April 25, 2023
Announcement no. 6
Grant of Warrants
COPENHAGEN, DENMARK and BOSTON, MA, USA, April 25, 2023, (GLOBE NEWSWIRE) – The Board of Directors of BioPorto A/S (“BioPorto” or the “Company”) (CPH:BIOPOR) has, in accordance with its current authorization, today issued 4,987,721 warrants to the executive management of BioPorto for the subscription of an equal number of shares.
The warrants are issued in accordance with the Company’s remuneration policy and the authorization in section 18 a of the Articles of Association.
Each warrant grants the holder the right to subscribe for one share in BioPorto. The exercise price is DKK 1.532 per share, corresponding to the closing price today on Nasdaq Copenhagen. The warrants will only vest upon the achievement of certain performance criteria. With respect to each holder, 50% of the warrants will vest in twenty-four (24) equal tranches on the first day of each month following the Company achieving marketing rights from the FDA for The NGAL Test for pediatric use, and the remaining 50% will vest in twelve (12) equal tranches on the first day of each month following the Company achieving regulatory approval that expands clinical indication to include expanded pediatric indication outside the Intensive Care Unit, or any adult indications, in the United States. The warrants also include conditions on claw-back in case of e.g., erroneous financial information and provisions on accelerated vesting in case of e.g., a takeover bid and/or business combinations.
Detailed terms of the new and existing warrants, including applicable vesting schedules and performance criteria, can be found in the Articles of Association on www.bioporto.com under Investor Relations> Governance> Company Articles.
The theoretical market value of the newly issued warrants is DKK 3,480,000. The calculation is based on the Black-Scholes formula using an interest rate of 2.92% and the historical volatility of BioPorto A/S’ shares over 33 months calculated to 68.95%.
For investor inquiries, please contact:
Tim Eriksen, EU Investor Relations, Zenith Advisory, +45 4529 0000, investor@bioporto.com
Ashley R. Robinson, US Investor Relations, LifeSci Advisors, +1 617 430 7577, arr@lifesciadvisors.com
About BioPorto
BioPorto is an in vitro diagnostics company focused on saving lives and improving the quality of life with actionable biomarkers – tools designed to help clinicians make changes in patient management. The Company uses its expertise in antibodies and assay development, as well as its platform for assay development, to create a pipeline of novel and compelling products that focus on conditions where there is significant unmet medical need, and where the Company’s tests can help improve clinical and economic outcomes for patients, providers, and the healthcare ecosystem.
The Company’s flagship product, The NGAL TestTM, is designed to aid in the risk assessment of Acute Kidney Injury (AKI), a common clinical syndrome that can have severe consequences, including significant morbidity and mortality if not identified and treated early. With the aid of The NGAL Test, physicians can identify patients potentially at risk of AKI more rapidly than is possible with current standard of care measurements, enabling earlier intervention and more tailored patient management strategies. The NGAL Test is CE marked and registered in several countries worldwide.
BioPorto has facilities in Copenhagen, Denmark and Boston, MA, USA. The shares of BioPorto A/S are listed on the Nasdaq Copenhagen stock exchange. For more information visit www.bioporto.com.
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