Bryan, Garnier & Co leads a € 15,6 m capital increase for ExonHit Therapeutics
Share the transaction
Paris, January 11th 2010 – Bryan, Garnier & Co, the independent pan-European investment bank focused on growth companies, announces that it has successfully lead a €15.6 m capital increase for ExonHit Therapeutics. Bryan, Garnier & Co acted as Global Coordinator and Sole Bookrunner on the transaction.
The 4,161,075 new shares were issued at an offering price of €3.75 without rights in a public offering in France combined with a private placement oriented towards institutional investors in France and in Europe. The transaction represented 14.7 % of the company’s equity and voting rights.
Founded in 1997, ExonHit Therapeutics is a fast-emerging healthcare player focused on two activities (diagnostics and therapeutics). It develops innovative molecular diagnostics and therapies for neurodegenerative indications (particularly Alzheimer’s disease) and cancer.
ExonHit Therapeutics is a world leader in the applications of alternative RNA splicing, a process by which a single gene can produce several proteins. When deregulated, this process can contribute to the development of disease. ExonHit Therapeutics’s ability to identify genes whose splice variants produce abnormal proteins can be used to develop diagnostic tests for early-stage disease. Splice variants can also be used as drug development targets.
The company will use the funds from the capital increase to finance a future acquisition in the area of diagnostics, and its operating needs.
ExonHit Therapeutics is seeking a target company based in the United States that specializes in diagnostics, whose area of research is genomic expression and which has a sales force of around ten representatives. Such company should have placed on the market an initial molecular diagnostic test, preferably in the area of cancer or neurodegenerative diseases.
“This transaction will enable us to strengthen our sales force and boost the market penetration of our AclarusDx™ Alzheimer’s blood test”, commented Loïc Maurel, MD, President of ExonHit Therapeutics’ Management Board. “We fully met the objectives that we set ourselves for 2009: EHT 0202, our drug candidate in Alzheimer successfully completed its Phase IIa, we launched AclarusDx™ Alzheimer’s test, our first product, renewed our collaboration with Allergan and expanded its scope to include eye diseases, and strengthened our cash position.”
Olivier Garnier de Falletans, Managing Partner at Bryan, Garnier & Co commented: “This successful operation demonstrates the ability of our experienced investment bankers to provide first class public transaction advice and financing and deliver industry-specific solutions to our clients. This operation strengthens our position as a leading European investment bank in capital raising transactions & financing needs for strong growth companies.”
Christian Finan, Equity Capital Markets Director at Bryan, Garnier & Co stated: “Enabling ExonHit Therapeutics to finance its external growth strategy while helping it to structure its shareholder base will allow the company to accelerate its growth. It is also most valuable for the company as it will help build a strong equity story necessary for future capital market transactions and other strategic finance operations”
For more information, please contact:
Olivier Garnier / Managing Partner / +33 1 56 68 75 71 | ogarnier@bryangarnier.com
Christian Finan /Director – Equity Capital Markets / +33 1 56 68 75 30 | cfinan@bryangarnier.com
Catherine Trividic / Director – Healthcare Corporate Finance / +33 1 56 68 75 05 | ctrividic@bryangarnier.com
Fabien Blondel / Associate – Corporate Finance / +33 1 56 68 75 38 | fblondel@bryangarnier.com
About ExonHit Therapeutics
ExonHit Therapeutics (Alternext: ALEHT) is a fast-emerging healthcare player active in both therapeutics and diagnostics. The company is applying its proprietary technology (based on the analysis of alternative RNA splicing) to the development of innovative molecular diagnostic tests and therapeutics for neurodegenerative and cancer indications. ExonHit has a balanced investment strategy with both internal development programs and strategic collaborations (particularly with bioMérieux and Allergan). ExonHit is headquartered in Paris, France, and has U.S. offices in Gaithersburg MD. The company is listed on the Alternext market at NYSE Euronext Paris.