Date: 2015-07-24
Type of information: Capital increase
Company: Poxel (France)
Investors:
Amount: € 20 million
Funding type: capital increase
Planned used: The proceeds of the capital increase will be used to further strengthen Poxel\'s development activities for imeglimin in the US and Europe, accelerate imeglimin Phase 2b/Phase 3 development in Asia, and fund PXL770 through a Phase 2 clinical trial.
Others: * On July 24, 2015, Poxel, a biopharmaceutical company developing innovative drugs to treat type 2 diabetes (the « Company »), today announced that it has raised a total of € 20 million through a private placement to US and European investors. US investors represent 91% of the placement. Guggenheim Securities, LLC acted as lead placement agent and Société Générale and Oddo & Cie acted as co-placement agents. The proceeds build upon the funds raised in the Company’s initial public offering in February 2015 and further enhance the Company’s ability to progress the global development of Imeglimin and PXL770 in patients with type 2 diabetes. Poxel issued 1,762,793 new shares, each with a par value of € 0.02, representing 10% of the share capital of the Company. Following settlement and delivery of the transaction, the issued share capital of the Company will be € 387,814.56. The new shares were placed at a price of € 11.35 per share, implying a discount level of 10.9% to the 20 trading day volume weighted average price. On an illustrative basis, a shareholder holding 1% of Poxel’s capital before the offering will now hold a stake of 0.9%. The new shares bear current dividend eligibility and will be admitted to trading on the regulated market of Euronext Paris under the ISIN code FR0012432516. The new shares were offered by way of a private placement exclusively with institutional investors, with no preferential subscription rights or pre-emptive rights pursuant to the provisions of articles L. 225- 136 of the French Commercial Code and L. 411-2 II of the French Monetary and Financial Code.
Therapeutic area: Metabolic diseases
