Biophytis Announces Pricing of $20.1 Million U.S. Initial Public Offering of American Depositary Shares and Approval to List on Nasdaq Capital Market

PARIS and CAMBRIDGE, Mass., Feb. 10, 2021 (GLOBE NEWSWIRE) -- Biophytis (Euronext Growth Paris: ALBPS) (“Biophytis” or the “Company”), a clinical-stage biotechnology company focused on the development of therapeutics that slow the degenerative processes associated with aging and improve functional outcomes for patients suffering from age-related diseases, including severe respiratory failure in patients suffering from COVID-19, today announces the pricing of its previously announced U.S. initial public offering of 12,000,000 new ordinary shares represented by 1,200,000 American Depositary Shares (“ADSs”), with each ADS representing 10 ordinary shares, at an initial public offering price of $16.75 per ADS (the “ADS Offering”). The aggregate gross proceeds from the ADS Offering are expected to be $20.1 million, before deducting the underwriting discounts and commissions and offering expenses payable by the Company. The offering is expected to close on or about February 12, 2021, subject to satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as sole book-running manager for the ADS Offering.

In connection with the ADS Offering, Biophytis has granted the underwriter a 30-day option to purchase up to 180,000 additional ADSs at the initial public offering price, less underwriting discounts and commissions (the “Option”).

Biophytis’ ordinary shares are listed on Euronext Growth under the symbol “ALBPS”. Biophytis ADSs have been approved for listing on the Nasdaq Capital Market under the ticker symbol “BPTS” and are expected to begin trading on February 10, 2021 at 10 a.m., Eastern Time. The new ordinary shares (represented by ADSs) will be subject to an application for admission to trading on Euronext Growth on the same trading line as the existing shares under the same ISIN code FR0012816825 and are expected to be admitted to trading on February 12, 2021.

Presentation of the ADS Offering

The ordinary shares (represented by ADSs) to be issued in the ADS Offering will be issued through a capital increase without shareholders' preferential subscription rights by way of a public offering, in accordance with the provisions of Articles L.225-129 et seq. of the French Commercial Code, in particular Articles L.225-129-2, L.225-135 and L.225-136, and in accordance with the provisions of the eighth, thirteenth and fifteenth resolutions of the Company's Ordinary and Extraordinary Shareholders' Meeting held on May 28, 2020. The initial public offering price per new ordinary share is equal to the volume weighted average price of the Company’s ordinary shares on Euronext Growth over the last 10 trading days preceding the day upon which the initial public offering price was determined (i.e., between January 27 and February 9, 2021), with a discount of 11.55%, and has been determined by the Company pursuant to the eighth resolution of the Company's Ordinary and Extraordinary Shareholders’ Meeting held on May 28, 2020.