Integrum has completed a directed share issue of Class B shares, raising approximately SEK 22.9 million
The Board of Directors of Integrum AB (publ) ("Integrum" or the "Company") has today, pursuant to the authorization granted by the Annual General Meeting on 29 October 2025, resolved to carry out a directed share issue of 2,666,791 Class B shares at a subscription price of SEK 8.6 per Class B share, whereby the Company raises approximately SEK 22.9 million before deduction of transaction costs (the "Directed Share Issue"). Investors in the Directed Share Issue include the external investors Cicero Fonder, Nowo Fund Management, Curam Holding, Maria Anderkvist, Förvaltnings AB Grötlingboudd, Fredrik Lundgren and Exelity AB, as well as the existing shareholder Nordic Compound Invest. The net proceeds from the Directed Share Issue are intended to be used to accelerate the commercialization of the OPRA™ Implant System, primarily in the US, capture the business opportunity in Ukraine, and finance selected strategic initiatives. All shares in the Directed Share Issue have been subscribed for and allotted.
” We are delighted by the strong interest in the share issue from the new institutional investors as well as the existing shareholder Nordic Compound Invest. Integrum's new patient portal and sales organization have contributed to growing momentum in the US, while the Ukrainian authorities have decided to invest in osseointegration to help war-injured patients return to active lives. This capital injection now gives us greater flexibility to capitalize on these positive developments and accelerate the commercialization of the OPRA Implant System. In addition, it strengthens our ability to support selected strategic initiatives that create further value based on our unique technology,” says Martin Hillsten, President and CEO of Integrum.
A short interview with Martin Hillsten will be published shortly on Integrum Investor News:https://investors.integrum.se/en
Background and motive
Integrum has made significant progress in its transition towards a leaner and more commercially focused organization. Following the initiatives implemented over the past year, the Company is now focused on accelerating the commercialization of the OPRA™ Implant System, increasing penetration in existing markets, and selectively expanding into new markets.
To support the next phase of its development, Integrum is being provided with additional capital of approximately SEK 22.9 million. Through the Directed Share Issue, the Company is given the financial flexibility required to accelerate commercial execution and capture identified growth opportunities, while maintaining disciplined capital allocation.
The proceeds from the Directed Share Issue are intended to be used for the following areas, in no particular order of priority:
- Accelerated commercialization and market expansion
To support the continued rollout of the Company's commercial platform, with the US as the primary focus market, while strengthening execution and deepening penetration around Centers of Excellence in selected markets. - The opportunity in Ukraine
To create financial capacity to capture the opportunity that has arisen as a result of recent developments in Ukraine, including the investments required to support market access, clinical implementation, and commercial launch. - Selected strategic initiatives
To selectively support the continued development of initiatives that leverage Integrum's technology and expertise and that have the potential to create long-term value. - Working capital and financial flexibility
To support increased commercial activity and provide the flexibility required to execute on the Company's growth priorities.
The Directed Share Issue
The Directed Share Issue comprises 2,666,791 Class B shares. The Class B shares in the Directed Share Issue have been subscribed for by the external investors Cicero Fonder, Nowo Fund Management, Curam Holding, Maria Anderkvist, Förvaltnings AB Grötlingboudd, Fredrik Lundgren and Exelity AB and the existing shareholder Nordic Compound Invest. The subscription price amounts to SEK 8.6 per Class B share, corresponding to the closing price of the Company's Class B share on Nasdaq First North Growth Market on 16 September 2026. The subscription price has been determined through arm's-length negotiation between the subscribers and the Company, in consultation with the Company's financial adviser and taking market factors into account. The Board's assessment is therefore that the subscription price is on market terms, taking into account prevailing market conditions. The Directed Share Issue means that Integrum will raise approximately SEK 22.9 million before transaction costs.
Board's considerations
Ahead of the Board's resolution to carry out the Directed Share Issue, the Company's Board of Directors made an overall assessment and carefully considered the possibility of raising capital through a rights issue, but considers that a share issue with a deviation from the shareholders' preferential rights is a better alternative for the Company and its shareholders at this time. The Board considers that the reasons for deviating from the shareholders' preferential rights are (i) that the Company is at an important stage of development and has an imminent need for financing given ongoing and expected activities, and that a rights issue would require considerably more time and resources to carry out and would also entail a higher risk of a negative effect on the share price, particularly in light of the current volatile and challenging market conditions, as a rights issue, compared with a directed share issue, would likely need to be carried out at a lower subscription price in view of the discounts offered in rights issues on the market recently, and would likely require significant underwriting commitments from an underwriting consortium, which would entail additional costs and/or further dilution for shareholders depending on the type of consideration paid for such underwriting commitments, (ii) to diversify and strengthen the Company's shareholder base with strategic investors that have shown a long-term interest in the Company, and (iii) that the Directed Share Issue can be carried out at significantly lower cost and with less complexity than a rights issue.
