Announcement no. 25/2007
To the OMX Nordic Exchange
Copenhagen, December 14, 2007
Curalogic A/S issues warrants
Summary: Curalogic issues a total of 40,000 warrants to new employees in the
company.
On December 14, 2007, the Board of Directors of Curalogic A/S resolved to use
part of the authorization to issue warrants adopted at the Annual General
Meeting of the company held on April 23, 2007.
The fair value at the date of the issue has been determined at DKK 4.3 per
warrant, equivalent to DKK 0.2 million for all the 40,000 warrants to be issued.
The fair value has been determined applying the Black-Scholes model for the
valuation of warrants, a exercise period of 6 years, a risk-free interest rate
of 4.6%, a volatility rate of 40% and a dividend rate of 0%.
The total number of the new warrants is 40,000, which are all granted free of
charge. The warrants can be exercised during the period from December 16, 2007
to December 29, 2007.
Each warrant entitles the holder to subscribe for one share with a nominal value
of DKK 0.50 in the Company. The exercise price is the average market price of
the Company's shares over a period of two weeks up to the date of grant (DKK
15.9) plus 10% interest p.a. from the date of grant until the date of exercise.
The new warrants will vest on a straight-line basis at 25% in each of the four
years following the date of grant, subject to the holder still being employed
by/affiliated with the Curalogic.
The new warrants may be exercised during a period of six years from the date of
grant. The warrants must be exercised either during the period of four weeks
after the release of the Company's annual report or the period of four weeks
after the release of the Company's interim reports.
The warrant program will be offered through partial exercise by the Board of
Directors of its authorization set out in Article 4.7 of the Articles of
Association under which the Board of Directors is authorized to issue up to
1,160,000 warrants in one or more issues without preemptive rights to the
Company's shareholders during the period until March 31, 2009. When the above
mentioned 40,000 warrants have been issued, the balance of the authorization to
the Board of Directors for the period until March 31, 2009 is 145,000 warrants.
The warrant program as a whole is described in Appendix 1 to the Company's
Articles of Association.
The table on next page shows the Company's warrants, including earlier programs:
Yours Sincerely,
Curalogic A/S
For additional information, please contact:
Peter Moldt, President and CEO, Phone +45 99 99 24 00, mobile +45 26 25 04 22
Helle Busck Fensvig, EVP and CFO, Phone +45 99 99 24 00, mobile +45 20 70 55 37
About Curalogic
Curalogic is a Danish biopharmaceutical company listed on the OMX Nordic
Exchange (CUR.CO) as a SmallCap+ company. Curalogic develops innovative products
for the treatment of allergy using a patented formulation technology. The
products combine the efficacy of immunotherapy with the patient friendliness of
antihistamines and have the potential to become the preferred type of allergy
treatment among patients. Curalogic has a broad and mature pipeline of products
for the treatment of ragweed allergy and grass allergy in Phase III, and
products for the treatment of house dust mite allergy and cat allergy in Phase
II.
This announcement contains forward-looking statements regarding the Company's
future financial development and performance and other statements which are not
historical facts. Such statements are made on the basis of assumptions and
expectations which, to the best of the Company's knowledge and belief, are
reasonable, at this time, but may prove to be erroneous in the future.
