DGAP-News: Neovacs S.A. / Key word(s): Financing
NEOVACS SECURES A NEW EQUITY LINE FINANCING WITH KEPLER CHEUVREUX
21.11.2014 / 08:00
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PRESS RELEASE
NEOVACS SECURES A NEW EQUITY LINE FINANCING WITH KEPLER CHEUVREUX
Paris, November 21, 2014 - NEOVACS (Alternext Paris : ALNEV), a leader in
active immunotherapies for the treatment of autoimmune diseases, today
announced the arrangement of a multiyear equity financing with Kepler
Cheuvreux, as authorized by the shareholder's Annual General Meeting of May
19, 2014, following the agreement announced in a recent press release.
Proceeds of the financing will be used to fund the clinical development of
Neovacs' therapeutic vaccines portfolio, primarily a phase IIb clinical
trial of IFNα-Kinoid in Lupus and preclinical projects. The funds from
Kepler Cheuvreux could be supplemented by additional proceeds from
licensing agreements on therapeutic candidates in the Company's portfolio.
"With this new agreement with Kepler Cheuvreux, we are securing Neovacs'
long term financing in a flexible arrangement and through a tool tailored
to our needs. Our financial position will evolve based on the licensing
deals that we plan to create for TNF-Kinoid and IFNα-Kinoid - hence the
advantage of having access to a flexible equity facility, which we will
only use if needed" commented Miguel Sieler, Neovacs Chief Executive
Officer.
Over the next 12 months, Kepler Cheuvreux will subscribe such number of
shares as will allow Neovacs to receive EUR7 million in equity, i.e.
approximately 2.15 million new shares or 9.9% of the current share
capital*, subject to exercise conditions agreed between the parties. These
provisions will allow Neovacs to retain control over the timing of this
facility granted by Kepler Cheuvreux.
The issuance price of the new Neovacs shares will reflect the share market
price at the time of issuance, minus a maximum 7% discount. This discount
will enable Kepler Cheuvreux to instantly underwrite the shares despite
possible market volatility. Acting as financial intermediary, Kepler
Cheuvreux does not aim to remain a shareholder of the Company.
For reference, should the proceeds of this facility actually amount to EUR7
million, based on a share price of EUR3.50**, a shareholder currently
holding 1.0% of the Company's share capital would see his/her ownership
reduced to 0.91%***.
Under the agreement with Kepler Cheuvreux, Neovacs could utilize two
additional tranches of equity financing, totaling EUR6.5 million each, as
from November 20, 2015 and over a fixed period of 18 months, based on the
same terms as the equity line announced today. Neovacs intends to draw down
on these equity lines only if needed, in the best interest of the Company
and its shareholders.
It should be noted that as of November 20, 2013, the equity line arranged
with Kepler Cheuvreux in December 2013 has been fully drawn down.
* Based on an indicative share price of EUR3.50
** Triggering the issuance of 2,150,538 new shares
*** Based on the number of Neovacs shares as of November 20, 2014 which is
21,819,310
About Neovacs
Neovacs is a biotechnology company focused on an active immunotherapy
technology platform (Kinoids) with applications in autoimmune and/or
inflammatory diseases. On the basis of the company's proprietary technology
for inducing a polyclonal immune response (covered by five patent families
that run until at least 2026) Neovacs is focusing its development efforts
on two active immunotherapies: TNF-Kinoid is being developed for the
treatment of TNF-mediated autoimmune diseases such as rheumatoid arthritis
and Crohn's disease, whereas IFNα-Kinoid is being developed for the
indication of lupus. The goal of the Kinoid approach is to enable patients
to have access to safe treatments with efficacy that is sustained in these
life-long diseases.
For more information on Neovacs, visit www.neovacs.fr
Contacts
NEOVACS
Nathalie Trépo
+33 (0)1 53 10 93 00
ntrepo@neovacs.com
Press - Financial Communications- Publicis
Stéphanie Tabouis
+33 (0) 1 44 82 46 35
stéphanie.tabouis@consultants.publicis.fr
Kepler Cheuvreux
Thierry du Boislouveau
+41 22 994 1557
+33 (0)1 53 65 36 85
thierry.du-boislouveau@keplercf.com
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21.11.2014 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Neovacs S.A.
3-5, Impasse Reille
75014 Paris
France
Phone: +33 (0)1 53 10 93 00
Fax: +33 (0)1 53 10 93 03
E-mail: www.neovacs.fr
Internet: info@neovacs.fr
ISIN: FR0004032746
WKN: A1CVKR
Listed: Freiverkehr in Stuttgart; Frankfurt in Open Market
End of News DGAP News-Service
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298433 21.11.2014
DGAP-News: NEOVACS SECURES A NEW EQUITY LINE FINANCING WITH KEPLER CHEUVREUX
| Source: EQS Group AG