November 11, 2016, 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 shareholders, 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 12,895,096 new shares at DKK 1 each, against payment of DKK 1.69 per share at DKK 1.00. The subscription price of DKK 1.69 was calculated as the weighted average price of the share at Nasdaq Copenhagen over the past five trading days prior to November 11, 2016.
The total proceeds from the share issue amounts to DKK 21.8 million, from which transaction costs be deducted. Net proceeds amount to 20.8 million.
The new shares are equivalent to 9.95% 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 November 21, 2016. The new shares will be issued in the existing ISIN code and are expected to trade on the Nasdaq Copenhagen as soon as possible thereafter.
Following the registration of the 12,895,096 new shares of DKK 1.00, BioPorto’s nominal share capital amounts to DKK 142,494,056 consisting of 142,494,056 shares of DKK 1.00.
The proceeds from the offering will be used to strengthen the implementation of the FDA application process and the company's overall liquidity.
Peter Mørch Eriksen, CEO, comments: "I am very pleased with the implementation of the fully subscribed issue which has had great backing and interest among investors. Proceeds from the offering will strengthen the company's liquidity considerably and mainly contribute to bring our test for AKI, The NGAL Test™, through the approval process with the FDA when we have completed the dialogue with the FDA about our pre-submission. This means that we can continue our work towards an expected launch for diagnostic use in the US in 2018. "
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.
