PARIS: GenSight Biologics has announced that the company has successfully raised €30 million in an oversubscribed private placement with European and US institutional investors.
The Company has issued 4.477 million new ordinary shares with a nominal value of €0.025 each, for total gross proceeds of approximately €30 million by means of an accelerated book building process to the benefit of categories of persons. The book was largely oversubscribed, based on demand from new investors.
The issue price of the New Shares is €6.70 per share, representing a 9.0% discount to the last closing share price and a 12.7% discount to the volume weighted average of the share prices on Euronext Paris for the last five trading sessions preceding the date on which the issuance price is set (i.e., March 19, 22, 23, 24 and 25, 2021), in accordance with the 19th resolution of the combined annual general meeting of shareholders of the Company held on April 29, 2020.
The Company intends to use the net proceeds from the Reserved Offering to (i) prepare the Biologics License Application (BLA) submission in the United States for LUMEVOQ; (ii) prepare the commercial launch of LUMEVOQ in the United States and other territories and (iii) accelerate the advancement of GS030 with the preparation of a Phase III trial for the treatment of Retinitis Pigmentosa and a Phase I/II trial for the treatment of Dry AMD.
Based on its forecasted expenses, the cash at December 31, 2020 and the net proceeds from the present offering, the Company believes it will be able to fund its operations into at least the second quarter of 2023.
GenSight Biologics S.A. is a clinical-stage biopharma company focused on developing and commercializing innovative gene therapies for retinal neurodegenerative diseases and central nervous system disorders. (https://www.gensight-biologics.com)