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CELLINK completes directed share issue for approximately 100 million SEK ($11M)

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CELLINK has completed a directed share issue of approximately SEK 100 million, which amounts to approximately 11.5 million dollars: not bad for a startup that is almost single-handedly bringing affordable bioprinters into every University lab. The Board of Directors of CELLINK resolved on a directed share issue of 756,676 shares of series B at a subscription price of SEK 132.5 per share (the “Directed Issue”). The Directed Issue is now completed which means that the Company will receive gross proceeds of approximately SEK 100 million.

For those who are not yet familiar with the company, CELLINK has created one of the world’s first universal bioinks, today used by many of the world’s most well-reputed research institutions. A Bioink can be mixed with living cells to print functional human tissues and if future research is successful, eventually, complete human organs in so-called 3D-Bioprinters. CELLINK’s universal Bioink shows excellent results and can be used in both CELLINK’s proprietary 3D Bioprinters and in 3D Bioprinters developed by other operators. At 3dpbm we have been following this company from the very beginning (since the launch of the very first bioink) and CELLINK was among the very first companies to believe in our 3D Printing Business Directory project, signing up as a Featured client since shortly after launch.

Now CELLINK, like many other companies, in the Directory, is moving on to the next phase of its growth with an additional 11.5 million in funding. The subscription price in the Directed Issue has been determined through an accelerated book building procedure. The subscribers in the Directed Issue were a number of reputable Swedish and international institutional investors such as the Fourth Swedish National Pension Fund (AP4) and the current owners Carl Bennet AB, Claes Dinkelspiel and Handelsbanken Fonder.

The net proceeds of the Directed Issue are intended to be used for pursuing acquisitions in line with the Company’s growth strategy and to continue global expansion as well as organizational scale-up and continued development of the Company’s product portfolio.

The reasons for the deviation from the shareholders’ pre-emptive rights is to raise capital in a time efficient way at attractive terms in order to support a continued expansion and development of the Company’s operations. In addition, the deviation enables the Company to diversify the shareholder base with reputable Swedish and international investors, which is expected to improve the potential for greater liquidity in the listed shares of series B.

The issue entails a dilution of approximately 9.1 percent of the number of shares and approximately 6.5 percent of the number votes in the Company. The Directed Issue increases the number of outstanding shares by 756,676 from 7,566,763 to 8,323,439 and number of votes with 756,676 votes from 10,941,763 to 11,698,439. The share capital will increase by approximately SEK 75,668 from SEK 756,676 to SEK 832,344.

In order to facilitate the delivery of shares in the Directed Issue, Erik Gatenholm and Hector Martinez will jointly lend 756,676 shares of Class B to Carnegie. These will be returned after the Directed Issue has been registered at Swedish Companies Registration Office. In connection with the Directed Issue, Senior Executives and the Board of Directors have undertaken not to sell their respective shareholdings during a 180-day lock-up period.

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Davide Sher

Since 2002, Davide has built up extensive experience as a technology journalist, market analyst and consultant for the additive manufacturing industry. Born in Milan, Italy, he spent 12 years in the United States, where he completed his studies at SUNY USB. As a journalist covering the tech and videogame industry for over 10 years, he began covering the AM industry in 2013, first as an international journalist and subsequently as a market analyst, focusing on the additive manufacturing industry and relative vertical markets. In 2016 he co-founded London-based VoxelMatters. Today the company publishes the leading news and insights websites and, as well as VoxelMatters Directory, the largest global directory of companies in the additive manufacturing industry.

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