close

Fundraisings and IPOs

Date: 2017-07-17

Type of information: Private placement

Company: Paion (Germany)

Investors: two undisclosed U.S. institutional investors

Amount: € 8 million

Funding type: private placement

Planned used:

  • The proceeds from the current private placement of € 8 million will further improve Paion’s financial position and will be used mainly to accelerate the preparation of the remimazolam EU Phase III development program in general anesthesia.

Others:

  • • On July 17, 2017, Paion announced that the company will issue a total of 2,824,515 new shares in a private placement under exclusion of subscription rights of the shareholders. The shares will be placed with two U.S. institutional investors at a price of € 2.8444 per share. The offer price corresponds to the volumeweighted average Xetra price on 14 July 2017 minus a discount of 5%. Gross proceeds amount to approximately € 8.0 million. A U.S. investor will invest € 5.2 million and TIAA-Cref will invest € 2.8 million. The U.S. investor may subscribe for further up to 2.8 million new shares until 30 April 2018 in a maximum of two tranches. In case the U.S. investor has not subscribed to a minimum of 0.9 million new shares until 30 April 2018, Paion can request that this minimum investment is to be made by the U.S. investor under certain conditions. The offer price will correspond to a volume-weighted average Xetra price at or around that time minus a 5% discount. The offering in the first step consists of almost 5% of Paion’s current registered share capital and will increase the total number of issued shares. The new shares will be admitted to trading on the regulated market of the Frankfurt Stock Exchange. The transaction is being handled by Dero Bank AG and was supported by Trout Capital .

Therapeutic area: CNS diseases

Is general: Yes