Date: 2017-06-23
Type of information: Capital increase
Company: Gensight Biologics (France)
Investors:
Amount: €22.5 million
Funding type: capital increase
Planned used:
- The net proceeds will strengthen Gensight Biologics' cash position which amounted to €48.8 million on
March 31, 2017 and enhance its financial visibility until Q1 2019. The funds raised will be allocated to prepare the launch of GS010 in Europe and the United States, especially marketing and market access, and the establishment of a marketing infrastructure.
- In August 2017, the company announced that enrollment in both studies RESCUE and REVERSE has been successfully completed. These Phase III trials have been designed to evaluate the efficacy of a single intravitreal injection of GS010 (rAAV2/2-ND4) in subjects affected by Leber’s hereditary optic neuropathy due to the G11778A mutation in the mitochondrial ND4 gene. RESCUE enrolled 37 patients with an onset of vision loss of less than 6 months. REVERSE enrolled 36 patients with an onset of vision of 7-12 months. Topline results of REVERSE at 48 weeks of follow-up are expected in Q2 2018, while RESCUE is expected to read out in Q3 2018.
Others:
- • On June 23, 2017, GenSight Biologics announced a capital increase whose gross proceeds amount to €22.5 million, reserved to a category of persons. The operation was oversubscribed and allowed the company to upsize the offering to €22.5 million at a price of €6.00 per share (including issue premium). This price represents a discount of 5.4% to the volume weighted average price of the Company’s shares over the last 3 trading days before pricing (i.e. June 20 to June 22, 2017 inclusive) and a discount of 2.4% to the closing price of June 22, 2017.
- 3,750,000 new shares, par value €0.025 each, have been issued to qualified institutional investors in the United States and Europe falling into the category of investors satisfying certain predetermined characteristics. The order book was oversubscribed, based on strong demand from new and existing institutional investors, specialized in healthcare and biotechnology. The majority of the new shares were allocated to US investors. These 3,750,000 new shares are representing approximately 19% of the issued share capital of Gensight Biologics (on a non-diluted basis prior to the share capital increase). Following the settlement and delivery of the new shares, the company's share capital will be €588,356, consisting of 23,534,253 shares, par value of €0.025 each.
Therapeutic area: Rare diseases - Genetic diseases - Ophtalmological diseases
Is general: Yes
