EL7.AI
Stocks•24 October 2026•
4 min read

Nanologica Launches SEK 110.5 Million Unit Issue; Biovica Completes Its Offering in Full

Key Facts

1Nanologica approved a unit issue of approximately SEK 110.5 million, with an option to increase it by up to SEK 10 million.
2Biovica’s applications covered 71.11% of the offering, and the underwriter was allocated the remaining 28.89%.
3Dilution at Nanologica may reach 66.7%, or 68.6% if the oversubscription option is exercised in full.
4Biovica expects proceeds of approximately SEK 29.2 million before costs, subject to Swedish regulatory approval of HDF’s investment.

On October 23, Nanologica approved a unit issue worth approximately SEK 110.5 million, with an option to increase it by up to SEK 10 million if subscription demand exceeds the offering. On the same day, Biovica announced that its rights issue of Class B shares had been fully subscribed, with shareholder applications covering 71.11% of the offering and underwriter HDF Cancer Monitoring BV taking the remaining shares. The two financing processes are at different stages: Nanologica’s issue is still before the subscription period, while Biovica’s issue has closed with full coverage thanks to the underwriting commitment. Biovica’s result does not mean all shares went to holders exercising their rights, as the allocation included a portion for the underwriter. Both companies say the funding will support their business plans, though the planned uses and dilution differ.

For Nanologica, five unit rights entitle the holder to subscribe for one unit at SEK 1.68. Each unit comprises 10 new shares, equivalent to SEK 0.168 per share. The company said subscription commitments, underwriting commitments and underwriting intentions total approximately SEK 85.7 million, or 77.6% of the issue value. That total includes an underwriting intention from Bergs Securities of approximately SEK 17 million, equivalent to 15.4% of the issue. This support falls short of covering the full amount on offer, and the subscription period has not yet begun. Nanologica says its strategic shift is directing more of its commercial efforts toward North America and Europe, where it sees greater profitability potential.

The issue structure entails substantial dilution for existing shareholders if they subscribe in full: approximately 66.7% in the base issue, rising to 68.6% if the oversubscription option is exercised in full. These figures apply to Nanologica’s issue alone and should not be confused with Biovica’s dilution. The company set the subscription period for November 3 to 17, 2026, and estimated that it would announce the result on November 19. Until then, the final issue value will depend on participation and whether the increase option is exercised. The focus on North America and Europe provides strategic context for the capital raise; it is not a completed outcome of the issue.

Biovica’s offering had a maximum of 97,303,733 new Class B shares, and applications with and without rights covered 71.11% of the offering. Shares subscribed for using rights accounted for 49.97%, while 21.14% came from applications without rights; the remaining 28.89% was allocated to underwriter HDF. This amounted to an allocation of 28,111,851 shares to the underwriter, explaining how the offering was fully covered even though investor applications did not include all the shares. The board approved the issue on September 9, and an extraordinary general meeting approved it on September 30. The company set the subscription price at SEK 0.30 per share, a discount of approximately 23% to the theoretical ex-rights price, based on the September 9 closing price.

According to Biovica, the transaction is expected to provide approximately SEK 29.2 million before issue costs, subject to approval of HDF’s investment by the Swedish Inspectorate of Strategic Products. The company said the proceeds will support working capital to continue marketing its DiviTum TKa test in the United States and expand its pharmaceutical services. The test, a blood-based biomarker assay, is used to monitor cancer progression; its first applications involve monitoring treatment in women with metastatic breast cancer. Biovica said when it launched the issue that, if fully subscribed, the proceeds were expected to cover its capital requirements for the following 12 months. A shareholder who did not participate faces dilution of 25.00% in the number of shares and 23.27% in voting rights after the issue is completed.

Biovica’s issue was backed by subscription commitments, underwriting commitments and subscription intentions equal to its full value, according to the company’s announcement when it launched the offering. Following the results announcement, Biovica expected trading in the subscribed and paid shares to end on October 28, 2026. It also expected trading in the new Class B shares to begin on November 3 or around that date. For Nanologica, the subscription period begins on November 3 and runs through November 17, with the company estimating that it will announce the result on November 19. These upcoming dates will determine how much the new issue actually raises, while Biovica’s financing remains conditional on Swedish regulatory approval of the underwriter’s investment.