Date: 2014-07-17
Type of information: Private placement
Company: Paion (Germany)
Investors: Pharmascience International, Pendopharm\'s affiliate (Canada)
Amount: € 4 million
Funding type: private placement
Planned used:
Others: * On July 17, 2014, Paion announced that the Company will issue about 1.27 million new shares for € 3.1463 per share with a total value of € 4 million in a private placement to Pendopharm\'s European affiliate Pharmascience International Limited under exclusion of the shareholders\' subscription rights. Through the option agreement announced on 13 June 2014, Pendopharm\'s European affiliate, Pharmascience International Limited, had committed to invest up to € 4 million in shares not subscribed by Paion\'s shareholders at the end of the meanwhile completed rights offering at a 10% premium to the theoretical ex-rights price of Paion\'s share price. Because at the end of the rights offering, no new shares were available to permit the investment of the € 4 million, Paion had the right to require Pharmascience International Limited to invest the € 4 million in shares of Paion in a separate private placement at a 10% premium to the then current market price (5-days VWAP). Paion has now exercised this contractual right.
Therapeutic area:
