Pharmacolog carries out rights issue and increases focus on business development
Pharmacolog carries out rights issue with the aim of raising capital for, among other things, continued geographical expansion and production of its own consumables. In addition, the company will reallocate existing resources with the aim of accelerating volume growth via new and existing strategic partners.
The board of Pharmacolog i Uppsala AB decided on 5/9 on a preferential issue of units consisting of shares of series B and warrants of series TO2 for approximately SEK 19.2 million. The net proceeds from the Rights Issue are intended, among other things, to be used for increased market investments, more partner collaborations and investment in own production of consumables.
In connection with these investments, as well as Pharmacolog’s shift of emphasis from technology development to market development, the Company intends to further adapt the organization to accelerate volume growth through existing and future partners. This means a focused investment in service and other support functions to facilitate the sales work for their partners.
Mats Högberg, CEO comments: “Pharmacolog’s path to profitability is through strategic partners. Therefor I want to do more to further develop existing collaborations and intensify our efforts to establish new ones. The pandemic meant a delay in product launches and market introductions, but work has started off well during spring as restrictions have been lifted. But beyond that, we need to review and improve our support functions, service documentation and training materials to ensure our partners are better equipped to independently manage new installations and subsequent service. Through these measures, we can better utilize the potential of our current partner relationships and get up and running more quickly with new ones, thus increasing the speed towards growth and profitability.”
Pharmacolog provides solutions and products that enhance work efficiency and safety when preparing injectable medication. Our goal is to help prevent medication errors and ensure maximum medication efficacy when treating patients with powerful yet potentially harmful injectable drugs. Pharmacolog’s products help staff at pharmacies and hospital wards minimize the risk of errors in the compounding process. Furthermore, by verifying that drugs and narcotics used in surgery have not been tampered with, our solutions also make a vital contribution to preventing drug diversion.