Vivoryon Therapeutics N.V., a clinical stage company focused on discovery and development of small molecule medicines to modulate the activity and stability of pathologically altered proteins, has announced the launch of a private placement by way of an accelerated bookbuilding process to institutional investors offering up to 2,000,000 newly issued registered shares, representing up to approximately 10% of the company’s issued share capital.
The new shares will be issued from the company’s authorized capital under exclusion of the existing shareholders’ pre-emptive rights. Vivoryon intends to use the net proceeds from the offering to support the ongoing clinical development of its lead product 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 company said.
The new shares are to be offered to qualified investors as part of a private placement (accelerated bookbuilding), which will be initiated immediately after this announcement. If new shares are also to be offered to institutional investors in the United States of America, this will be done exclusively in accordance with Rule 144A of the Securities Act of 1933. The results of the private placement, including the number of new shares and the offer price per share will be announced upon completion of the bookbuilding process, which is expected prior to market opening on April 1, 2022.