NOXXON Raises Amount of € 521 K in Its Rights Issue
NOXXON Pharma N.V. (Paris:ALNOX) (Euronext Growth Paris: ALNOX), a biotechnology company focused on improving cancer treatments by targeting the tumor microenvironment (TME), announces today the results of its rights issue for a limited amount of € 521 K.
Following the subscription period, which ended on July 17, 2019, the capital increase raised a limited amount of € 521 K, i.e. 801,494 shares at a price of € 0.65 per share, including:
- 358,011 new shares subscribed to on an irreducible basis,
- 81,560 new shares subscribed to on a reducible basis,
- 361,923 new shares subscribed based on open orders.
Despite the low demand, as stipulated in the press release of June 26th 2019, the capital increase is proceeds with the subscriptions received.
It should be noted that Dr. J. Donald de Bethizy, Supervisory Board Member, and Aram Mangasarian, CEO, are among subscribers of the operation, a sign of the NOXXON management's continued commitment, despite the disappointment associated with this subscription below the expectations of the Company.
Given these results, NOXXON needs to make some trade-offs in the development of its clinical product portfolio, with the initiation of the Phase I / II trial for the treatment of solid tumors targeting brain cancer / glioblastoma to be shifted later in time.
In the short term, by the end of November 2019, beyond the efforts of the management to once again obtain additional financial resources for the Company, NOXXON will make every effort to sign licensing or co-development partnerships with biopharmaceutical companies, which could allow the Company to obtain upfront and / or milestone payments by licensing certain intellectual property rights on its proprietary molecules NOX-A12 and NOX-E36.
Following the capital increase, the Company will have a share capital of € 109,242.98 consisting of 10,924,298 shares with a par value of € 0.01 each.
The settlement-delivery and trading of the new shares and their admission for trading on the Euronext Growth market in Paris are scheduled for July 23, 2019.
Impact on a shareholder's capital
The participation of a shareholder that held 1.000% of the Company's share capital prior to the issue and who decided not to subscribe to the issue of the new shares has changed as follows: