Vivoryon Therapeutics Completes Private Placement Raising EUR 21MApril 1, 2022
Vivoryon Therapeutics N.V. has completed a private placement by way of accelerated bookbuilding, placing 2,000,000 registered shares at an offering price of EUR 10.50 per share.
The new shares from the capital increase represent 10% of Vivoryon’s existing issued share capital and have been issued from the company’s authoritzed capital under exclusion of the existing shareholders’ pre-emptive rights. As a consequence, the company’s issued share capital will increase to EUR 22,050,482.00, Vivoryon announced in a press release.
The gross proceeds of the offering amount to approximately EUR 21.00 million. Vivoryon said that it intends to use the net proceeds from the offering to support the ongoing clinical development of its lead candidate varoglutamstat, currently in Phase 2 in Europe and the United States for the treatment of patients with Alzheimer’s disease, as well as for general corporate purposes.
The shares were placed to high-quality institutional investors from across Europe and the United States, as well as to certain members of the Board of Directors, the company said.
“We are grateful to our existing shareholders, including members of our Board of Directors, and our new investors for their support and for recognizing the potential of Vivoryon, our technology and our steady advances in clinical development of varoglutamstat”, commented Dr. Ulrich Dauer, CEO of Vivoryon Therapeutics. “We look forward to an exciting year with a number of important milestones on our path towards developing medicines for patients suffering from Alzheimer’s disease around the world.”
The new shares are expected to be admitted to trading on Euronext Amsterdam on April 5, 2022. Payment and settlement is expected to take place on April 5, 2022.