Regulatory News:
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GeNeuro (Euronext Paris: CH0308403085 GNRO) (Paris:GNRO), today announced the launch of a private placement ("the Offering") of ordinary shares to be issued by the Company to certain qualified and institutional investors only, in connection with a share capital increase without preferential subscription rights targeting €6.5 million or more, subject to market demand. Bryan, Garnier Co will act as sole Bookrunner.
As previously mentioned, GeNeuro expects the results from its Phase 2 clinical trial of temelimab in Multiple Sclerosis at the Karolinska Institutet/Academic Specialist Center in Stockholm, Sweden, in Q1 2022. The Company intends to use the net proceeds of the Offering primarily to fund its operations and extend its financial visibility until the end of 2022, in order to facilitate Phase III planning and partnership discussions for temelimab. It will also support continuing the preclinical research on the potential of temelimab for Post-COVID patients with neuropsychiatric affections, notably through the announced partnerships with the CIRI (International Center for Infectiology Research, France) and Fondation FondaMental, which seek to speed development of diagnostic and therapeutic solutions.
In accordance with the applicable provisions of Swiss law, the Board of Directors of the Company has decided, pursuant to Article 5bis of the Company's Articles of Association, as amended by the Ordinary General Meeting of 27 May 2020, to launch a capital increase with cancellation of preferential subscription rights by way of a private placement through an bookbuilding process exclusively for institutional investors.
GeNeuro's lead investor, GNEH SAS (a subsidiary of Institut Mérieux), which owns 36.5% of GeNeuro prior to the Offering, will participate to the Offering for a minimum of €3 million and has indicated it wishes to maintain its stake at 36.46% in the event of a higher Offering. In accordance with the applicable provisions of Swiss law, the representatives of GNEH SAS on the Board of Directors of the Company have not taken part and will not take part in the voting of decisions relating to the Offering.
The book building process will begin immediately following this announcement. The results of the Offering will be announced as soon as possible after the closing of the book building in a press release.
Trading of the company's shares on Euronext Paris will be suspended during the book building period. Trading is expected to resume following the publication of the results of the Offering.
About GeNeuro
GeNeuro's mission is to develop safe and effective treatments against neurological disorders and autoimmune diseases, such as multiple sclerosis, by neutralizing causal factors encoded by HERVs, which represent 8% of human DNA. GeNeuro is based in Geneva, Switzerland and has R&D facilities in Lyon, France and owns rights to 17 patent families protecting its technology.
For more information, visit: https://www.geneuro.com
Legal notice
This announcement is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy or subscribe for the Company's shares in any jurisdiction. This announcement does not constitute a prospectus. Any purchase of, subscription for or application for, shares to be issued in connection with the intended offering should only be made on the basis of information contained in the prospectus and any supplements thereto, as the case may be.
Disclaimer
This press release contains certain forward looking statements and estimates concerning GeNeuro's financial condition, operating results, strategy, projects and future performance and the markets in which it operates. Such forward-looking statements and estimates may be identified by words, such as "anticipate," "believe," "can," "could," "estimate," "expect," "intend," "is designed to," "may," "might," "plan," "potential," "predict," "objective," "should," or the negative of these and similar expressions. They incorporate all topics that are not historical facts. Forward looking statements, forecasts and estimates are based on management's current assumptions and assessment of risks, uncertainties and other factors, known and unknown, which were deemed to be reasonable at the time they were made but which may turn out to be incorrect. Events and outcomes are difficult to predict and depend on factors beyond the company's control. Consequently, the actual results, financial condition, performances and/or achievements of GeNeuro or of the industry may turn out to differ materially from the future results, performances or achievements expressed or implied by these statements, forecasts and estimates. Owing to these uncertainties, no representation is made as to the correctness or fairness of these forward-looking statements, forecasts and estimates. Furthermore, forward-looking statements, forecasts and estimates speak only as of the date on which they are made, and GeNeuro undertakes no obligation to update or revise any of them, whether as a result of new information, future events or otherwise, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210712005663/en/
Contacts:
GeNeuro
Jesús Martin-Garcia
Chairman and CEO
+41 22 552 48 00
investors@geneuro.com
NewCap (France)
Investor Relations
Mathilde Bohin
Louis-Victor Delouvrier
+33 1 44 71 98 52
Media Relations
Arthur Rouillé
+33 1 44 71 94 98
geneuro@newcap.eu
Halsin Partners
Media Relations
Mike Sinclair
+44 20 7318 2955
msinclair@halsin.com
LifeSci Advisors
Investor Relations
Chris Maggos
+41 79 367 6254
chris@lifesciadvisors.com
