Biocartis Group NV has today successfully raised an amount of €32,674,281.85 in gross proceeds by means of a private placement via an accelerated bookbuild offering of 4,058,917 new shares at an issue price of €8.05 per share. The closing price of the its shares prior to the launch of the Offering, on November 16, 2016, was €8.25 per share.
Ewoud Welten, Chief Financial Officer of Biocartis, commented: “We are very pleased to announce the successful completion of this private placement at a low discount which reflects the strong demand from local and international investors that we experienced during a very smooth, oversubscribed bookbuild process. Our cash position is now further strengthened, allowing us to continue the global expansion of our installed base of Idylla(TM) instruments and development of new tests. We are grateful for the ongoing support by existing shareholders and welcome our new investors.”
The company said that net proceeds of the Offering will be used to fund the development, regulatory approvals and launches of new tests and applications for Biocartis` Idylla(TM) platform, to fund the expansion of its sales and marketing team to support the global roll-out of its products, to fund the expansion of Biocartis` cartridge manufacturing capacity, and for general corporate purposes.
Degroof Petercam, KBC Securities and Kempen & Co acted as Joint Bookrunners in the Offering.
In relation to the Offering, the Company has agreed with the Joint Bookrunners to a market customary 90-days standstill period on future share issuances, waivable by the Joint Bookrunners.
Biocartis expects the payment and delivery of the new shares to take place on November 21, 2016, and an application will be made to admit the new shares to trading on the regulated market of Euronext Brussels at the same time. The new shares to be issued will have the same rights and benefits as, and rank pari passu in all respects with, the existing and outstanding shares of Biocartis at the moment of their issuance.
As a result of the issuance of new shares, Biocartis’ share capital will increase from €405,891.88 to €446,481.05 and its issued and outstanding shares will increase from 40,589,188 to 44,648,105 ordinary shares, it has been said in the company’s press release.
Earlier today, Biocartis has announced that it has granted rights in the U.S. to Thermo Fisher Scientific Inc. to distribute its automated molecular diagnostics Idylla platform and its accompanying assays, with a first focus on oncology products.