Biophytis Announces Launch of a Public Offering of Share Subscription Warrants
(BSA) with an Irreducible Priority Subscription Period for Existing
Paris, (France), Cambridge (Massachusetts, United States), April 7, 2020, 8:00
a.m. CEST - Biophytis SA (Euronext Growth Paris: ALBPS a clinical-stage
biotechnology company specialized in the development of drug candidates for
treatment of aged related diseases, amongst which neuromuscular diseases, today
announces the launch of a public offering, of 7,445,123 Share Subscription
Warrants (BSA), at a unit price of EUR0.06 by way of a public offering with an
irreducible priority subscription period for existing shareholders. The offer
could be increased to 7,475,708 BSA pursuant to an extension clause.
The proposed issuance of the 7,445,123 BSA, to be subscribed in cash, will be
carried out with shareholders preferential right of subscription removed. The
Offer will include (i) a priority period for shareholders on an irreducible
basis only, with 3 BSA for 16 shares as of April 8, 2020 (rounded to the higher
unit if the number of shares is not a multiple of 16) and (ii) an extension
clause to increase the issue to 7,475,708 BSA.
The subscription price will be 0.06 euro per BSA.
Shareholders registered as of April 8, 2020 will benefit from a non-negotiable
and non-transferable subscription priority period, from April 9, 2020 to April
21, 2020 included at 12:00 p.m. (Paris time).
As part of the priority period, the Company's shareholders will be able to
subscribe on an irreducible basis to the extent of their shares in the
Company's capital pursuant to the parity here above. There are no plans to
subscribe on a reducible basis as part of the priority period.
Unsubscribed BSAs will then be offered as a priority to the Company's employees
and executive officers within the limits of their requests. The Priority Period
relates to the initial issuance amount, excluding the extension clause.
The BSAs that remain unsubscribed following the above mentioned priorities
including the Company's shareholders, employees and executive officers, will be
part of a public offering (including the Company's shareholders in case of
additional requests) open in France from April 9, 2020 to April 21, 2020
included, at 12pm (Paris time).
The extension clause will allow the subscription of a maximum of 30,585
additional BSA at the offer price.
The settlement-delivery of the BSA issue is scheduled for April 30, 2020. Newly
issued BSAs will bear rights from that date.
BSA will trade on Euronext Growth under the code ISIN FR0013507290. BSA
admission to Euronext Growth trading will take place on 5 May 2020.
The BSA can be exercised for a period of 5 years from the date of
settlement-delivery, at an exercise price of EUR0.27 per new share. Each BSA
will give its holder the right to subscribe to one (1) new Biophytis share.
The new shares resulting from exercise of the BSA will be ordinary shares
equivalent to the Company's existing shares. They will become immediately
effective and grant holders, upon delivery, all the rights attached to the
shares, and will be subject to periodic requests for trading admission on
Euronext Growth, under the same listing as the existing shares.
The net proceeds from the issuance of BSA and the resulting capital increase
will be used by the Company to strengthen its financial resources, contributing
particularly to funding (i) the finalization of the Phase 2b study for
Sarconeos (BIO101) in Sarcopenia, in view to obtain proof of concept clinical
data, regarding the product's efficacy, safety and tolerance in severely
affected patients, (ii) the launch of the MYODA clinical study in Duchenne
myopathy and (iii) the implementation of the new COVA clinical development
program. The proceeds will complement the financing tools already in place and
will allow the Company to fund its operations beyond the next 12 months.
This public offering is described in a Synthetic Information Document (DIS)
posted on the websites of the AMF and Biophytis.
Biophytis SA is a clinical-stage biotechnology company specialized in the
development of drug candidates to slow down degenerative processes and improve
functional abilities in patients with age- related diseases, especially
Sarconeos (BIO101), our leading drug candidate, is a small molecule,
administered orally, currently in clinical Phase 2b in sarcopenia (SARA-INT) in
the United States and Europe. A pediatric formulation of BIO101 is being
developed for the treatment of Duchenne Muscular Dystrophy (DMD). The company
plans to start the clinical development in H2 2020.
Sarconeos (BIO101) will also be developed as a treatment for Covid-19
(Coronavirus) for which the company has filed a clinical trial application with
the French Regulatory Authority (ANSM).
The company is based in Paris, France, and Cambridge, Massachusetts. The
company's common shares are listed on the Euronext Growth Paris market (Ticker:
ALBPS -ISIN: FR0012816825). For more information www.biophytis.com.
This press release contains forward-looking statements. While the Company
considers its projections to be based on reasonable assumptions, these
forward-looking statements may be called into question by a number of hazards
and uncertainties, so that actual results may differ materially from those
anticipated in such forward- looking statements. For a description of the risks
and uncertainties likely to affect the results, BIOPHYTIS' financial position,
performance or achievements and thus cause a change from the forward-looking
statements, please refer to the "Risk Factors" section of the Company's 2018
Annual Report available on BIOPHYTIS website ( www.biophytis.com).
This press release, and the information contained in it, does not constitute an
offer to sell or subscribe, nor the solicitation of a purchase or subscription
order, of BIOPHYTIS shares in any country. The elements contained in this
communication may contain forward-looking information involving risks and
uncertainties. The Company's actual achievements may differ materially from
those anticipated in this information due to different risk and uncertainty
factors. This press release was written in French and English; If there is a
difference between the texts, the French version will prevail.
Biophytis Contact for Investor Relations
Evelyne Nguyen, CFO