The offering made by Pharmexa A/S (“Pharmexa”) with preemptive rights for the
company's existing shareholders was completed on February 5, 2008. The number
of new shares with a nominal value of DKK 5 each subscribed in the offering
was18,237,545. The new shares were subscribed at DKK 5 per share, so the gross
proceeds to Pharmexa from the rights issue will be DKK 91.2 million, and the
net proceeds will be approximately DKK 80.2 million net of expenses related to
the offering.
The new shares will have the same rights as Pharmexa's existing shares and will
be eligible for dividends as from the date the capital increase is registered
with the Danish Commerce and Companies Agency, which will take place today.
Following registration of the 18,237,545 new shares with a nominal value of DKK
5 each, Pharmexa's nominal share capital is DKK 298,459,700 corresponding to
59,691,940 shares with a nominal value of DKK 5 each.
It is expected that the new shares will be listed on the OMX Nordic Exchange
Copenhagen on Wednesday, February 6, 2008, under the securities code of the
existing shares, DK0015966592.
Danske Markets (division of Danske Bank A/S) has notified the company that no
stabilization has taken place in relation to the preemptive rights issued by
Pharmexa.
As described in the offering circular dated January 9, 2008, given the size of
the proceeds, Pharmexa's management will initiate specific investigations of
the strategic alternatives available to the company. Any decision to sell,
merge or otherwise substantially change Pharmexa's strategy will be based on a
thorough evaluation of the options with a view to protecting the assets of the
shareholders in the best possible way.
Moreover, management expects to initiate a number of measures to best protect
the assets of the shareholders, including the introduction of cost-saving
initiatives and prioritizations in the project portfolio. Pharmexa's management
will present a specific plan for these initiatives on February 18, 2008.
Hørsholm, February 5, 2008
Jakob Schmidt
Chief Executive Officer
Additional information:
Jakob Schmidt, CEO, tel +45 4516 2525
Claude Mikkelsen, Vice President, Corporate Affairs and Communication, tel +45
4516 2525 or +45 4060 2558
For the editors: Pharmexa A/S is a leading company in the field of active
immunotherapy and vaccines for the treatment of cancer and serious chronic and
infectious diseases. Pharmexa's proprietary technology platforms are broadly
applicable, allowing the company to address critical targets in cancer,
arthritis, bone degeneration and Alzheimer's disease, as well as infectious
diseases such as HIV, influenza, hepatitis and malaria. Company programs
include GV1001, a peptide vaccine that has entered Phase III trials in
pancreatic cancer and Phase II trials in liver cancer, and a number of HIV and
hepatitis vaccines in Phase I/II. Collaborative agreements include H. Lundbeck,
Innogenetics, IDM Pharma and Bavarian Nordic. With operations in Denmark,
Norway and USA, Pharmexa employs approximately 105 employees and is listed on
the OMX Nordic Stock Exchange Copenhagen under the trading symbol PHARMX.
