DGAP-News: PAION AG / Key word(s): Capital Increase
PAION COMPLETES PRIVATE PLACEMENT IN THE AMOUNT OF EUR 9.6 MILLION
29.06.2016 / 15:02
The issuer is solely responsible for the content of this announcement.
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PAION COMPLETES PRIVATE PLACEMENT IN THE AMOUNT OF EUR 9.6 MILLION
Aachen (Germany), 29 June 2016 - PAION AG, a specialty pharma company (ISIN
DE000A0B65S3; Frankfurt Stock Exchange Prime Standard: PA8), announces,
that it has completed its previously announced private placement in
connection with the Remimazolam U.S. license agreement with Cosmo
Pharmaceuticals N.V. ("Cosmo").
On 24 June 2016, Granell Strategic Investment Fund Limited ("Granell"), a
subsidiary of Cosmo, entered into an investment agreement with PAION AG,
pursuant to which Granell has committed to invest EUR 10 million in shares
of PAION AG. In this context, PAION AG resolved to issue 5,064,194 new
shares at a price of EUR 1.90 per share (5-day VWAP) for a total of EUR 9.6
million to Granell under exclusion of shareholders' subscription rights.
The capital increase was entered in the commercial register on 28 June
2016. The new shares are expected to be admitted to trading on the
Frankfurt Stock Exchange in the course of July and remain subject to a 12-
month lock-up period.
The remaining amount of EUR 0.4 million will be invested at a later date.
The private placement was handled by ODDO SEYDLER BANK AG as global
coordinator.
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About PAION
PAION AG is a publicly listed specialty pharmaceutical company
headquartered in Aachen (Germany) with further sites in Cambridge (United
Kingdom) and New Jersey (USA). PAION's lead substance, remimazolam, is an
intravenous ultra-short-acting benzodiazepine sedative/anesthetic currently
in Phase III clinical development for procedural sedation. Remimazolam is
designed to complement and improve currently available treatment options
for patients requiring sedation and anesthesia. PAION is focusing its
clinical development activities on remimazolam according to PAION's vision
to become an acknowledged "PAIONeer" in sedation and anesthesia.
For more information please visit www.paion.com.
PAION Contact
Ralf Penner
Director Investor Relations / Public Relations
PAION AG
Martinstrasse 10-12
52062 Aachen - Germany
Phone: +49 241 4453-152
E-mail: r.penner@paion.com
www.paion.com
Disclaimer:
This release contains certain forward-looking statements concerning the
future business of PAION AG. These forward-looking statements contained
herein are based on the current expectations, estimates and projections of
PAION AG's management as of the date of this release. They are subject to a
number of assumptions and involve known and unknown risks, uncertainties
and other factors. Should actual conditions differ from the Company's
assumptions, actual results and actions may differ materially from any
future results and developments expressed or implied by such forward-
looking statements. Considering the risks, uncertainties and other factors
involved, recipients should not rely unreasonably upon these forward-
looking statements. PAION AG has no obligation to periodically update any
such forward-looking statements to reflect future events or developments.
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29.06.2016 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.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: PAION AG
Martinstr. 10-12
52062 Aachen
Germany
Phone: +49 (0)241-4453-0
Fax: +49 (0)241-4453-100
E-mail: info@paion.com
Internet: www.paion.com
ISIN: DE000A0B65S3
WKN: A0B65S
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart
End of News DGAP News Service
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475641 29.06.2016
DGAP-News: PAION COMPLETES PRIVATE PLACEMENT IN THE AMOUNT OF EUR 9.6 MILLION
| Source: EQS Group AG