DGAP-News

PAION AG RAISES EUR 8.0 MILLION IN PRIVATE PLACEMENT - Seite 2

The offering in the first step consists of almost 5% of PAION's current registered share capital and will increase the total number of issued shares. The new shares will be admitted to trading on the regulated market of the Frankfurt Stock Exchange.

The transaction is being handled by Dero Bank AG and was supported by Trout Capital LLC.

PAION's CEO Dr. Wolfgang Soehngen commented: "We are highly pleased about the successful placement which allows us to accelerate the preparation of the remimazolam EU Phase III development program in general anesthesia. I would like to thank both the U.S. investor and TIAA-Cref who have supported and continue to support us as investors."


Abdelghani Omari, Chief Financial Officer of PAION AG, added: "We are delighted about the support by these two sophisticated healthcare investors. Today's transaction enables us to further strengthen the financial position of PAION."

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About PAION

PAION AG is a publicly listed specialty pharmaceutical company developing and aiming to commercialize innovative drugs to be used in out-patient and hospital-based sedation, anesthesia and critical care services. PAION's lead compound is remimazolam, an intravenous, ultra-short-acting and controllable benzodiazepine sedative/anesthetic drug candidate which is in the final stage of clinical development for use in procedural sedation in the U.S. Currently, PAION is mainly focusing its business and financial resources on successfully completing its ongoing clinical development program in procedural sedation. Outside the U.S., PAION has so far focused on the development of remimazolam in the indication general anesthesia. A full clinical development program for general anesthesia was completed in Japan and PAION is preparing filing in Japan. In the EU, PAION is currently planning to continue the clinical development program. Development of remimazolam in the indication intensive care unit (ICU) sedation is also part of the longer term life-cycle plan for remimazolam.