Commencement of subscription period in Curasight's preferential rights issue

Ulrich Krasilnikoff, CEO, comments

"We aim to keep the momentum so far this year in progressing our business and look forward to further developments in our pipeline as well as continuing our business development efforts. Radionuclide Ligand Therapy continues to be in focus as an important option within radiotherapy in cancer and the injection of capital via the warrants issued through this fund raise will enable us to fund operations into the second half of 2025, enabling us to continue to progress our pipeline and remain an active player in industry discussions, We look forward to an active second half of the year in the lead up to the exercise periods of series TO2 and TO3. We anticipate news flow from our pipeline from projects such as the phase II trial in prostate cancer, being run under the partnership agreement with Curium and acceptance of the Clinical Trial Application by EMA for uTREAT®, in a phase I/IIa trial in the first indication for treatment. We also expect to dose the first patient with uTREAT®, in this indication, providing proof-of-concept in relation to uTREAT®."

Motive and use of proceeds

Curasight works within the field of radiopharmaceuticals, with the ambition of improving diagnosis and treatment for a more gentle and efficient cancer care. The Company has pioneered the novel uPAR Theranostics platform which uses a highly specific PET imaging ligand to target the uPAR receptor for improved diagnosis uTRACE® and treatment uTREAT®. uPAR is expressed in many types of human cancers and the expression levels of uPAR have been shown to be strongly associated with metastatic disease, i.e. cancer aggressiveness, and subsequent poor prognosis. Curasight's clinical PET ligand uTRACE® has been successfully validated in more than 400 patients in several clinical PET imaging trials with uTRACE® in nine clinical phase II trials with promising results in indications such as brain, prostate, lung, head & neck, neuroendocrine, oral, and breast cancer.

Using the team's scientific understanding and clinical research results, Curasight is committed to developing its uTRACE® and uTREAT® platforms in parallel in a range of different cancers. The warrants issued through the Rights Issue are, together with the warrants issued through the recently executed directed issue of units, set to fund the Company's R&D activities including maintaining the momentum of clinical trials being carried out under the partnership with Curium Inc. for uTRACE® in prostate cancer and activities to accelerate the pipeline.

Anticipated timeline for Objectives

Below is a selection of the Company's objectives for the years 2024-2027.

2024

• Q4 Last patient included part I - uTRACE® (Phase II, Prostate Cancer, Partnered project)
• Q4 Preliminary efficacy data - uTRACE® (Phase II, Prostate Cancer, Partnered project)

2025

• H1 Acceptance of CTA by EMA - uTREAT® (Phase I/IIa, Therapeutic program, First indication)
• H1 Last patient included Part II - uTRACE® (Phase II, Prostate Cancer, Partnered project)
• H1 First patient dosed, part I - uTREAT® (Phase I/IIa, Therapeutic program, First indication)
• H2 Topline results, Phase II - uTRACE® (Phase II, Prostate Cancer, Partnered project)
• H2 Preliminary efficacy data - uTREAT® (Phase I/IIa, Therapeutic program, First indication)
• H2 First patient included part II - uTREAT® (Phase I/IIa, Therapeutic program, First indication)

Long term strategic Objectives

2026

• Acceptance of CTA by EMA and first patient included part I - uTREAT® (Phase I/IIa, Therapeutic program, Basket trial)
• Last patient included part II - uTREAT® (Phase I/IIa, Therapeutic program, First indication)

2027

• Topline results, Phase I/IIa - uTREAT® (Phase I/IIa, Therapeutic program, First indication)
• Last patient included part I and preliminary efficacy data - uTREAT® (Phase I/IIa, Therapeutic program, Basket trial)

Rights Issue of units

On 4 September 2024, the Board of Directors resolved on execution of a preferential rights issue of a total 1,216,907 units, consisting of a total of 2,433,814 warrants of series TO2 and 1,216,907 warrants of series TO3. The Board's decision was made with support from the authorization from the Extraordinary General Meeting on 2 July 2024,  

Those who were shareholders on the record date of 13 September 2024 has received one (1) unit right for each (1) share in Curasight. Seventeen (17) unit rights give the shareholder the right to subscribe for one (1) unit at a price of DKK 0.01 per unit. One (1) unit consists of two (2) warrants of series TO2 and one (1) warrant of series TO3. Those who are not shareholders in Curasight have not receive unit rights and will thus not be able to participate in the Rights Issue, unless they purchase unit rights in the market.

