AB SCIENCE Paris, 20 July 2015 20:00
Permanent InformationAB Science concludes an Equity Line with Crédit Agricole CIB
AB Science SA (Euronext Paris - FR0010557264 - AB), a pharmaceutical company specialised in research, development and commercialisation of protein kinase inhibitors, announced the conclusion of an Equity Line with Crédit Agricole Corporate and Investment Bank ("Crédit Agricole CIB"), as authorised by the Shareholders' Meeting held on 22 June 2015.
Laurent Guy, Chief Financial Officer of AB Science has stated that: "Even though we do not currently need it since our cash position is above 25 million euros, this equity financing facility allows the diversification of our financial resources and is a flexible solution to finance potential new developments."
Under the terms of the agreement, Crédit Agricole CIB has committed to purchase new shares during a 36- month commitment period, within the global limit of 3,340,000 shares, representing 9.85% of the shares currently outstanding.
Should the entire Equity Line be drawn down and resulting in the issuance of 3,340,000 new shares, a shareholder who currently owns 1% of the Company's share capital would experience a reduction of his / her ownership to 0.91%1 on a non-diluted basis and to 0.67% on a diluted basis.
For each drawdown, the subscription price is computed as the volume weighted average share price during the three trading days preceding the effective date of subscription, with a discount capped at 5% and depending on the size of the drawdown. The new shares issued will be subsequently sold on- or off-market by Crédit Agricole CIB.
AB Science has no minimum drawdown obligation, and will use the facility at its sole discretion if market conditions are favourable and in the best interests of both the Company and its shareholders.
Based on the current share price, the amount of equity that could be raised through this Equity Line could reach a total of approx. EUR 50 million.
By way of illustration, based on the latest share prices and the consolidated financial statements as at 31
December 2014, the per-share value of consolidated shareholders' equity attributable to the group would be as follows:
Consolidated Shareholders' Equity per share (in euros) | ||
Non-diluted basis | Diluted basis | |
Before issuance of 3,340,000 shares | -0.53 | +3.17 |
After issuance of 3,340,000 shares | +0.9 | +3.96 |
This equity line comes on top and does not replace the PACEO® that the Company has in place since July
2014.
1 Based on 33,920,121 shares representing AB Science's share capital as of 30 June 2015.
About AB Science
Founded in 2001, AB Science is a pharmaceutical company specializing in the research, development and commercialisation of protein kinase inhibitors ("PKIs"), a new class of targeted molecules whose action is to modify signaling pathways within cells. Through these PKIs, the Company targets diseases with high unmet medical needs (cancer, inflammatory diseases, and central nervous system diseases), in both human and veterinary medicines.
AB Science has developed a proprietary portfolio of molecules and the Company's lead compound, masitinib, has already been registered for veterinary medicine in Europe and in the USA, and is pursuing fourteen phase 3 studies in human medicine in first-line and second-line GIST, metastatic melanoma expressing JM mutation of c-Kit, multiple myeloma, T-cell lymphoma, metastatic colorectal cancer, metastatic prostate cancer, pancreatic cancer, mastocytosis, severe persistent asthma, rheumatoid arthritis, Alzheimer's disease, progressive forms of multiple sclerosis, and Amyotrophic Lateral Sclerosis. The Company is headquartered in Paris, France, and listed on Euronext Paris (ticker: AB).
More information is available on our website: www.ab-science.com
* * * AB Science - Financial Communication & Press Relationshipinvestors@ab-science.com
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