The Placing was completed at a subscription price of €9.00 per share and represented 14.8% of the issued share capital of the Company prior to the transaction.
The new ordinary shares will rank pari passu in all respects with the currently outstanding shares of the Company and are expected to be listed and traded on Euronext Amsterdam and Euronext Brussels on March 15, 2018.
Following the Placing, the issued share capital of the Company will consist of 20,115,092 ordinary shares.
Kiadis Pharma CEO Arthur Lahr said: "This €23.4 million private placement will fund the Company into H2 2019 and thus well beyond potential EU approval and into potential European launch of ATIR101(TM). The offering was oversubscribed and allowed us to make full use of the remaining authority to issue new shares as granted by the shareholders.
“Strong interest from existing and new specialized biotech investors from Europe and the US further validates Kiadis Pharma's great progress and potential. With more than €60 million raised in the last 10 months, we have now successfully financed the Company towards major near-term milestones."
Kiadis Pharma intends to use the net proceeds of the Placing to:
- continue the Phase 3 international, randomized, controlled, multicentre clinical trial for ATIR101 in the United States, Canada and Europe;
- generate additional manufacturing capacity at vendors and to refurbish, equip and staff its leased manufacturing facility;
- further prepare the Company for commercialization by investing into a commercial organization, market access preparation and reimbursement discussions;
- support further production process optimization of ATIR;
- expand the organization to accommodate the increased number of activities;
- start a further clinical trial to assess the benefit of ATIR101 in conjunction with another T-cell depleted hematopoietic stem cell transplantation (HSCT) protocol or with a cyclophosphamide-based haploidentical transplantation protocol;
- apply funds for debt repayment, capital expenditures, general and administrative expenses, general corporate purposes in line with Kiadis Pharma's strategy and other working capital needs; and
- finance potential opportunities to broaden and diversify the research and development portfolio (e.g. through in-licensing or acquiring programs and companies with synergistic or complementary technologies, products and/or product candidates).
Jefferies International Limited acted as Sole Bookrunner, Canaccord Genuity Limited as Lead Manager, Chardan as Co-Lead Manager and LifeSci Capital LLC as Co-Manager in connection with the Placing. Saola Healthcare Partners acted as financial advisor to the Company.