Subscription of units must take place during the subscription period that starts today, 16 September 2024, and runs to and including 30 September 2024. Unit rights that are not used during the subscription period will lose their value. Trading in unit rights (TICKER: CURAS UR) takes place on Spotlight Stock Market until and including 26 September 2024. Trading in BTU (Paid Subscription Unit) takes place until after the Rights Issue has been registered at Erhvervsstyrelsen. Please be aware that some banks have a shorter deadline than 30 September 2024 in relation to handling your instructions.

It is to be noted that the Rights Issue itself will not increase the number of shares or the share capital. Existing shareholders who choose not to participate in the Rights Issue will thus not experience a dilution effect after a fully subscribed Rights Issue.

Warrants of series TO2 and series TO3

Warrants of series TO2 will have an exercise period that runs from and including 21 November 2024 until and including 5 December 2024. The exercise price for warrants of series TO2 will be set on the day before exercise period and will be based on the Volume Weighted Average Price in the Company's share 20 days back, with a discount of 30 percent and be within the range DKK 11.50-15.55. Through the exercise of warrants of series TO2, Curasight can receive a maximum of approximately DKK 57.3 million. The warrants of series TO2 will be subject to trading at Spotlight Stock Market.

If the Rights Issue is fully subscribed and all warrants of series TO2 issued in the Rights Issue and the directed issue are exercised the share capital will increase by DKK 184,190.70 to DKK 1,218,312.05 and the number of shares will increase by 3,683,814 to 24,366,241, resulting in a dilution of approximately 15.1 percent.

Warrants of series TO3 will have an exercise period that runs from and including 4 June 2025 until and including 18 June 2025. The exercise price for warrants of series TO3 will be set on the day before exercise period and will be based on the Volume Weighted Average Price in the Company's share 20 days back, with a discount of 30 percent and be within the range DKK 15.55-19.40. Through the exercise of warrants of series TO3, Curasight can receive a maximum of approximately DKK 35.7 million. The warrants of series TO3 will be subject to trading at Spotlight Stock Market.

If all warrants of series TO3 issued in the Rights Issue and the directed issue are exercised, the share capital will increase by an additional DKK 92,095.35 to DKK 1,310,407.40 and the number of shares will increase by an additional 1,841,907 to 26,208,148, resulting in a dilution of approximately 7.0 percent.

Timeline

The timeline is illustrated below:

• 16 September 2024 - Subscription period and trading in BTU commences
• 26 September 2024 - Last day of trading in unit rights (CURAS UR)
• 30 September 2024 - Subscription period ends
• 3 October 2024 - Outcome of preferential rights issue is announced
• Mid-October 2024 - Preferential rights issue is registered at Erhvervsstyrelsen and end of trading in BTU
• Mid/late-October 2024 - Trading in warrants of series TO2 and series TO3 starts
• 21 November 2024 - Start of the exercise period for warrants of series TO2
• 3 December 2024 - Last day of trading in warrants of series TO2
• 5 December 2024 - End of the exercise period for warrants of series TO2
• 4 June 2025 - Start of the exercise period for warrants of series TO3
• 16 June 2025 - Last day of trading in warrants of series TO3
• 18 June 2025 - End of the exercise period for warrants of series TO3

Prospectus, teaser and the possibility to subscribe for units

Prospectus and teaser about the Rights Issue are available via the Company's (www.curasight.com), Sedermera Corporate Finance AB's (www.sedermera.se) and Nordic Issuing AB's (www.nordic-issuing.se). At the Company's website, a detailed Q&A document describing the details of the Rights Issue is also available. Subscription of units in the Rights Issue is made through each shareholder's bank and all shareholders interested in participating in the Rights Issue is advised to contact their bank to receive specific instructions on how to proceed.

Advisors

Sedermera Corporate Finance AB is the Company's financial advisor in connection with the capitalization. DLA Piper is the Company's legal advisor. Nordic Issuing AB is the settlement agent.