DGAP-News

PAION AG PLANS CAPITAL INCREASE WITH SUBSCRIPTION RIGHTS BY ISSUING UP TO 18.5 MILLION SHARES TO FUND THE REMIMAZOLAM PROGRAMMES REQUIRED FOR APPROVAL IN THE US AND EU

DGAP-News: PAION AG / Key word(s): Corporate Action
PAION AG PLANS CAPITAL INCREASE WITH SUBSCRIPTION RIGHTS BY ISSUING UP
TO 18.5 MILLION SHARES TO FUND THE REMIMAZOLAM PROGRAMMES REQUIRED FOR
APPROVAL IN THE US AND EU

11.04.2014 / 10:58

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PRESS RELEASE

PAION AG PLANS CAPITAL INCREASE WITH SUBSCRIPTION RIGHTS BY ISSUING UP TO
18.5 MILLION SHARES TO FUND THE REMIMAZOLAM PROGRAMMES REQUIRED FOR
APPROVAL IN THE US AND EU

- Planned use of proceeds: Approx. EUR 20-25 million for the US
development, approx. EUR 15-20 million for the EU development and
approx. EUR 5-10 million for premarketing activities for Remimazolam

- Decision on capital increase planned for Annual General Meeting on 21
May 2014

Aachen (Germany), 11 April 2014 - The biopharmaceutical company PAION AG
(ISIN DE000A0B65S3; Frankfurt Stock Exchange Prime Standard: PA8) has today
decided by resolution of the Management Board and with approval of the
Supervisory Board of the same day, to recommend to the Annual General
Meeting to resolve upon a capital increase by issuing up to 18.5 million
shares. The resolution on this capital increase is planned to be adopted at
the upcoming Annual General Meeting, which will be held on 21 May 2014. The
capital increase will be implemented following a decision by the Annual
General Meeting in the second quarter 2014.

It is planned to offer the new shares first to the shareholders of the
company by way of indirect subscription rights. A trading in subscription
rights shall be set up. All new shares that are not subscribed for shall be
placed with institutional investors by way of an accelerated bookbuilt
offering. The subscription price shall be determined by the Management
Board immediately before the beginning of the subscription period at an
appropriate discount to the share price.

The net proceeds from the offering shall be used primarily for the further
development of Remimazolam in the US and the EU. For the completion of the
Phase III programs PAION currently anticipates, subject to further
consultations with the regulatory authorities, costs in the amount of
approximately EUR 20-25 million for the US and approximately EUR 15-20
million for the EU. Remaining proceeds from the capital increase in the