Biosergen brings shares to public markets

Biosergen, a Sweden-based developer of a treatment for invasive fungal disease based on research at Norwegian University of Science and Technology and Sintef, has listed on the Nasdaq First Growth Market.
Biosergen had issued 5 million units – consisting of one share and one warrant (which entitles the holder to subscribe to one share from May 30, 2022 to June 10, 2022 – earlier this month. Each unit was priced at SEK10, allowing the company to raise SEK50m ($5.9m) in its offering.
Founded in 2004, Biosergen is working on an antifungal drug, BSG005, aimed at systemic fungal infections.
Patients suffering from a compromised immune system due to cancer or immunosuppressive therapy are most susceptible to such infections, but treatment options are limited by serious side effects or increasing incidence of drug resistance.
Proceeds have been allocated to completing phase 1 development of BSG005 before moving it into a phase 2 trial and seeking market approval in Europe and the US by the end of 2025.
Money will also support further preclinical development of BSG005 Nano, a nanoformulated anti-fungals treatment.
The spinout was co-founded by Karolinska Development and its shareholders also include Sintef’s commercialisation arm, Sintef Venture, which held an 8.1% stake ahead of the offering. Rosetta Capital owned 38.4%, while Östersjöstiftelsen held 44.7%.
Translution Capital was the financial advisor in the offering, while Nordnet Bank was the selling agent and DNB was the issuing agent.