor, Empros Pharma has now secured SEK 40m in a fully subscribed share issue to finance the proof-of-concept trial for EMP16. The trial is a six month, randomised and placebo-controlled trial with weight loss as primary endpoint. Final data from the trial will be published early 2021.
Subscribers in the issue are both existing shareholders Thomas Eldered, Directors of the Board and Management as well as new shareholders with extensive investment experience from the Life Science sector. Thomas Eldered remains the main shareholder in the Company.
EMP16 is an oral, fixed dose combination drug candidate targeting obesity. EMP16 is expected to show a significantly improved safety and tolerability profile and at least equal efficacy compared to the leading drugs currently approved on the market. EMP16 is based on two well-known and documented substances, where the unique and patented drug-delivery technology enables the combination.
Over the last year, Empros has developed a detailed regulatory and commercial pathway for how EMP16 will reach market approval via the clinical program. The development of the plan includes scientific advice from the regulatory authorities in Sweden, Europe and South Korea, as well as market analysis, licensing and partnering discussions with Pharma companies and institutional investors. Through this pathway, the development plan for EMP16 is clear and the proof-of-concept trial represent the first major milestone in the development.
“It is with a great sense of pride and joy that Empros now with full speed can continue the development program of EMP16″ says Arvid Söderhäll, CEO Empros Pharma. ”Both the existing and new shareholders clearly demonstrates their belief in the product as well as Empros Pharma as a company and the pathway for upcoming clinical development and value creation. This share issue enables Empros to take the next major step in the development of EMP16.”