Copenhagen, Denmark - 28 October, 2011 - Topotarget A/S (NASDAQ OMX: TOPO.CO) has issued 50,000 warrants to members of the board.
The programme comprises a total of 50,000 warrants, which will be issued to Dr Karsten Witt and Dr Gisela Schwab.
Each warrant entitles the holder to subscribe one share
of nominal DKK 1 in the company against cash contribution of
DKK 1.90. The exercise price corresponds to the average price
of the company's shares over the last ten trading days
prior to the issue. Using the Black-Scholes model, the market
value of the warrant programme can be calculated at DKK 1.30
per warrant. The calculation is based on a volatility of 72.1
% and a risk-free interest rate of 2.05 %.
The warrants vest in blocks of 25%, 25% and 50% on 27 October
2012, 2013 and 2014 respectively. Warrants may be exercised
within a period of seven years from the date of grant. The
exercise period for each block is fixed at fourteen days
after the publication of the company's annual report for
2012, 2013 and 2014 and thereafter fourteen days after
subsequent full-year and half-year reports. The last exercise
of the granted warrants has been fixed at fourteen days after
the publication of the company's annual report for
2018.
In accordance with Section 28a of the Danish Securities Trading Act, the company hereby makes public that the following board members received warrants:
Board member:
Dr Karsten Witt |
25,000 warrants |
Topotarget A/S
For further information, please contact:
Francois Martelet, CEO |
Direct: +45 39 17 83 41 |
Anders Vadsholt, CFO |
Direct: +45 39 17 83 45 |
Annette Lykke, IR |
Direct: +45 39 17 83 44 |
Background information
About Topotarget
Topotarget (NASDAQ OMX: TOPO.CO) is a Scandinavian-based
international biotech company headquartered in Denmark,
dedicated to improve cancer therapies. In collaboration with
Spectrum Pharmaceuticals Inc. Topotarget currently focuses on
the development in pivotal studies of its lead drug
candidate, belinostat, which has demonstrated a clear
anti-neoplastic effect in both hematological malignancies and
solid tumors. Belinostat can be used in combination with full
doses of chemotherapy, and is currently in a pivotal trial
within PTCL (peripheral T-cell lymphoma) and phase II in
cancer of unknown primary site (CUP). Topotarget's cancer
drug target is HDAC. Totect®is a
product on the market developed from Topotarget's drug
discovery technology. Totect®is
marketed by the company's own sales specialists in the
US. The European rights to
Savene®were divested in March 2010
as a consequence of the focus to develop and commercialize
belinostat. For more information, please refer to
www.topotarget.com.
Topotarget Safe Harbour Statement
This announcement may contain forward-looking statements,
including statements about our expectations of the
progression of our preclinical and clinical pipeline
including the timing for commencement and completion of
clinical trials and with respect to cash burn guidance. Such
statements are based on management's current expectations
and are subject to a number of risks and uncertainties that
could cause actual results to differ materially from those
described in the forward-looking statements. Topotarget
cautions investors that there can be no assurance that actual
results or business conditions will not differ materially
from those projected or suggested in such forward-looking
statements as a result of various factors, including, but not
limited to, the following: The risk that any one or more of
the drug development programs of Topotarget will not proceed
as planned for technical, scientific or commercial reasons or
due to patient enrollment issues or based on new information
from non-clinical or clinical studies or from other sources;
the success of competing products and technologies;
technological uncertainty and product development risks;
uncertainty of additional funding; Topotarget's history
of incurring losses and the uncertainty of achieving
profitability; Topotarget's stage of development as a
biopharmaceutical company; government regulation; patent
infringement claims against Topotarget's products,
processes and technologies; the ability to protect
Topotarget's patents and proprietary rights;
uncertainties relating to commercialization rights; and
product liability exposure; We disclaim any intention or
obligation to update or revise any forward-looking
statements, whether as a result of new information, future
events, or otherwise, unless required by law.