The gross proceeds of the Reserved Offering are
'We are very pleased with the success of the private placement with both
'We look forward to the upcoming results from the PXL770 PK/PD study and the ongoing Phase 2a clinical trial as well as the initiation of the PXL065 Phase 2 study for the treatment of NASH. We are also enthusiastic about the opportunity to evaluate other metabolic diseases through our AMPK activator and deuterated thiazolidinedione platforms and are committed to pursuing all options to continue to build value in our pipeline,' continued
Key features of the capital increase
The Company placed 2,358,483 New Shares with a par value of
In addition, the Company placed 1,768,861 warrants with a five-year term attached to the New Shares (the 'Warrants') representing a total of 75% coverage on the New Share issuance, representing 1,768,861 potential additional new ordinary shares and 5.93% of the Company's outstanding fully diluted share capital. The strike price of the Warrants shall be equal to
22.6% of the Reserved Offering was subscribed by
Payment and delivery of the New Shares is expected to occur on or about
The issue price of the New Shares represents a discount of 11.3% from the volume weighted average price of the Company's shares on Euronext Paris over the twenty trading days preceding pricing.
About
Important Notice
All statements other than statements of historical fact included in this press release about future events are subject to (i) change without notice and (ii) factors beyond the Company's control. These statements may include, without limitation, any statements preceded by, followed by or including words such as 'target,' 'believe,' 'expect,' 'aim,' 'intend,' 'may,' 'anticipate,' 'estimate,' 'plan,' 'project,' 'will,' 'can have,' 'likely,' 'should,' 'would,' 'could' and other words and terms of similar meaning or the negative thereof. Forward-looking statements are subject to inherent risks and uncertainties beyond the Company's control that could cause the Company's actual results or performance to be materially different from the expected results or performance expressed or implied by such forward-looking statements.
In the context of the COVID-19 outbreak, which was declared a pandemic by the
The Company anticipates that the COVID-19 pandemic could have a material negative impact on our business operations. The worldwide impact of COVID-19 may notably affect the Company's internal organization and efficiency, particularly in countries where it operates and where confinement measures have been implemented by the authorities. In addition, the deteriorating market conditions may impact the Company's ability to raise additional funding and/or to enter into partnerships. Particularly, delays in the supply of drug substance or drug products, in pre-clinical and/or clinical trials, as well as delays linked to the responsiveness of regulatory authorities could occur, which could potentially have an impact on the Company's development programs. The Company will continue to proactively monitor the situation.
This document and the information contained herein do not constitute either an offer to sell or purchase, or the solicitation of an offer to sell or purchase, securities of
No communication and no information in respect of the offering by the Company of its shares may be distributed to the public in any jurisdiction where registration or approval is required. No steps have been taken or will be taken in any jurisdiction outside
This announcement does not, and shall not, in any circumstances, constitute a public offering nor an invitation to the public in connection with any offer. The distribution of this document may be restricted by law in certain jurisdictions. Persons into whose possession this document comes are required to inform themselves about and to observe any such restrictions.
This announcement is an advertisement and not a prospectus within the meaning of the Prospectus Directive (as defined below), as implemented in each member State of the European Economic Area.
In
With respect to the Member States of the European Economic Area (including
For the purposes of the provision above, the expression 'offer to the public' in relation to any shares of the Company in any Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor to decide to purchase any securities, as the same may be varied in that Member State. The expression 'Prospectus Regulation' means Regulation EU 2017/1129 and includes any relevant implementing measure in the Member State.
This document may not be distributed, directly or indirectly, in or into
The distribution of this document (which term shall include any form of communication) is restricted pursuant to Article 21 (restrictions on financial promotion) of Financial Services and Markets Act 2000 ('FMSA'). This document is directed only at persons who (i) have professional experience in matters relating to investments and fall within Article 19(5) ('investment professionals') of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005, or (ii) are persons falling within Article 49(2)(a) to (d) ('high net worth companies, unincorporated associations etc.') of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or (iii) are persons to whom this communication may otherwise lawfully be communicated (all such persons in (i), (ii) and (iii) above together being referred to as 'Relevant Persons'). This document must not be acted on or relied on in the
This document may not be distributed, directly or indirectly, in or into
Contact:
Tel: +1 617 818 2985
Email: jonae.barnes@poxelpharma.com
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