Date: 2014-04-07
Type of information: Private placement
Company: Newron Pharmaceuticals (Italy)
Investors: undisclosed institutional shareholders institutional investors joining from Europe and the USA, including J.P. Morgan Asset Management (USA), Aviva (UK), Investor AB (Sweden) and Swisscanto (Switzerland).
Amount: CHF18.6 million (€15.2 million)
Funding type: private placement
Planned used: The net proceeds from the fundraising will be primarily used to accelerate the development of Newron’s pipeline of CNS therapeutics, including its three Phase II compounds for orphan indications; sNN0031 for patients with Parkinson’s disease no longer responding to oral therapy, sNN0029 for patients with Amyotrophic Lateral Sclerosis (ALS), sarizotan for patients suffering from Rett Syndrome, as well as NW-3509, its compound in development as add-on therapy for patients with schizophrenia.
Others: * On April 7, 2014, Newron Pharmaceuticals, an Italian R&D company focused on novel CNS and pain therapies, has announced that it has executed a capital increase resulting in gross proceeds of CHF18.6 million, following the subscription by institutional investors of 1,183,597 newly issued shares. The capital increase was approved at the Company’s Extraordinary Shareholder’s Meeting on Thursday, 27 March 2014. Once issued, the new shares will be immediately and freely tradable.
The fundraising was supported by current institutional shareholders and institutional investors joining from Europe and the USA, including J.P. Morgan Asset Management, Aviva, Investor AB and Swisscanto. The subscription price was set at CHF 15.75 per share, marginally below the closing price of Newron’s shares on April 3, 2014, of CHF15.80. Closing of the transaction will be subject to customary Italian and Swiss regulatory requirements. The new shares will be listed and traded on the SIX Swiss Exchange under the same ISIN as the Company’s existing shares (ISIN: IT0004147952) on or around April 9, 2014
Therapeutic area: CNS diseases - Neurodegenerative diseases - Rare diseases