The reasons why certain existing shareholders are being given the right to subscribe for Class B shares in the Directed Share Issue are (i) that these shareholders have expressed and demonstrated an active and long-term interest in the Company, and (ii) that their participation has benefited the negotiations with the new investors, which, in the Board's view, creates security and stability for both the Company and its shareholders.
In view of the above, the Board's overall assessment is that there are objective and predominant reasons to deviate from the main rule on shareholders' preferential rights, and that the Directed Share Issue, taken as a whole, is deemed to be in the best interests of the Company and its shareholders.
Number of shares and share capital
The Directed Share Issue means that the share capital increases by approximately SEK 186,675.4, from SEK 1,866,753.7 to approximately SEK 2,053,429.1, and that the number of shares increases by 2,666,791 Class B shares, to a total of 29,334,701 shares (of which 28,694,701 Class B shares and 640,000 Class A shares), corresponding to a dilution of approximately 9.1 percent of the total number of shares in the Company following the Directed Share Issue.
Lock-up
In connection with the Directed Share Issue, the Company has undertaken, on customary terms, not to issue any shares for a period of 180 days from the settlement date of the Directed Share Issue. In addition, the Company's board members, with the exception of departing board members, and senior executives, with certain exceptions, have undertaken, on customary terms, not to dispose of any shares in the Company for a period of 90 days from the settlement date of the Directed Share Issue.
Advisors
Integrum has engaged DNB Carnegie Investment Bank AB (publ), and Setterwalls Advokatbyrå AB as financial and legal advisers in connection with the Directed Share Issue.
For more information, please contact:
Martin Hillsten, CEO
Tel: +46 733 55 28 32
Email: martin.hillsten@integrum.se
Certified Adviser
DNB Carnegie Investment Bank AB (publ)
+46 8-588 685 70
certifiedadviser@dnbcarnegie.se
About Us
Integrum AB is a publicly traded company (INTEG B: Nasdaq First North Growth Market) based outside of Gothenburg, Sweden. Since 1990, its OPRA™ Implant System has helped improve the quality of life for hundreds of people who are amputees by directly attaching a prosthesis to the bone and musculoskeletal system, therefore eliminating the need for a socket. Based on osseointegration, the bone-anchored implant system offers a range of benefits, including improved mobility and function, enhanced comfort, reduced pressure, a stable attachment and more. The OPRA™ Implant System was approved by the U.S. Food and Drug Administration (FDA) in 2020 and is the only FDA-approved bone-anchored implant system specifically designed for use in amputees available in the U.S. Today, Integrum continues to perform research and develop custom-made medical device solutions in close collaboration with scientists and clinicians. To learn more, please visit https://integrum.se/.
This information is information that Integrum is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-09-XX XX:00 CEST.
For more information, please contact:
Martin Hillsten, CEO
Tel: +46 733 55 28 32
Email: martin.hillsten@integrum.se
Certified Adviser
DNB Carnegie Investment Bank AB (publ)
+46 8-588 685 70
certifiedadviser@dnbcarnegie.se
About Us
Integrum AB is a publicly traded company (INTEG B: Nasdaq First North Growth Market) based outside of Gothenburg, Sweden. Since 1990, its OPRA™ Implant System has helped improve the quality of life for hundreds of people who are amputees by directly attaching a prosthesis to the bone and musculoskeletal system, therefore eliminating the need for a socket. Based on osseointegration, the bone-anchored implant system offers a range of benefits, including improved mobility and function, enhanced comfort, reduced pressure, a stable attachment and more. The OPRA™ Implant System was approved by the U.S. Food and Drug Administration (FDA) in 2020 and is the only FDA-approved bone-anchored implant system specifically designed for use in amputees available in the U.S. Today, Integrum continues to perform research and develop custom-made medical device solutions in close collaboration with scientists and clinicians. To learn more, please visit https://integrum.se/.
This information is information that Integrum is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-09-16 19:25 CEST.