Date: 2016-06-29
Type of information: Capital increase
Company: Paion (Germany)
Investors: Cosmo Pharmaceuticals (Ireland) Granell Strategic Investment Fund (ireland)
Amount: € 9.6 million
Funding type: capital increase
Planned used:
Others:
- • On June 29, 2016, Paion announced, that it has completed its previously announced private placement in connection with the remimazolam U.S. license agreement with Cosmo
Pharmaceuticals. Granell Strategic Investment Fund, a
subsidiary of Cosmo, entered into an investment agreement with Paion, pursuant to which Granell has committed to invest € 10 million in shares of Paion. In this context, Paion resolved to issue 5,064,194 new shares at a price of € 1.90 per share (5-day VWAP) for a total of € 9.6 million to Granell under exclusion of shareholders’ subscription rights. The capital increase was entered in the commercial register on 28 June 2016. The new shares are expected to be admitted to trading on the Frankfurt Stock Exchange in the course of July and remain subject to a 12-month lock-up period. Granell will hold approximately 9% in Paion ’s issued share capital. The remaining amount of € 0.4 million will be invested at a later date. The private placement was handled by Oddo Seydler Bank as global coordinator.
- Under the Investment Agreement, Paion has undertaken, subject to approval by the company’s shareholders’ meeting, to cause the appointment of one supervisory board member proposed by Cosmo to the Company’s supervisory board.
Therapeutic area: CNS diseases
Is general: Yes
