Regulatory News:
This replaces the announcement made at 5:45 p.m. CET on May 9, 2012 due to the following corrections: Second graph, quote should read: "Even though we do not have immediate needs, since our cash position nears 30 million euros, this line of equity financing generates a supplementary financing option which is a very flexible means for financing possible studies to come."
AB Science strengthens further its sources of financing through a PACEO® with Société Générale
AB Science SA (Paris:AB) (Euronext Paris - FR0010557264 - AB), a pharmaceutical company specialised in research, development and commercialisation of protein kinase inhibitors (PKI), hereby announces that its Board of Directors resolved on 24 April 2012 to set up an equity financing facility (PACEO®) with Société Générale in accordance with the authorisation granted by the extraordinary general meeting of shareholders held on 30 March 2012.
Commenting on this announcement, Alain Moussy, Chief Executive Officer of AB Science has stated that: "Even though we do not have immediate needs, since our cash position nears 30 million euros, this line of equity financing generates a supplementary financing option which is a very flexible means for financing possible studies to come."
Société Générale has subscribed warrants issued by AB Science (bons d'émission d'actions, or "BEA") which AB Science may exercise at its sole discretion, with the view to enabling the Company to carry out successive capital increases representing a maximum of 2,000,000 shares (approximately 6.3% of the current share capital).
AB Science will decide to carry out share issues in accordance with its actual financing requirements over the next 3 years, in tranches of up to 400,000 shares (i.e. 1.3% of the current share capital). The issue price of the shares at the time of each capital increase will represent a 5% discount on the weighted average share price for the three trading days preceding the pricing date. When issued, the shares are not intended to be kept by Société Générale which aims at selling them in the market.
Potential impact of the equity financing facility (PACEO®) on a 1% stake in the company held prior to the implementation of the PACEO®:
| Â | Â | Â | Â | Â | ||
|  |  | Before PACEO® |  | After full completion of the capital increases under the PACEO® (1) | ||
| Â | Â | Non-diluted basis (2) | Â | Diluted basis (3) | ||
| Participation (in % of capital) | Â | 1,00% | Â | 0,94% | Â | 0,81% |
(1) Issue of 2,000,000 new shares.
(2) Based on 31,586,357Â shares representing AB Science's share capital as of 31Â December 2011.
(3) After issue of 6,078,606Â new shares, assuming that all dilutive instruments issued or attributed at the date of this press release have been fully exercised.
About AB Science
Founded in 2001, AB Science is a pharmaceutical company specialising in the research, development and commercialisation of novel targeted therapies for patients with cancer or other important diseases with unmet medical needs, including inflammatory diseases and central nervous system diseases.
AB Science has developed its own portfolio of protein kinase inhibitors (PKIs), a new class of targeted molecules, the action of which is to modify signalling pathways within cells. AB Science's lead molecule, masitinib has already been registered in veterinary medicine in Europe and in the USA, and is being tested in nine phase 3 studies in human medicine, including eight on-going studies in pancreatic cancer, GIST, metastatic melanoma expressing JM mutation of c-Kit, multiple myeloma, mastocytosis, severe persistent asthma, rheumatoid arthritis and progressive multiple sclerosis. The company is headquartered in Paris and listed on Euronext Paris (ticker: AB).
More information is available on our website: www.ab-science.com.
About PACEO®
PACEO® (Programme d'Augmentation de Capital par Exercice d'Options) is an equity financing solution created and developed by Société Générale in 2002. PACEO offers listed companies an additional and optional source of financing. It provides companies with the same economic and financial results as a classical capital increase, while offering them the similar flexibility of a confirmed credit line. The program is activated on the issuer's request only. The subscription price for shares at each share issue is close to the current stock price at the relevant moment. Société Générale has previously arranged and completed about 30 PACEO transactions in France and elsewhere in Europe, covering various industries. "Club des Trente" awarded PACEO "Best Financing Operation of the Year" in 2009.
Contacts:
AB Science SA
