Redeye is encouraged by Fluoguide carrying out a smaller directed share issue of cSEK15m in gross proceeds. The issue price of SEK72.33 per share amounts to a c12-13% discount to the previous day’s closing price, representing a fairly small discount relative to other recent share issues in the Life Science sector. Additionally, warrants issued in connection with the directed share issue could bring in an additional cSEK11m-25m in Q4 2023e. We positively view the company shoring up its cash position to increase financial flexibility and broaden its institutional investor base. Given the minor size of the announced capital raise, our valuation and estimates remain essentially unchanged.