Date: 2015-02-15
Type of information: IPO
Company: Poxel (France)
Investors:
Amount: € 25 million
Funding type: IPO
Planned used: The funds will be used to progress imeglimin development in Asia, mainly in Japn and to turn it into a product ready for a worldwide phase 3 program. They will also support complementary studies on the benefits of imeglimin with regards to its original mechanism of action, to reinforce its positioning as a first representative of a new class of drugs. Imeglimin is the first diabetes drug candidate to target the two major defects of diabetes by increasing insulin secretion in response to glucose and improving its efficiency, to restore the functioning of all of the three key organs involved in diabetes progression: the pancreas, the liver and the muscles. It aims to slow down disease progression and the associated complications. Imeglimin is now ready to start its final development phase (phase 3) following recent phase 2b results in the United States and in Europe. This last phase will aim at comparing Imeglimin to currently-used treatments, in monotherapy, as well as in combination with the main marketed drugs. Six phase 2 clinical trials have already demonstrated Imeglimin efficacy potential in monotherapy as well as in combination with the two leading drugs on the market today, thereby increasing Imeglimin phase 3 probability of success. Poxel is now working to sign a premium partnership for the development of imeglimin in phase 3 and for future market approval in Europe and in the United States.The development of imeglimin in Asia could be led by the partner under this agreement. This financing will also be used to support the development of PXL770, a second drug candidate, a franchise complement with strong potential, with an innovative mechanism, ready to start phase 1 clinical trials. PXL770 is the first drug candidate aiming at directly activating the AMP Kinase or “enzyme of sport\", to provide the same metabolic benefits as exercise. In addition to its glucose-lowering properties, PLX770 treats lipid abnormalities (cholesterol, triglycerides) present in many diabetic patients and causing frequent cardiovascular events. PXL770 has demonstrated safety and efficacy in preclinical trials and is ready to be administered to humans in the context of a phase 1 clinical trial as soon as 2015.
Others: * On February 5, 2015, Poxel, an independent French biopharmaceutical company focused on the development of antidiabetic drugs, announces the success of its Initial Public Offering in compartment C of the Euronext regulated market in Paris (“Euronext Paris”), raising €25.0 million through a capital increase. The Open Price Offering and the Global Placement price has been set at €6.66 per share. 3,749,999 new shares will be issued as part of the Open Price Offering and the Global Placement after almost full * On January 23, 2015, Poxel announced that the French market regulator Autorité des marchés financiers (AMF) granted its visa n°15-030 on January 22, 2015 on the prospectus relative to the listing of Poxel shares on the regulated market of Euronext in Paris. The offering of Poxel shares will comprise a public offering in France in the form of an open-price offer, mainly for individuals and an international offering for institutional investors including a private placement in France; and an international private placement in certain countries (excluding notably Japan, Canada and Australia), including the United States of America pursuant to Rule 144A under the US Securities Act of 1993, as amended (the “Securities Act”) and outside the United States of America, pursuant to Regulation S of the Securities Act. 3,378,378 new shares will be issued. An extension option (15% of the number of new shares initially offered), representing a maximum of 506,756 new shares (the “”Extension Option”) may be exercised in whole or in part on one single occasion on February 5, 2015. An overallotment option (15% of the number of new shares offered after exercise of the Extension Option,representing up to 582,770 additional new shares, may be exercised in whole or in part until March 6, 2015. The indicative price range is between €6.66 and €8.14 per share.
exercise of the extension option, allowing a share capital increase of €25.0m. Poxel has granted Société Générale acting in the name and on behalf of the banking syndicate an overallotment option, exercisable until March 6, 2015 included, on a maximum number of 281,249 new shares after exercise of the extension option, or approximately €1.9m. The Company\'s shares trading on Compartment C of Euronext Paris will start on February 6, 2015 in the form of undertakings to deliver shares (promesses d’actions) on the single listing line “POXEL AIW” until February 9, 2015 included and will be conditional upon the delivery of the certificate of the depository acknowledging the subscription to the new shares.
Therapeutic area: Metabolic diseases
