Date: 2013-08-09
Type of information: Private placement
Company: Addex Therapeutics (Switzerland)
Investors: BVF Partners L.P (USA) - Armistice Capital (USA) - EcoR1 Capital (USA) - board members- executive management
Amount: CHF3.2 million (€2.6 million)
Funding type: private placement
Planned used:
Others: * On August 9, 2013, Addex Therapeutics has announced that it has raised gross proceeds of CHF3.2 million (US$3.5 million - € 2.6 million) in a private placement of 1,170,612 new issued registered shares to international institutional investors. The private placement was strongly supported by existing investors including BVF Partners L.P., which manages the Biotechnology Value Fund, and new investors, including Armistice Capital, which as a result of the placement will hold 5.36% of the issued share capital after the transaction, and EcoR1 Capital. Board Members and Executive Management also participated in the private placement.
The new shares were placed at CHF2.75 per share, corresponding to a 5% discount to the volume weighted average price (VWAP) during the five preceding trading days prior to pricing. The 1,170,612 new issued registered shares will be listed on the SIX Swiss Exchange and their first day of trading will be the 9 August 2013. The new shares, with a par value of CHF 1 each, were issued from the Company\'s authorized share capital and represent 11.5% of the outstanding share capital after the transaction.Addex completed the half year ended 30 June 2013 with cash and cash equivalents of CHF4.5 million. The receipt of net proceeds from the private placement estimated at CHF3.1 million resulted in proforma adjusted cash and cash equivalents of CHF7.6 million.
Therapeutic area: Mental diseases - Psychiatric diseases
