Date: 2016-07-18
Type of information: Capital increase
Company: Poxel (France)
Investors: institutional investors in the United States and in Europe.
Amount: €26.5 million
Funding type: capital increase
Planned used: Poxel intends to use the proceeds from this capital increase to initiate and progress the phase 3 imeglimin program in Japan. Last June, the company has completed patient enrollment for the Phase 2b clinical trial of Imeglimin in type 2 diabetes patients in Japan. The remainder, if any, will be used for working capital and other general corporate purposes. PXL770 is currently in a phase 1 study and a Phase 2a proof-of-concept study is anticipated to be conducted in 2017.Net proceeds are expected to provide Poxel with a cash runway to early 2019, exclusive of any costs associated with funding a Phase 3 program for imeglimin outside of Japan.
Others: * On July 18, 2016, Poxel announced the closing of a capital increase of 3,400,000 new ordinary shares without preferential subscription rights reserved for a category of investors for a total amount of €26.5 million. The capital raise was subscribed by prominent institutional investors in the United States and in Europe. The new shares will be admitted to trading on the Euronext Paris under ISIN FR0012432516 – POXEL as of Monday, July 18, 2016. The share capital of Poxel is now 458,624.56 euros, composed of 22,931,228 shares with a nominal value of €0.02. Poxel placed 3,400,000 new shares with a par value of €0.02, at a price of €7.80 per share, including share premium, for a total amount subscribed of approximately €26.5 million, representing approximately 17% of the share capital of the Company. The issue price of the new shares represented a discount of 18% from the weighted average price of the Company’s shares on the regulated market of Euronext Paris during the twenty trading days preceding pricing and of 13% from the weighted average share price during the five trading days preceding pricing. On an illustrative basis, a shareholder holding 1% of the Company's share capital before the issuance will now hold a stake of 0.85% after the transaction. *On July 13, 2016, Poxel announced the successful completion of a capital increase of 3,400,000 new ordinary shares reserved for a category of investors in the United States and Europe, for a total amount of €26.5 million. Jefferies International Limited acted as Global Coordinator and Joint Bookrunner, Oddo & Cie acted as Joint Bookrunner and Oppenheimer & Co. acted as Lead Manager. The capital increase, authorized by the Board of Directors on 12 July 2016, was reserved for subscription to a category of investors defined by the 6th resolution of the Shareholders’ General Meeting held on 29 January 2016, i.e. (i) to individual or legal entity or UCITS who customarily invest in the pharmaceutical sector or in growth securities listed on a regulated market or multilateral trading facilities or (ii) to a credit institution or investment service provider. Poxel issued 3,400,000 new ordinary shares, each with a par value of €0.02, representing 17% of the share capital of the Company. Following settlement and delivery of the offering, which is expected to occur on or about 18 July 2016, subject to customary conditions, the total issued share capital of the Company will be 22,931,228 shares. * On July 12, 2016, Poxel announced the launch of a capital increase of new ordinary shares without preferential subscription rights reserved for a category of investors. Poxel is seeking to raise approximately €25 million.
The new ordinary shares were placed at a price of €7.80 per share, corresponding to a discount level of 18% to the 20 trading day volume weighted average price preceding pricing, accordingly with the 6th resolution of 29 January 2016 EGM. This also corresponds to a 13% discount to the 5 trading day volume weighted average price preceding pricing.
Therapeutic area: Metabolic diseases
