Medicortex Finland Oyj

Medicortex Finland Plc is negotiating a research grant of up to 2 million dollars – the US Department of Defense approved the project plan. The subscription period of the Offering continued until 27 June 2022

17.6.2022 18:18:01 EEST | Medicortex Finland Oyj | Company Announcement


INSIDE INFORMATION. Medicortex Finland Plc (”Medicortex” or the ”Company”), a biotechnology company developing brain injury diagnostics, announces that the US Department of Defense (“DoD”) has approved Company’s project plan to develop a test strip detecting brain injury biomarkers in urine. The approval and recommendation for funding by the DoD means that the Company is at the final stage of a grant preparation wherein various formal and practical matters are verified and the budget finalized until the funds are decided and awarded. The recommendation was issued and the prospective allowances will be awarded by the U.S. Army Medical Research and Development Command - Broad Agency Announcement (USAMRDC-BAA) Program. According to the information the Company has, the grant preparation phase will take a few months.

The project proposal was found to be meritorious and the Company be eligible for funding through all phases from the pre-application to a scientific review at the DoD. The project plan for 18 months with the intended budget of up to 2 million USD, titled “Rapid Detection of Mild Traumatic Brain Injury in a Non-Invasive Body Fluid Sample” aims at developing a urine testing strip for detection of mild traumatic brain injury (TBI). The budget for the project was approved as proposed by the Company, however, the final budget and the award of funds will be affirmed during the grant preparation phase.

Medicortex had a previous DoD-funded project of a bit more than one million dollars in 2019 – 2020 (Grant No. W81XWH-19-1-0258) in which clinical samples were studied to characterize the brain injury biomarker. The plan approved now and the prospective project would be a natural continuum of the previously funded project.

Admission of the funds will only be confirmed during the negotiation and grant preparation phase, however, in Company’s view approval of the plan and the budget substantially enhances the chance for the Company to get the grant.

Medicortex has an initial public offering (“IPO”, “Offering”) underway and the Company has applied for listing at Nasdaq First North Growth Market Finland. The prospectus (“Prospectus”), as approved by the Finnish Financial Supervisory Authority on 9 June 2022, is available electronically on the Company’s website at as well as in Company’s registered address at Itäinen Pitkäkatu 4 B, 20520 Turku. In addition, the Prospectus is available at Nordnet Bank AB’s website at Nordic Certified Adviser AB acts as the Company’s Certified Adviser under the First North Nordic Rulebook. The Company has appointed Göteborg Corporate Finance AB (“GCF”) to act as the Financial Adviser for the Offering.

The Company is intending to file an application to FIN-FSA to supplement the Prospectus without undue delay. The Prospectus will be supplemented based on the new information pertaining the prospective grant as mentioned above and in accordance with the new information.

Due to the supplement to the Prospectus, the Board of Directors has resolved on 17 June 2022 to extend the Subscription Period of the Offering in accordance with the terms and conditions of the Offering until 27 June 2022. Accordingly, the Subscription Period will end on 27 June 2022 at 16:30 (Finnish time). The Prospectus will be supplemented with this information as well. The Company will publish a Company Release once the supplements to the Prospectus have been approved.

Withdrawal Right

Since the Prospectus will be supplemented, the investors who have committed to subscribe for shares before the publication of a supplement or correction of the Finnish Prospectus have, in accordance with the Prospectus Regulation, the right to withdraw their Commitments within at least three (3) working days after the supplement or correction has been published. In addition, the use of the withdrawal right requires that the error, shortcoming or significant information that led to the supplement or correction arose or was noted before the closing of the Offering’s Subscription Period. If an investor wants to withdraw the Commitment under the above-mentioned right to withdraw a Commitment, the withdrawal of a Commitment must be notified in writing to the Subscription Place within the time limit set for such withdrawal. A written withdrawal request must be sent within the set time limit to The Commitment submitted by Nordnet’s own customers via Nordnet’s online service can be withdrawn via Nordnet’s online service by accepting the separate withdrawal of Commitment by using Nordnet’s bank identifier. The possible withdrawal of a Commitment concerns the entire Commitment. After the period entitling to the withdrawal right has lapsed, the withdrawal right no longer exists. If the Commitment is withdrawn, the Subscription Place refunds the sum paid to the bank account specified in the Commitment. The funds will be refunded as soon as possible after the withdrawal, approximately within five (5) banking days from the withdrawal notice has been issued to the Subscription Place. If an investor’s bank account is in a different bank than the Subscription Place, the refund will be paid to the investor’s bank account in accordance with the payment schedule of the financial institutions, approximately no later than two (2) banking days thereafter. No interest will be paid on such repaid funds.


