Zealand Pharma closes rights issue worth €100 million

By Lisa Kerner

Charlotte, N.C., Sept. 5 - Zealand Pharma A/S closed a rights issue worth €29 million, bringing its cash position close to €47 million.

Current Zealand shareholders could subscribe to the company's 19 million outstanding shares and warrants at €5.10 per share, representing a total value of about €100 million.

Marlene Nørgaard, vice president and head of LD Markets, will join Zealand's board of directors as part of the financing.

"The capital increase provides the necessary funding of Zealand Pharma's research and development efforts for the next 2 to 3 years which is a pivotal phase for the company," said Eva Steiness, chief executive officer of the Copenhagen, Denmark-based company, in a news release.

Currently, the biotechnology company has ZP120, a drug for acute heart failure, in late phase 2 development as well as ZP1846, a drug for the treatment of chemotherapy-induced diarrhea, ready for clinical development.

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