Biotec Pharmacon ASA has after close of business at Oslo Stock Exchange on June 20th, 2007, completed a share issue of 2,148,900 new shares to a price of NOK 43 per share. The Company has also sold a total of 698,318 treasury shares at the same price. The company owns no treasury shares after the transaction.
The share issue and the secondary sale were structured as a private placement directed towards professional Norwegian and international investors. The share transaction was very well received in the market and was oversubscribed. The gross proceeds to the company from the share issue and the sale of treasury shares amounts to a total of NOK 122 million. As a result Biotec Pharmacon is now fully funded to implement clinical phase III studies with the company’s pharmaceutical product candidate SBG (Soluble Beta Glucan) within the therapeutic indications of diabetic ulcers and oral mucositis.
CEO Lars Viksmoen says in a comment: “I am very pleased that the transaction was so well received in the marketplace. This is a huge complement to the company and will enable us to carry through phase III clinical development programs for two important therapeutic areas with great potentials.”
The Company’s share capital will increase to NOK 23,637,910 consisting of 23,637,910 shares each with a nominal value of NOK 1 per share. Payment and delivery of shares to the investors will take place on or about 27 June 2007.
SEB Enskilda and Pareto Securities ASA have advised the company in completing the transaction.
For further information, please contact:
CEO Lars Viksmoen, tel.: +47 40 62 08 70
CFO Finn Samuelsen, tel.: +47 95 14 87 51
