August 31, 2015, The Board of Directors of BioPorto A/S (BioPorto) decided to partially exercise the authorization in the Company Articles article 16b to make a direct placement to a limited number of institutional and financial investors. Implementation of the issue has been finally adopted by the board today.
The issue was fully subscribed, and the Board has decided to issue 11,724,750 new shares at DKK 1 each, against payment of DKK 2.40 per share at DKK 1.00. The subscription price of DKK 2.40 was calculated as the weighted average price of the share at Nasdaq Copenhagen over the past ten trading days prior to August 31, 2015.
The total proceeds from the share issue amounts to DKK 28.1 million, from which transaction costs be deducted. Net proceeds amount to 26.6 million.
The new shares are equivalent to 9,9% of BioPorto’s registered share capital before the capital increase and the share issue is exempt from prospectus requirements.
The new shares have the same rights as the existing shares. The new shares are entitled to dividend from the time when the capital increase is registered with the Danish Business Authority. The capital increase is expected to be registered on September 4, 2015. The new shares are expected to trade on the Nasdaq Copenhagen as soon as possible thereafter.
Following the registration of the 11,724,750 new shares of DKK 1.00, BioPorto’s nominal share capital amounts to DKK 129,598,960 consisting of 129,598,960 shares of DKK 1.00.
Part of the net proceeds are expected to be used for establishing a business platform in the USA, which will include BioPorto’s own US sales and support organization in charge of the commercialization of The NGAL Test™ when FDA approval is expectedly achieved in early 2016. Part of the proceeds are expected to be used to complete the development and marketing of the new products gRAD and immunodeficiency tests as well as other projects.
Peter Mørch Eriksen, CEO, comments: "I am very pleased with the fully subscribed issue, in which we welcome new institutional investors, and secure the capital to get a good start in the USA. It provides both energy and resources to continue the important work towards the next milestones for the company. "
For further information, please contact:
Peter Mørch Eriksen, CEO
Telephone +45 4529 0000, e-mail investor@bioporto.com
About BioPorto
BioPorto Diagnostics A/S is an in-vitro diagnostics company that provides healthcare professionals in clinical and research settings a range of diagnostic tests and antibodies. Our pioneering product portfolio includes assays for underserved disease states such as NGAL for acute kidney injury. We sell our products in more than 80 countries through diverse sales channels and partners. BioPorto has its headquarters in Copenhagen, Denmark and is listed on the Nasdaq Copenhagen stock exchange.
