Options to acquire 57 million ordinary shares at $0.013 per share and 5 million shares at $0.0377 per share were all exercised. The majority of the options were held by interests of Neuren's largest shareholder, Langley Walker.
Following the exercise of all options, Neuren now has 1,842 million issued ordinary shares, including 50 million that are currently unquoted. The ordinary shares include those previously issued in a loan funded share incentive plan, under which the shares are held in trust and may not be transferred until the loan to acquire the shares has been repaid to Neuren. The repayment of the loans would provide additional cash funding to Neuren. Details of the issued loan funded shares are shown in the following table:
Number of shares | Issue price | Total loans outstanding | Loans expiry date |
40 million (vested) | $0.039 | $1,560,000 | 13 May 2018 |
30 million (unvested) | $0.092 | $2,760,000 | 28 May 2019 |
20 million (unvested) | $0.082 | $1,640,000 | 4 May 2020 |
Neuren Pharmaceuticals Limited (Neuren) is a biopharmaceutical company developing new therapies for brain injury, neurodevelopmental and neurodegenerative disorders. The novel drugs target chronic conditions as well as acute neurological injuries. Neuren presently has a clinical stage molecule, trofinetide in Phase 2 clinical trials as well as NNZ-2591 in pre-clinical development.
Forward-looking Statements
This ASX-announcement contains forward-looking statements that are subject to risks and uncertainties. Such statements involve known and unknown risks and important factors that may cause the actual results, performance or achievements of Neuren to be materially different from the statements in this announcement.
For more information, please contact:Dr Richard Treagus, Executive Chairman: rtreagus@neurenpharma.com ; +61 417 520 509
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Neuren Pharmaceuticals Limited published this content on 28 October 2016 and is solely responsible for the information contained herein.
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