With R&D accounting for more than 80% of its total overheads last year and consistent revenue still in its infancy, fledgling Swedish player Xbrane Biopharma was always likely to head to the markets to seek out more capital, even if such a move would compromise investors by diluting their existing holdings.
In January, the firm disclosed that it would move forward with a rights issue of ‘units’ worth around SEK343m ($33
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