Fundraisings and IPOs

Date: 2016-05-26

Type of information: Private placement

Company: Prometic Life Sciences (Canada)

Investors:

Amount: $ 60 million

Funding type: private placement

Planned used:

Prometic Life Sciences intends to use the net proceeds from the offering for:

• the advancement of clinical programs relating to the orally active anti-fibrotic drug PBI-4050, such as scleroderma and cystic fibrosis,
• the scale-up of PBI-4050 follow-on drug candidates and their advancement into clinical stages,
• the advancement of new clinical indications for Plasminogen, including wound healing,
• the expansion of clinical uses and proprietary positions on some plasma-derived orphan drugs, and
• the expansion of manufacturing capabilities related to the plasma-derived therapeutics.

These initiatives, as well as providing additional working capital, will allow the Corporation to continue to exercise greater control and ownership over its technology platforms, thereby providing an opportunity to retain a greater portion of the associated value for its shareholders.

Others:

* On May 25, 2016, ProMetic Life Sciences closed its previously announced bought deal public offering of common shares in the capital of the Corporation through a syndicate of underwriters led by RBC Capital Markets and Canaccord Genuity Corp., and which included Scotiabank, CIBC Capital Markets, National Bank Financial Inc., Paradigm Capital Inc. and Beacon Securities Limited. ProMetic issued 19,400,000 common shares of the Corporation in connection with the Offering at a price of $3.10 per share for aggregate gross proceeds of $60,140,000. In consideration for the services rendered by the Underwriters under the Offering, the Underwriters received a cash commission representing 5% of the gross proceeds of the Offering.
ProMetic Life Sciences also announced  that it has closed its previously disclosed concurrent private placement entered into with Structured Alpha LP, an affiliate of Thomvest Asset Management Inc. This concurrent private placement was entered into following the exercise by SALP of its pre-emptive right to participate in any future public offering of ProMetic’s common shares. The private placement is for the subscription of 1,921,776 common shares of the Corporation at a price of $3.10 per common share, which will be satisfied by the cancellation of indebtedness owing to SALP by ProMetic.

* On May 4, 2016, ProMetic Life Sciences announced that it has entered into an agreement with a syndicate of underwriters led by RBC Capital Markets and Canaccord Genuity Corp. under which the Underwriters have agreed to buy, on a bought deal basis, 19,400,000 common shares in the capital of the Corporation at a price of $3.10 per share for gross proceeds of $60,140,000.
ProMetic has also granted the Underwriters an option to purchase an additional 2,910,000 Common Shares at the same offering price for a period of 30 days following the closing of the Offering. If the Over-Allotment Option is exercised in full, the total gross proceeds of the Common Shares offering will be $69,161,000. In consideration for the services to be rendered by the Underwriters under the Offering, the Underwriters will receive a cash commission equal to 5% of the gross proceeds raised under the Offering (inclusive of the Over-Allotment Option).

Therapeutic area:

Is general: Yes