DEINOVE: Issuance of a 3rd Tranche of €1.5 Million of Notes Convertible Into New Shares
17 Juin 2020 - 6:30PM
Business Wire
DEINOVE immediately strengthens its cash
position by €1.5 million
Regulatory News:
This announcement is not intended to be released, published or
distributed, directly or indirectly, in the United States of
America, in Canada, Australia or Japan.
DEINOVE (Euronext Growth Paris: ALDEI) (Paris:ALDEI), a French
biotech company that uses a disruptive approach to develop
innovative antibiotics and bio-based active ingredients for
cosmetics, announces today the issuance of a 3rd tranche of notes
convertible into new shares (the "OCA") as part of the
agreement reached on July 9, 20191 with the European Select Growth
Opportunities Fund (the "Investor") relating to a financing
through the issuance of OCA for a maximum nominal amount of €15
million, with a 6.5% face discount upon conversion into shares, not
bearing interest and with no stock subscription warrants attached,
over a maximum period of 24 months.
This 3rd tranche is composed of 150 OCA with a nominal value of
EUR 10,000 each, representing a total amount of EUR 1,500,000,
fully subscribed by the Investor today, in accordance with the
contract signed on July 9, 2019.
The characteristics of the OCA and their theoretical dilutive
impact are detailed in the press release dated July 9, 2019.
DEINOVE recalls that all of the 220 OCA issued under the first
tranche and 86 out of the 100 OCA issued under the second tranche
have already been converted to date.
Objectives
The objectives of this issue for DEINOVE are to (i) finance the
need for working capital, (ii) continue the development and
marketing of natural active ingredients for the cosmetic industry,
(iii) continue the Phase II clinical trial in the United States
testing DNV3837, its most advanced antibiotic candidate for the
treatment of severe gastrointestinal infections caused by
Clostridiodes difficile and (iv) discover new antibiotic leads
based on its integrated and automated, high content, screening
platform.
It is further recalled that DEINOVE and the Investor entered on
April 2, 2020 into an amendment to the contract concluded on July
9, 20192.
ABOUT DEINOVE
DEINOVE is a French biotechnology company, a leader in
disruptive innovation, which aims to help meet the challenges of
antibiotic resistance and the transition to a sustainable
production model for the cosmetics and nutrition industries.
DEINOVE has developed a unique and comprehensive expertise in
the field of rare bacteria that it can decipher, culture, and
optimize to disclose unsuspected possibilities and induce them to
produce biobased molecules with activities of interest on an
industrial scale. To do so, DEINOVE has been building and
documenting since its creation an unparalleled biodiversity bank
that it exploits thanks to a unique technological platform in
Europe.
DEINOVE is organized around two areas of expertise:
- ANTIBIOTICS, New-generation anti-infective drugs: A
first antibiotic candidate, DNV3837, is in Phase II. The Company is
also pursuing the systematic exploration of biodiversity to supply
its portfolio with new leads, drawing notably on partnerships with
bioMérieux and Naicons (AGIR program supported by Bpifrance).
- BIOACTIVES, Active ingredients of natural origin with
cosmetics as the first market. DEINOVE already markets four
cosmetic active ingredients, proprieraty or developed in
partnership with Greentech and Hallstar France, and has a number of
products in development.
Within the Euromedecine science park located in Montpellier,
DEINOVE employs 60 employees, mainly researchers, engineers, and
technicians, and has filed about 350 patent applications
internationally. The Company has been listed on EURONEXT GROWTH®
since April 2010.
Visit www.deinove.com
1 Press release dated July 9, 2019 available on the Company's
website
(http://www.deinove.com/en/news/all-press-releases/issuance-notes-convertible-new-shares-maximum-amount-eu15m-issuance-first-eu22-million-tranche)
2 Press release dated April 3, 2020 available on the Company's
website(http://www.deinove.com/en/news/all-press-releases/issuance-2nd-tranch-eu1-million-notes-convertible-new-shares)
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version on businesswire.com: https://www.businesswire.com/news/home/20200617005288/en/
Investors Coralie Martin Communication, Marketing
and Investor Relations Ph.: +33 (0)4 48 19 01 60
coralie.martin@deinove.com Media ALIZE RP Caroline Carmagnol
Ph.: +33 (0)6 64 18 99 59 deinove@alizerp.com