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    ABVX   FR0012333284

ABIVAX

(ABVX)
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PRESS RELEASE : Abivax announces the pricing of its oversubscribed capital increase of EUR 60m and convertible bonds of EUR 25m, totaling eur 85m new financing

07/23/2021 | 02:01am EDT
DGAP-News: ABIVAX / Key word(s): Capital Increase/Issue of Debt 
Abivax announces the pricing of its oversubscribed capital increase of EUR 60m and convertible bonds of EUR 25m, 
totaling eur 85m new financing 
2021-07-23 / 08:00 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
Abivax announces the pricing of its oversubscribed capital increase of EUR 60m and convertible bonds of EUR 25m, 
totaling EUR 85m new financing 
  . EUR 60M reserved primary equity offering at minimum discount (3%) 
  . EUR 25M convertible bonds priced at 6.00% coupon and 25% conversion premium 
  . Proceeds to be primarily used for further advancement of ABX464 clinical programs in chronic inflammatory diseases, 
    expanding the cash runway into Q2 2022 
PARIS, FRANCE, July 23, 2021 - 8.00 a.m. (CEST) - Abivax (Euronext Paris: FR0012333284 - ABVX) (the "Company"), a 
clinical-stage biotechnology company harnessing the immune system to develop novel treatments for inflammatory 
diseases, viral diseases and cancer, today announces the successful completion of a reserved oversubscribed capital 
increase (the "Capital Increase") of approximately EUR 60M through the issuance of 1,964,031 shares with a nominal 
value of EUR 0.01 each (the "New Shares"), representing 13.34% of its current share capital, at a subscription price of 
EUR 30.55 per share, and the placement of senior, unsecured bonds convertible into new shares and/or exchangeable for 
existing shares (obligations convertibles échangeables en actions nouvelles ou existantes - OCEANE) (the "Bonds") 
maturing in July 30, 2026 in aggregate principal amount of EUR 25M (the "Transaction"). 
Reasons for the issuance and use of the net proceeds of the Transaction, equal to EUR 82M 
  . Launch and continuation of the clinical programs of ABX 464, the Company's lead product in advanced development for 
    a large majority of the proceeds, for around 75% of the proceeds: 
      ? continuation of the phase 2a and phase 2b maintenance studies conducted with ABX464 in patients with moderate 
        to severe ulcerative colitis (UC) and planned initiation of a global pivotal phase 3 program of ABX464 for the 
        treatment of UC by year end; 
      ? planned initiation of a pivotal phase 2b clinical program of ABX464 for the treatment of Crohn's disease (CD) 
        by year end; 
      ? planned initiation of a phase 2b clinical program of ABX464 for the treatment of RA in Q1 2022; 
      ? continuation of the phase 2a maintenance study conducted with ABX464 in patients with moderate to severe 
        rheumatoid arthritis (RA); 
      ? continuation of the R&D work on ABX464; 
  . Financing of R&D and working capital and other general purposes of the Company, for around 15% of the proceeds; 
  . Redemption of (and payment of amounts payable pursuant to) existing indebtedness, for around 8% of the proceeds; 
  . Advancement of the phase 1/2 proof-of-concept clinical trial of ABX196 for the treatment of hepatocellular 
    carcinoma, for around 2% of the proceeds. 
The Company expects that the proceeds from the Transaction will provide the Company with financial resources (cash 
runway) to fund its operations into Q2 2022, based on ongoing programs. 
Based on its current development plans, the Company estimates that the cash and cash equivalents available to it as at 
June 30, 2021, i.e. EUR 4.3M, together with the financial resources available to it in the short term (listed below) 
allow it to finance its cash needs into Q4 2021. 
  . Remainder of the Kepler Cheuvreux equity line (estimated at EUR 9.7M based on an EUR 30 share price) 
  . Receivable against Bpifrance in connection corresponding to the remainder of the financing of the ABX464 Covid-19 
    program (estimated at EUR 3.1M) 
  . Upcoming reimbursement of the R&D tax credit (Crédit Impôt Recherche) for 2020 (estimated at EUR 2.6M) 
The Company's cash expenditures as from Q4 2021 and for the first half of 2022 will amount to at least EUR 30M per 
quarter in light of the launch timetable of the Company's strategic clinical trials for ABX464 (phase 3 in UC, phase 2b 
in Crohn, and phase 2b in RA), which is planned between Q4 2021 and Q1 2022. 
The additional cash needs of the Company (prior to the Transaction) for the upcoming 12 month period amount to EUR 
100M, i.e. EUR 18M in addition to the proceeds of the Transaction. 
The completion by the Company of a strategic partnership with an industry player and/or of complementary dilutive or 
non-dilutive financings (the modalities of which will be determined based on prevailing market conditions) could allow 
the Company to cover its additional EUR 18M cash need. In the absence of such financing, the Company could also 
envisage to adapt the launch timetable of the clinical trials for ABX464. 
Prof. Hartmut J. Ehrlich, M.D., CEO of Abivax said: "We are pleased with the successful completion of Abivax's 
oversubscribed capital increase at a tight 3% discount, along with the placement of convertible bonds that jointly 
amount to EUR 85M.With these financial resources, we will pursue the Company's strategic priorities and initiate our 
late-stage global clinical program of ABX464 for the treatment of ulcerative colitis and Crohn's disease by year end. 
