Date: 2014-06-23
Type of information: Private placement
Company: Genfit (France)
Investors:
Amount: €49.7 million
Funding type: private placement
Planned used: The proceeds of this transaction will be used:
• to fund the clinical development of GFT505, including the completion of the ongoing phase 2b study in NASH and the preparation of a clinical package to support phase 3 initiation,
• to initiate, advance and/or accelerate the development of the pipeline including advancing the pre-clinical and discovery-stage assets into later stages of development should the data look promising,
• and for general corporate purposes.
Others: * On June 23, 2014, Genfit, a biopharmaceutical company at the forefront of developing therapeutic and diagnostic solutions in metabolic and inflammatory diseases, that notably affect the liver or the gastrointestinal system, announced that it has raised gross proceeds of €49.7 million in a private placement to institutional investors, including in the United-states.
Genfit issued 2,116,567 new shares to international institutional investors at a price of € 23.50 per share, i.e. a discount of 8,28% on the volume weighted average price of the trading days from June 16, 2014 to June 20, 2014. The offering represents 9.96% of the pre-transaction share capital and will bring the total number of shares after the issuance to 23,374,238, representing a dilution of 9,1% for the existing shareholders. The capital increase was carried out without shareholders’ preferential subscription rights according to Article L.225-136 of the French Commercial Code and the fourth and fifth resolutions of the Shareholders General Meeting of April 2, 2014.
Therapeutic area: Metabolic diseases - Liver diseases - Inflammatory diseases
