DGAP-News

PAION AG ANNOUNCES SUCCESSFUL COMPLETION OF CAPITAL INCREASE WITH SUBSCRIPTION RIGHTS

DGAP-News: PAION AG / Key word(s): Capital Increase PAION AG ANNOUNCES SUCCESSFUL COMPLETION OF CAPITAL INCREASE WITH SUBSCRIPTION RIGHTS 07.04.2021 / 12:16 The issuer is solely responsible for the content of this announcement. NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. PAION AG ANNOUNCES SUCCESSFUL COMPLETION OF CAPITAL INCREASE WITH SUBSCRIPTION RIGHTS

- All new shares were placed

- Subscription rate of 92.41%

Aachen (Germany), 07 April 2021 - The specialty pharmaceutical company PAION AG (PA8; ISIN DE000A0B65S3; Frankfurt Stock Exchange, Prime Standard) today announces that the Company has successfully completed its rights offering. The subscription price was EUR 1.54 per new share. The subscription rate was 92.41%. The remaining shares were successfully placed, in great demand, with institutional investors at the subscription price. A total of 5,095,499 new shares were subscribed and issued under this transaction. The U.S. institutional investor, which has supported the capital increase through a commitment to subscribe all shares not subscribed for by existing shareholders or other investors in connection with the rights offering or sold in connection with the rump placement, has not taken over any new shares.

At completion of this transaction, the Company's share capital will be increased from EUR 66,241,493.00 by EUR 5,095,499.00 to EUR 71,336,992.00 by issuing 5,095,499 new shares. The offering partly utilized existing authorized capital created by resolution at the Annual General Meeting on 27 May 2020. PAION has received gross proceeds of EUR 7.8 million from the rights offering.

PAION will use the net proceeds from the capital increase to prepare commercial launches for its product portfolio in selected European countries and for general corporate purposes.

The transaction was accompanied by ODDO BHF AG.

PAION AG's CEO Dr. Jim Phillips commented: "We appreciate the great interest in the capital increase. This is a clear signal that our shareholders support our path to be a leading specialty pharmaceutical company in the fields of anesthesia and critical care with three products for self-marketing."