MOLOGEN AG
MOLOGEN AG: Successful completion of capital increase with substantial oversubscription
DGAP-News: MOLOGEN AG / Key word(s): Capital Increase NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. PRESS RELEASE N 16 / 2016 of 10/21/2016 MOLOGEN AG: Successful completion of capital increase with substantial oversubscription – Issuing of around 11.3 million new shares – Order book oversubscribed – Gross proceeds of EUR 13.6 to implement new strategy “Next Level” Berlin, 21 October 2016 – The Executive Board of the biotechnology company MOLOGEN AG has successfully placed 11,315,750 new shares with national and international investors in the context of the capital increase. The share capital of the company will be increased to EUR 33,947,251. Following the registration of the capital increase in the commercial register, the new shares are expected to be admitted for trading on the Frankfurt Stock Exchange on 26 October 2016. They are expected to be included in the existing listing with the ISIN DE0006637200 on 27 October 2016. The private placement, following the subscription period, was clearly oversubscribed. The gross proceeds totaling EUR 13.6 million are to be used to implement the new strategy “Next Level”. In view of the oversubscription of the order book, the TowerCrest Limited Liability Cooperation, Beijing, (China), (“TowerCrest”) has decided, after the approval of MOLOGEN, not to participate in the capital increase. “The successful completion of the capital increase and the substantial oversubscription reflect the confidence of our existing and new shareholders in our Company. Especially Global Derivative Trading GmbH supported the capital increase and again made a valuable contribution to the future development of the Company. With the cash inflow we are able to continue the implementation of our ‘Next Level’ strategy program. This mainly includes the achievement of the next key milestones of our lead product lefitolimod”, says Dr. Mariola Söhngen, Chief Executive Officer of MOLOGEN AG. Dero Bank AG, Munich, was the sole bookrunner for the transaction. Additionally, Blättchen Financial Advisory GmbH, Leonberg, supported MOLOGEN in the transaction as an advisor. Gross proceeds of EUR 16.1 million secure the achievement of next key milestones for lead product lefitolimod In addition, MOLOGEN will issue a convertible bond to Global Derivative Trading GmbH (“GDT”) with a total nominal value of EUR 2.54 million and a term ending presumably on 29 October 2024. The terms of the convertible bond include a yearly fixed interest rate of 6% as well as the right for the investor to convert the convertible bond in up to 1,693,333 company shares partially using the conditional capital at a conversion price of EUR 1.50. The issuance of the convertible bond is expected to take place until the end of October 2016. Through the full placement of the capital increase and the issuance of the convertible bond, the company receives total gross proceeds of EUR 16.1 million.On the basis of these new financial resources the company’s financing is secured presumably up to the fourth quarter of 2017. Use of funds primarily for further development of lefitolimod The “Next Level” program sets out an enhanced product and market focus, with the relevant preparations for a possible market launch, initially of lefitolimod. This includes, in particular, upscaling production – producing high volumes of the compound in line with market demand. Upscaling is to be secured by transferring production to specialized external contract manufacturers. Thus, some of the proceeds from the capital increase will be used to finance the transfer of the production to a contract manufacturer and to upscale the production of lefitolimod. GDT remains major shareholder Important note: This release is not a prospectus. Investors should not purchase or subscribe for any shares referred to in this press release except on the basis of information in a prospectus to be issued by the Company in connection with the offering of such shares. This release is not an offer of securities for sale in the United States of America. The securities referred to in this press release have not been, and will not be, registered under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from registration or in a transaction not subject to the registration requirements of the Securities Act. There will be no public offer of the securities in the United States of America. Subject to certain exceptions under the Securities Act, the securities referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan. MOLOGEN AG The cancer immunotherapy lefitolimod (MGN1703) is the company’s lead product and best-in-class TLR9 agonist. Treatment with lefitolimod (MGN1703) triggers a broad and strong activation of the immune system. Due to this mode of action, namely to reactivate the monitoring function of the immune system, lefitolimod (MGN1703) can be recognized as an Immune Surveillance Reactivator (ISR). It has the potential to be applied to various indications. ISR lefitolimod (MGN1703) is currently being developed for first-line maintenance treatment of colorectal cancer (pivotal study) and small cell lung cancer (randomized controlled trial). Furthermore, it is also being investigated in an extended phase I study in HIV and a phase I combination study with the checkpoint inhibitor ipilimumab (Yervoy(R)). Next to checkpoint inhibitors, lefitolimod is one of the few product candidates that are in a phase III clinical trial (IMPALA) in the field of immuno-oncology and close to reaching the market. MOLOGEN’s pipeline focus is on new, innovative immunotherapies to treat diseases for which there is a high medical need. Memberships in associations: MIDGE(R), dSLIM(R), EnanDIM(R) and MOLOGEN(R) are registered trademarks of MOLOGEN AG. Note about risk for future predictions
2016-10-21 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English | |
Company: | MOLOGEN AG | |
Fabeckstraße 30 | ||
14195 Berlin | ||
Germany | ||
Phone: | 030 / 841788-0 | |
Fax: | 030 / 841788-50 | |
E-mail: | presse@mologen.com | |
Internet: | www.mologen.com | |
ISIN: | DE0006637200 | |
WKN: | 663720 | |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange | |
End of News | DGAP News Service |