News

New listing of URTESTE

The company URTESTE S.A. ​​​​was newly listed on the GPW Main Market on 22 May 2023.
URTESTE S.A. is the 418^th company listed on the Main Market and the seventh new listing on the Main Market in 2023.

Key information

*based on the average price on NC for the 3 months prior to the submission of the application (PLN 139.54)

Issuer’s history and business

The Company’s shares have been listed on the NewConnect ASO since 27 October 2021.

The Company was incorporated and registered in 2019 as a limited liability company. The transformation of the Company into a joint-stock company was registered on 2 March 2021.

The Company creates and develops innovative technology for the detection of cancer in early stages. This will be possible with tests developed by the Company for the diagnosis (detection) and monitoring of the effects of treatment of various types of cancer. The tests will be in vitro medical devices (IVD tests).

The technology being developed by the Company is based on an enzymatic method, where biomarkers are a key element. This method makes it possible to develop tests to detect various types of cancer based on the examination of a urine sample. To the best of the Company’s knowledge, the technology it is developing is not currently used in marketed medical devices.

The Company’s key project is PANURI which involves research into a test to detect pancreatic cancer. Prior to the Prospectus Date, a research experiment involving human subjects was completed confirming the high diagnostic sensitivity and specificity of the test (diagnostic sensitivity of a test means the ability to correctly diagnose the disease in patients in whom it occurs; diagnostic specificity means the ability of the test to identify genuinely healthy individuals; together, high diagnostic sensitivity and specificity testify to the high positive and negative predictive values of the test, i.e., the high probability of a positive result for diseased individuals and a negative result for healthy individuals, and therefore the high detection efficiency). The commercialisation of the results of the work in the project is planned for the period between the third quarter of 2023 and the end of 2025.

The Company’s second project is MULTI-CANCER involving research into a test for the simultaneous detection of multiple cancers. The MULTI-CANCER project includes the following components which have been completed as independent projects: (i) EASY-TEST comprising research on a test to detect prostate cancer, and (ii) FINDER comprising the selection of fifteen biomarkers to identify fifteen different types of cancer. Prior to the Prospectus Date, a research experiment on a test for the detection of prostate cancer was completed (completed project EASY-TEST). Commercialisation of the results of the work in the MULTI-CANCER project is planned for 2027.

Regardless of the number of ongoing projects, at the current stage of development, the Company identifies a total of fifteen diagnostic targets for cancer, including pancreatic cancer, prostate cancer, colorectal cancer, lung cancer, kidney cancer, liver cancer, biliary tract cancer, stomach cancer, oesophageal cancer, ovarian cancer, endometrial cancer, breast cancer, as well as leukaemia, lymphoma and glioma.

The main objectives of the Company’s strategy until 2027 include:

• commercialisation of the Company’s projects at advanced stages of development, in particular PANURI;
• development of tests for further diagnostic targets: as of the Prospectus Date, the Company developed test prototypes for ten of the fifteen identified diagnostic targets; research work is ongoing on the remaining five, with positive results of the ongoing work remaining uncertain; if positive results are achieved for eight diagnostic targets, the Company will consider incorporating them into the Multi-Cancer project;
• further development of the Company based on collaboration with international and experienced partners.

Company’s share capital

The Company’s share capital amounts to PLN 114,028 and is divided into 1,140,280 series A-D shares with a nominal value of PLN 0.1 each, including:

• 1,000,000 series A ordinary bearer shares;
• 24,588 series B ordinary bearer shares;
• 95,200 series C ordinary bearer shares;
• 20,492 series D ordinary bearer shares.

The application for admission covers all issued and registered shares, as well as new issue series E shares and rights to shares. The Issuer’s series A-D shares are currently in trading on NewConnect.

Public offering

In the public offering, the Company offered up to 395,286 new issue series E shares. As a result of the allotment on 9 May 2023, 269,389 shares were taken up by 266 investors at a price of PLN 110 per share, including:

- in the Small Investors Tranche: 62,724 shares were allotted,

- in the Large Investor Tranche: 206,665 shares.

As a result of the offering, the Company raised PLN 29,632,790

Goal of the offering

The goal of the Offering is to raise funds necessary to achieve the Company’s objectives for the period up to the end of 2025, which are closely linked to research including projects currently underway.

Issuer’s shareholders

Company shareholders – registered shares

• Adam Lesner – 241,808 shares representing 21.21% of equity and votes;
• Natalia Gruba – 209,018 shares representing 18.33% of equity and votes;
• Twiti Investments– 204,918 shares representing 17.97% of equity and votes;
• Grzegorz Stefański – 185,993 shares representing 16.31% of equity and votes;
• Tomasz Kostuch – 184,422 shares representing 16.17% of equity and votes;
• Other shareholders  – 114,121 shares representing 10.01% of equity and votes;

Company shareholders – after registration of the issue of series E shares

• Adam Lesner – 241,808 shares representing 17.2% of equity and votes;
• Natalia Gruba – 209,018 shares representing 14.8% of equity and votes;
• Twiti Investments– 204,918 shares representing 14.5% of equity and votes;
• Grzegorz Stefański – 185,993 shares representing 13.2% of equity and votes;
• Tomasz Kostuch – 184,422 shares representing 13.1% of equity and votes;
• Allianz TFI – 82,665 shares representing 5.9% of equity and votes;
• Other shareholders  – 300,845 shares representing 21.3% of equity and votes;

Issuers’ selected financials:

The Company focuses on research and development activities and does not generate revenue. Losses are incurred as a result of paying the costs of ongoing projects. The balance of cash shown in the table for Q1 2023 does not take into account the fact that the Company raised funds in the issue of series E shares in excess of PLN 29 million.

Newly listed instruments:

• 1,000,000 series A ordinary bearer shares;
• 24,588 series B ordinary bearer shares;
• 95,200 series C ordinary bearer shares;
• 20,492 series D ordinary bearer shares.
• 269,389 rights to series E ordinary bearer shares;