Date: 2015-04-30
Type of information: Capital increase
Company: Newron Pharmaceuticals (Italy)
Investors: current institutional shareholders and institutional investors from Europe and the U.S., including J.P. Morgan Asset Management (USA), Aviva (UK), Investor AB (Sweden) Sphera Global HealthCare Fund (Israel) Nyenburgh (The Netherlands)
Amount: CHF 24.3 million (€ 23.2 - $ 25.5 million)
Funding type: capital increase
Planned used: The net proceeds from the fundraising will be used to accelerate the development of Newron’s pipeline of innovative CNS therapeutics, primarily sarizotan for patients with Rett Syndrome, as well as NW-3509, a novel antipsychotic for patients with positive symptoms of schizophrenia. Newron plans to start a Phase II study for NW-3509 in Q3 2015. Additional compounds in development include sNN0031 for patients with Parkinson’s disease who no longer respond to oral therapy and sNN0029 for patients with Amyotrophic Lateral Sclerosis (ALS). Stefan Weber, CEO of Newron, commented: “With Xadago® (safinamide) approved in the EU, where it will shortly be launched in the first member states by our partner Zambon, and with the U.S. NDA under FDA review for marketing authorization, Newron’s focus is now on expediting development of its highly promising CNS orphan compounds for which it holds the commercial rights.”
Others: * On April 30, 2015, Newron Pharmaceuticals, a research and development company focused on novel CNS and pain therapies, announced that it has completed a capital increase raising gross proceeds of CHF 24.3 million (€ 23.2 - $ 25.5 million), following the subscription by institutional investors of 843,072 newly issued shares. The capital increase was approved at the Company’s Extraordinary Shareholder’s Meeting on March 24, 2015. Once issued, the new shares will be immediately and freely tradable.
The fundraising was supported by current institutional shareholders and institutional investors from Europe and the U.S., including Aviva, J.P. Morgan Asset Management, Investor AB, Sphera Global HealthCare Fund and Nyenburgh. The subscription price was set at CHF 28.80 per share, slightly below the closing price of Newron’s shares on April 27, 2015, of CHF29.60. 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 May 6, 2015. Bank am Bellevue and WG Partners acted as advisors to Newron in connection with the transaction.
Therapeutic area: CNS diseases - Neurological diseases - Neurodegenerative diseases