Certified Adviser

Nordic Certified Adviser AB

Tel. +46 707 94 90 73


Important information

The Offering nor the information herein does not apply to people resident in Australia, South-Africa, Hong Kong, Japan, Canada, New Zealand or the United States or in any other country where it would be prohibited by local laws or other regulations. The Offer Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or under the securities laws of any state of the United States and, accordingly, may not be offered or sold, directly or indirectly, in or into the United States (as defined in Regulation S), unless registered under the U.S. Securities Act or pursuant to an exemption from the registration requirements of the U.S. Securities Act and in compliance with any applicable state securities laws of the United States.

The Offering is governed by the laws of Finland.

Full terms, conditions and instructions for the IPO are available in the Prospectus that is prepared by Medicortex in connection with the IPO. The prospectus, as approved by the Finnish Financial Supervisory Authority (Finanssivalvonta), is published on the Company’s website at An English translation (“Prospectus”) of the official Finnish prospectus is also available. Approval by the FIN-FSA of the Finnish Prospectus shall not be considered as an endorsement of the issuer that is the subject of the Finnish Prospectus.

Investment in the offer shares involves risks. The principal risk factors are discussed in the Prospectus.

Prospective investors should, prior to making an investment decision, carefully acquaint themselves with the entire Prospectus. The investors should, based on their own assessment, consult their own advisers before subscribing for the offer shares. Investors should make an independent assessment of the legal, tax, business, financial and other consequences and risks of subscribing for or purchasing the offer shares.

The information contained in the Prospectus, was given on the date of the Prospectus. Neither the delivery of the Prospectus nor any offering, sale or distribution based thereon shall mean that all the information contained in the Prospectus would be correct in the future or that no changes would have taken place in respect of the business of the Company, which may result in or have resulted in a material adverse effect on the Company’s business operations, operating result or financial position as of the date of the Prospectus.

In a number of countries, in particular in the United States, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore and South Africa, the distribution of the Prospectus and the offer of the offer shares is subject to statutory restrictions such as registration, listing and listing conditions. The offering of the offer shares does not apply to persons in any jurisdiction where such offer would be illegal. No action has been or will be taken by the Company or the Financial Adviser to permit the holding or distribution of the Prospectus (or any other offering or disclosure materials relating to the Offering) in any jurisdiction where such distribution may result in a violation of any laws or regulations.

The offer shares may not be offered or sold, directly or indirectly, and the Prospectus or any other documents or advertisements related to the offer shares may not be distributed or published in any jurisdiction where this would violate any laws or regulations. No action has been or will be taken by the Company or the Financial Adviser to permit a public offering of the offer shares outside Finland, Sweden or Denmark. However, the offer shares may be offered to qualified investors in member states of the European Economic Area (EEA), if any of the exceptions in the Prospectus Regulation are applicable.

The offer shares have not been, and will not be, registered under the U.S. Securities Act or with any securities authority of any state of the United States. The offer shares may not, with certain exceptions, be offered, sold, exercised, pledged, transferred or delivered, directly or indirectly, in or into the United States. In addition to the United States, the legislation of certain other countries may restrict the distribution of the Prospectus. The Prospectus must not be considered an offer of securities in such country, where offering of offer shares would be forbidden. The offer shares may not be offered, sold, exercised, transferred or delivered, directly or indirectly, in or into such country.

Neither the Company nor the Financial Adviser accepts any legal responsibility for persons who have obtained the Prospectus in violation of these restrictions, irrespective of whether these persons are prospective subscribers or purchasers of the offer shares.

Investors must not construe the contents of this announcement or the Prospectus as legal, investment or tax advice. Each investor should consult such investor’s own counsel, accountant or business advisor as to legal, investment and tax advice and related matters pertaining to the Offering, if they deem it necessary.

Disclosure regulation

Forward-looking statements

Certain statements in this communication are forward-looking statements. They are based on the views of the Company’s management, as well as the understanding and assumptions of the Company’s management based on the information available at present, and due to this, they may be forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors, which may result in that the Company’s actual future results, operations, achievements and performance of the sector may differ significantly from the results, operations, achievements and performance specifically or indirectly indicated in such forward-looking statements. Such risks, uncertainties and other important factors include, among other things, risks related to the implementation of the Company’s strategy and availability of financing, general economic and market situation and other risks described in the Prospectus. Forward-looking statements are not a guarantee of the Company’s operational or financial performance in the future.


About Medicortex Finland Oyj

Medicortex Finland Oyj is a biotechnology company dedicated to improving the diagnostics and treatment of Traumatic Brain Injury (TBI). Its current focus is on developing biomarker diagnostics to detect brain injury easily. The company has technology to capture biomarkers from urine and saliva and capability to develop an affordable diagnostic tool to detect biomarkers. Company's second goal is to develop new compounds to serve as drug candidates to halt progression of brain injury and reduce the secondary degeneration. Medicortex was founded by an Israeli Neurobiologist Adrian Harel (PhD, MBA) and the company is based in Turku, Finland.


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