BBS-Bioactive Bone Substitutes Plc: BBS-Bioactive Bone Substitutes Plc’s rights issue raised gross proceeds of EUR 1.84 million


BBS-Bioactive Bone Substitutes Plc, Company Announcement, Insider information, July 3rd 2023 at 1:10 pm


The rights issue resolved by BBS-Bioactive Bone Substitutes Plc’s (“BBS” or the “Company”) Board of Directors on 5 June 2023 (the “Offering”) has been subscribed to 62.8 percent. The Company raised proceeds of approximately EUR 1.84 million from the Offering before deduction of issuance costs and fees.

The Board of Directors of the Company resolved on July 3rd 2023 to approve the subscriptions received in the Offering. A total of 2,931,504 shares (approximately 49.9 per cent of the subscribed shares) have been subscribed based on the subscription rights and a total of 754,889 shares (approximately 12.9 per cent of the subscribed shares) without subscription rights. For a total of [3,686,393] shares subscribed for in the Offering, the acceptance is conditional to payment of the subscribed offer shares on July 5th 2023 at the latest.

The shares subscribed for in the Offering are expected to be registered with the Finnish Trade Register approximately on July 10th 2023. Combination of the temporary shares with the Company’s existing shares will occur in the book-entry system maintained by Euroclear Finland Oy approximately on July 10th 2023 and in the book-entry system maintained by Euroclear Sweden AB approximately on July 13th 2023. The new shares subscribed for in the Offering will be subject to trading together with the Company’s existing shares approximately on July 11th 2023 on First North Growth Market Finland.

As a result of the Offering the number of shares in BBS will increase by 3,686,393. After the Offering the total number of shares will amount to 14,118,847, of which the number of treasury shares held by the company 392,128.

BBS will in total receive approximately EUR 1.77 million net proceeds through the Offering (after deduction of transaction costs associated with the Offering).

BBS’ CEO Ilkka Kangasniemi: “I want to thank all the subscribers for their continued trust towards the Company, which enabled us to execute the Offering. Currently, based on the Company’s estimate, the cash resources collected in the Company are sufficient for about six months. Since the Company must secure its funding for the next year, the Board of Directors will start immediate measures to obtain additional funding.”

Aalto Capital Partners Oy is acting as financial advisor to the Company in the Offering. Smartius Oy is acting as the legal advisor to the Company on aspects of the Offering related to the Finnish law.


For more information, please contact:
Ilkka Kangasniemi, CEO,
+358 40 7080307,

Certified Advisor:
Nordic Certified Adviser AB,
+46 70 551 67 29,

BBS in brief
BBS -Bioactive Bone Substitutes Plc is a orthobiology company that started its operations in 2003. We have developed a new product for the treatment of complex bone fractures and bone healing issues. Our goal is to provide next-generation medical products for the treatment of bone injuries in orthopedic surgery. In the pharmaceutical industry, the development and research work require perseverance and courage to innovate. We have a track record of over 20 years in this field. Our company is characterized by expertise, innovation, and dedicated employees who are passionate about their work. Our developed product, ARTEBONE®, is in the final stages of product development, and we are seeking the CE marking to enable its commercialization in the EU market. We are based in Oulu with a medical manufacturing facility in Reisjärvi, holding a manufacturing license. The company's headquarters are in Oulu, and we employ 20 people.

BBS has been listed on Nasdaq First North Growth Market Finland since February 2018.

More information:

This release or the information contained therein shall not be distributed, directly or indirectly, in Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or the United States. The information contained in this release do not constitute an offer of, or invitation to purchase any securities in any area, where offering, procurement of or selling such securities would be unlawful prior to registration or exemption from registration or any other approval required by the securities regulation in such area. This release is not an offer for sale of securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended, and the rules and regulations issued by virtue of it. BBS has not registered, and does not intend to register, any offering of securities in the United States. No actions have been taken to register the shares or the offering anywhere else than in Finland.

The information contained herein shall not constitute an offer of, or invitation to purchase any securities in any jurisdiction. This release is not a prospectus and does not constitute any offer, invitation or investment advice to subscribe for or purchase securities. Investors should not subscribe for or purchase any securities or make any investment decisions referred to herein except on the basis of information contained in the basic information document and the investor memorandum issued by BBS.