Probiodrug raises EUR 8.2 million from investors in successful private placement of new shares
- Capital increase of its share capital by issuing 4,093,367 new shares at a purchase price of EUR 2 per new share
- Consortium of strategic investors led by Claus Christiansen, founder and chairman of Nordic Bioscience invests EUR 6.2 million
HALLE (SAALE), Germany, 9 April 2019 - Probiodrug AG (Euronext Amsterdam: PBD, ISIN: DE0007921835, the "Company") announced that its management board with the consent of the supervisory board resolved today to increase its share capital from EUR 8,208,009 by EUR 4,093,367 to EUR 12,301,376 by issuing 4,093,367 new shares ("New Shares") against cash contributions, representing 50% of its existing share capital. The New Shares will be issued from the Company's authorized capital, where the pre-emptive rights of the Company's existing shareholders are excluded in accordance with the articles of association of the Company.
The Company sold the New Shares to selected investors in a private placement at a purchase price of EUR 2 per New Share. 3.1 million New Shares were sold to a consortium of investors led by Mr. Claus Christiansen founder and chairman of the board of Nordic Bioscience, Denmark ("Investor Consortium"). The Investor Consortium has a strategic interest in the Company and intends to support the Company's further development on a long-term basis.
Additional 750,000 New Shares were sold to other investors. The remaining New Shares 243,367 New Shares were subscribed by and sold to certain members of the executive board and supervisory board to support the implementation of the transaction.
1,641,601 New Shares are expected to be admitted to trading on Euronext Amsterdam based on an exemption to publish a securities prospectus and delivered to the investors with settlement expected to take place on April 15, 2019. The remaining 2,451,766 non-admitted New Shares will be delivered to the Investor Consortium that has declared to accept also non-admitted New Shares underlining its intended long-term engagement. The Company intends to have also the non-admitted New Shares admitted to trading on the basis of a securities prospectus in due course expected to be published in the third quarter 2019.
The Company will use the proceeds from the private placement to prepare and partially to implement the European Phase 2b clinical study to investigate the safety and efficacy of the optimal dose range of Probiodrug's lead product candidate PQ912 in early AD patients.
ODDO SEYDLER BANK AG acted as Capital Markets Advisor, KAS Bank N.V. acted as Settlement Agent.