Redeye comments on Mendus resolving the financing question hanging over its investment case and entering a manufacturing alliance with NorthX Biologics. Contingent on approval by an EGM in early July 2023e, Mendus plans to raise cSEK317m in gross proceeds through a rights issue of cSEK227m and a directed share issue of cSEK90m to NorthX Biologics-owner Flerie Invest. In addition, associated TO3 warrants might bring in an additional up to cSEK91m in gross proceeds next year. The timing of the planned capital raise aligned with our expectations, though it was larger and came at a lower subscription price versus our estimates. We preliminarily adjust our model and valuation.