Following the latest very positive results of ABX464 for the treatment of rheumatoid arthritis, we are additionally 
preparing for a phase 2b clinical study in RA, which is expected to start beginning of 2022. We observe a continued 
high need of novel therapeutic management options that offer a constant and long-lasting improvement of the quality of 
life of patients suffering from chronic inflammatory diseases. Abivax's ambition is to fully exploit the 
anti-inflammatory potential of our lead compound ABX464 across different indications for the benefit of these 
patients." 
Didier Blondel, CFO of Abivax, added: "We are pleased that Abivax could attract top-tier U.S. and European biotech 
investors, led by Vivo Capital, Sofinnova, Invus and Commodore Capital. This is another valuable recognition of the 
remarkable clinical achievements with ABX464 during the past months and years. This successful financing round with 
favorable conditions puts Abivax on solid ground to go full steam to launch the late-stage clinical testing of ABX464 
in inflammatory bowel diseases and rheumatoid arthritis. Based on our current assumptions, our cash runway has been 
extended into Q2 2022. We will make targeted use of these financial resources in order to eventually offer novel and 
efficient therapeutic options to patients and maximize shareholder value. This includes the continued assessment of a 
strategic partnership with a large pharma or biotech company, that would consider the entire potential of ABX464 in 
chronic inflammatory indications." 
Key characteristics of the transaction 
Bonds Convertible into New Shares and/or Exchangeable for Existing Shares 
The Bonds will be issued at par and bear an interest of 6.00% per annum payable semi-annually in arrears on 30 January 
and 30 July each year, commencing on 30 January 2022. 
The nominal value of the Bonds has been set at EUR 38.19, corresponding to a premium of 25% above the reference share 
price, which has been set as the clearing price of the concurrent Capital Increase. 
Bondholders will be granted a conversion/exchange right of the Bonds into new and/or existing shares of the Company 
(the "Conversion/Exchange Right") which they may exercise at any time from the Issue Date and until the 7^th trading 
day (inclusive) preceding the Maturity Date or the relevant early redemption date. 
The initial conversion/exchange ratio is set at one share per Bond (i.e. a conversion price of EUR 38.19 per ordinary 
share). 
The conversion/exchange ratio will be adjusted (but only if the conversion/exchange ratio so adjusted is higher than 
the conversion/exchange ratio that would reset) on each of January 30, 2023, July 30, 2023, and July 30, 2024 as 
further defined in the terms and conditions of the Bonds. 
The conversion/exchange ratio is also subject to standard adjustments, including anti-dilution and dividend 
protections, as detailed in the terms and conditions of the Bonds. Upon exercise of their Conversion/Exchange Right, 
bondholders will receive at the option of the Company new and/or existing Company's shares carrying in all cases all 
rights attached to existing shares as from the date of delivery. 
Upon a Change of Control of the Company, a Free Float Event or a Delisting of the shares of the Company (as these terms 
are defined in the terms and conditions of the Bonds), any bondholder will have the option to require the Company to 
redeem all, but not some only, of its Bonds at par plus accrued but unpaid interests. In the event that the Company 
shares would be targeted by a public offer (in cash or in securities, in cash and securities, etc.) which may result in 
a Change of Control or filed following a Change of Control, and that the said offer would be declared admissible by the 
Autorité des marchés financiers (or its successor), upon Bondholder's conversion, the Issuer shall (i) deliver new and/ 
or existing company shares at the prevailing Conversion/Exchange Ratio, and (ii) pay a cash amount equal to the sum of 
the remaining coupons scheduled until the Maturity Date, and any accrued interest. 
Unless previously converted, exchanged, redeemed or purchased and cancelled, the Bonds will be redeemed at par on July 
30, 2026 (the "Maturity Date"). 
Application will be made for the listing of the Bonds on Euronext Access(TM) (the open market of Euronext Paris) to 
occur within 30 calendar days from the Issue Date. 
Settlement and delivery of the Bonds is expected to occur on or around July 30, 2021. 
Bryan, Garnier & Co and J.P. Morgan AG acted as Joint Global Coordinators and Joint Bookrunners for the Bonds. 
Capital Increase 

(MORE TO FOLLOW) Dow Jones Newswires

July 23, 2021 02:00 ET (06:00 GMT)

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Financials
Sales 2021 99,4 M 117 M 117 M
Net income 2021 8,60 M 10,1 M 10,1 M
Net cash 2021 50,3 M 58,9 M 58,9 M
P/E ratio 2021 40,9x
Yield 2021 -
Capitalization 520 M 610 M 610 M
EV / Sales 2021 4,73x
EV / Sales 2022 683x
Nbr of Employees 27
Free-Float 71,6%
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Mean consensus BUY
Number of Analysts 6
Last Close Price 31,80 €
Average target price 58,63 €
Spread / Average Target 84,4%
EPS Revisions
Managers and Directors
Hartmut J. Ehrlich Chief Executive Officer
Didier Blondel Chief Financial Officer & Secretary
Philippe Pouletty Chairman
Didier Scherrer Vice President-Research & Development
Paul Gineste Vice President-Clinical Operations
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