Paris, January 6th 2009 - Bryan, Garnier & Co, the independent pan-European investment bank focused on growth companies, today announced it has advised ExonHit Therapeutics on a free allocation of subscription warrants to all its shareholders (Alternext - ISIN : FR0004054427 ; ticker : ALEHT).
The free warrants have been allocated to all shareholders of the Company on December 24, 2008 and have been listed on Alternext the same day. They will be exercisable until June 30, 2009. The exercice price of the warrants represented a 30% premium to the last price prior to allocation.
Bryan, Garnier & Co. acted as lead manager and advisor to the company.
The free allocation of subscription warrants aims to:
- Allow shareholders to participate in the significant increase in ExonHit Therapeutics development program;
- Raise funds to provide the Company with additional means to fund the clinical development plan of the drug candidate EHT 0202 and the diagnostic test EHT Dx21 and eventually allow the company to finance new programs.
Should all the warrants allocated be exercised, the total proceeds would amount to €9.4 m.
Founded in 1997 ExonHit Therapeutics ExonHit Therapeutics is the world's leader in the analysis of alternative RNA splicing, a process which when deregulated plays a key role in the onset of various diseases. ExonHit Therapeutics has a multi-component commercial strategy to capture the maximum value from its leadership in alternative splicing.
The company is listed on Alternext since Novembre 2005.
In the field of diagnostics, ExonHit Therapeutics has a major collaboration with bioMérieux to develop completely novel predictive blood-based cancer diagnostics, which could play a key role in improving the treatment of breast cancer and other major cancers. ExonHit Therapeutics has also a strategic partnership with Allergan, to discover and develop new therapeutics in the areas of pain, neurological diseases and ophthalmology. This collaboration provides on-going research funding to ExonHit Therapeutics. The scope of the collaboration was renewed yesterday and expanded to include epitope discovery for the development of antibody therapeutics in ocular disorders.
Christian Finan, Equity Capital Markets Director at Bryan, Garnier & Co stated: “We usually work on capital raisings for growth companies like ExonHit Therapeutics, but we felt that given the company’s low share price and future news flow a free allocation of warrants would allow current shareholders to benefit from an increase in share price while providing the company with additional means to finance clinical development programs.”
Virginie Lazès, Managing Partner at Bryan, Garnier & Co. commented: “this operation highlights Bryan, Garnier & Co's creativity in the financing of growth companies even in tough market conditions.”
Following a string of capital market operations since the beginning of 2008, this transaction confirms the leadership of Bryan, Garnier & Co with regards to the financing and capital raising of European growth companies. Since 1998, Bryan, Garnier & Co has successfully led more than 50 fundraisings for growth companies, having raised several hundred million Euros over the past few years thanks to an experienced team of investment bankers and sector specialists, who share with the bank’s clients their insightful knowledge of new technologies and capital markets.
Loïc Maurel, CEO of ExonHit Therapeutics, added, “We are particularly pleased to issue these warrants to our shareholders in order to allow them to benefit from the increase in value that we expect. It is a way for us to thank all the investors who expressed their confidence in our company. This potential fundraising will enable ExonHit Therapeutics to accelerate growth through further development of our portfolio in order to build shareholder value.”