TopoTarget A/S
Symbion
Fruebjergvej 3
DK 2100 Copenhagen
Denmark
Tel: +45 39 17 83 92
Fax: +45 39 17 94 92
CVR-nr: 25695771
www.topotarget.com
Copenhagen, Denmark, 26 March 2010 - TopoTarget A/S (NASDAQ OMX: TOPO) has
issued 142,750 warrants to its Executive Management.
TopoTarget A/S' board of directors has today resolved to issue 142,750 warrants
to the company's Chief Executive Officer Francois Martelet.
The aim of the issue is to provide an incentive to work towards a positive
business performance and, by extension, an increase in the company's value and
the market price of the company's shares.
Each warrant entitles the holder to subscribe one share of nominal DKK 1 in the
company against cash contribution of DKK 5.26. The exercise price corresponds
to the average price of the company's shares over the last ten trading days
prior to the issue. Using the Black-Scholes model, the market value of the
warrant programme can be calculated at DKK 4.14 per warrant. The calculation is
based on a volatility of 89,51% and a risk-free interest rate of 3.10%.
The warrants vest in blocks of 25%, 25% and 50% on 26th March 2011, 2012 and
2013 respectively. Warrants may be exercised within a period of seven years
from the date of grant. When vested, the warrants may be exercised in exercise
periods of fourteen days after the first publication of either the company's
full-year or half-year reports, and thereafter 14 days after publication of the
company´s full-year and half-year reports. The last exercise of the granted
warrants has been fixed at fourteen days after the publication of the company's
annual report in 2018.
This announcement also serves as a company announcement to be made public in
accordance with Section 28a of the Danish Securities Trading Act.
TopoTarget A/S
For further information, please contact:
Ulla Hald Buhl Telephone +45 39 17 83 92
Director IR & Communications Mobile +45 21 70 10 49
Background information
About TopoTarget
TopoTarget (NASDAQ OMX: TOPO) is an international biotech company headquartered
in Denmark, dedicated to finding ''Answers for Cancer'' and developing improved
cancer therapies. TopoTarget currently focuses, in collaboration with Spectrum
Pharmaceuticals, Inc., on the development in pivotal studies of its lead drug
candidate, Belinostat, which has shown proof of concept as monotherapy in
treating haematological malignancies and positive results in solid tumours.
Belinostat can be used in combination with full doses of chemotherapy, and is
in a pivotal trial within PTCL (peripheral T-cell lymphoma). TopoTarget's
expertise in translational research is based on utilising its highly predictive
in vivo and in vitro cancer models. TopoTarget is directing its efforts on key
cancer targets, including HDACi, NAD+, mTOR, FASLigand and topoisomerase II
inhibitors. The Company's first marketed product, Savene®/Totect®, was approved
by EMEA in 2006 and the FDA in 2007, and is marketed by TopoTarget's own sales
force in the US. For more information, please refer to www.topotarget.com.
TopoTarget Safe Harbour Statement
This announcement may contain forward-looking statements, including statements
about our expectations of the progression of our preclinical and clinical
pipeline including the timing for commencement and completion of clinical
trials and with respect to cash burn guidance. Such statements are based on
management's current expectations and are subject to a number of risks and
uncertainties that could cause actual results to differ materially from those
described in the forward-looking statements. TopoTarget cautions investors that
there can be no assurance that actual results or business conditions will not
differ materially from those projected or suggested in such forward-looking
statements as a result of various factors, including, but not limited to, the
following: The risk that any one or more of the drug development programs of
TopoTarget will not proceed as planned for technical, scientific or commercial
reasons or due to patient enrolment issues or based on new information from
non-clinical or clinical studies or from other sources; the success of
competing products and technologies; technological uncertainty and product
development risks; uncertainty of additional funding; TopoTarget's history of
incurring losses and the uncertainty of achieving profitability; TopoTarget's
stage of development as a biopharmaceutical company; government regulation;
patent infringement claims against TopoTarget's products, processes and
technologies; the ability to protect TopoTarget's patents and proprietary
rights; uncertainties relating to commercialization rights; and product
liability expo-sure; We disclaim any intention or obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events, or otherwise, unless required by law.
