Date: 2016-10-06
Type of information: Private placement
Company: Genfit (France)
Investors:
Amount: € 33.9 million
Funding type: private placement
Planned used: These funds will provide Genfit with additional means of funding its strategy, and more specifically, to continue the development of the Phase III clinical program for elafibranor in NASH, in particular, through the RESOLVE-IT pivotal study and the development of the related biomarkers program. This financing will also be used to initiate the pediatric study of elafibranor in NASH and commence clinical development of elafibranor in primary biliary cholangitis. The funds will also support the advance of its other proprietary research programs and in particular, programs targeting fibrosis ; and the preparation of market access for elafibranor in NASH by reinforcing different teams within the Company.
Others: * On October 6, 2016, Genfit announced that it has raised € 33.9 million in gross proceeds through a private placement. The company has placed 1,695,000 new ordinary shares at a price of € 20.00 per share. The offering represents 6.4 % of the pre transaction share capital. This private placement is the first step of a € 75-80 million fundraising which is intended to provide the company with additional means of funding its strategy, The second step of this global fundraising will be implemented through a rights issue of c. € 45 million. It will be launched shortly, depending on market conditions. Investors in the private placement will be allowed to participate to the rights issue. If all of the company’s programs are implemented at the pace currently expected by the Company, the proceeds of the global fundraising, together with its cash on hand, should allow the company to finance its development until late 2018-early 2019, when the first results of the RESOLVE-IT trial should be available. Genfit has the flexibility, depending on the proceeds raised in the rights issue, to slow down the development of certain of its programs to meet this timeframe, while keeping the development of elafibranor in NASH and of the associated biomarkers as a priority.
Therapeutic area: Metabolic diseases - Liver diseases - Hepatic diseases
