Mendus has announced that it has secured financing commitments of c SEK317m, realised through an equity issue. The proposed capital raise consists of a SEK90m directed issue to Flerie Invest and a SEK227m fully secured rights issue. Through both subscriptions, shares will be offered at SEK0.48 per share, resulting in the issuance of c 660m new shares. Shares in both the directed issue and rights issue are attached with warrants that, if fully exercised at the strike price of SEK0.48/share, could provide an additional SEK90.6m in financing (c 189m shares). Separately, Mendus announced a manufacturing agreement with NorthX Biologics to develop a cell therapy manufacturing facility in Sweden. The investment by Flerie will support the realisation of this facility and the manufacturing of vididencel batches for late-stage clinical development. While both the proposed fund-raising and manufacturing alliance are subject to shareholder approval (at the upcoming EGM on 10 July), management expects the financing to extend the company’s cash runway to Q424. While the proposed funding is dilutive in nature, the proceeds provide an operational cash runway past key value inflection points, and in parallel, secures the required manufacturing infrastructure for the late-stage development of vididencel.