Clavis Pharma raises NOK 154 million (EUR 19 million) in a private placement
(Thomson Reuters ONE) -
Funds used to advance development of novel cancer therapeutics
Oslo, Norway, November 18, 2010
Clavis Pharma ASA (OSE: CLAVIS) (the "Company") today announces that the Company
has raised NOK 154 million (equivalent to EUR 19 million) in gross proceeds
through a private placement of 4,400,000 new shares, each with a par value of
NOK 1.00 at a price of NOK 35.00 per share (the "Private Placement").
The Private Placement took place through a bookbuilding process and was managed
by ABG Sundal Collier ASA and Carnegie ASA as joint-lead managers and joint
bookrunners. The Private Placement, which represents approximately 17.3% of the
current outstanding share capital, was well oversubscribed at the issue price
and was supported by existing institutional investors, as well as new
institutional investors.
The net proceeds to the Company from the Private Placement will provide
financial resources to undertake the following key strategic activities:
i) Obtain key data from clinical studies for lead products:
a. Randomised data from the Phase III CLAVELA study for elacytarabine in late-
stage AML patients (data expected mid 2012)
b. Data from the Phase II study for CP-4126 in pancreatic cancer, done in
collaboration with Clovis Oncology (data expected mid 2012)
ii) Prepare for filing and commercialisation of elacytarabine
iii) Achieve pre-clinical proof of concept for CP-4200 and start clinical
program.
iv) Continue the development of companion diagnostics for hENT1 biomarker in
hematological and solid malignancies
v) General corporate activities
Commenting on today's announcement, Olav Hellebø, CEO of Clavis Pharma, said,
"We are very pleased to have concluded this fundraising, closely following the
signing of an extended partnership deal with Clovis Oncology for CP-4126. Both
events demonstrate the confidence investors and partners have in our pipeline
and our LVT technology for creating new and improved cancer therapies from
existing gold-standard drugs. We believe Clavis Pharma is very well-positioned
going into 2011 to generate significant value for shareholders as we deliver a
number of key development milestones."
The Private Placement was divided into two tranches; Tranche 1 and Tranche 2.
Tranche 1, representing 2,115,000 new shares, has been approved by the board of
directors of the Company in accordance with an authorisation given by the
General Meeting held on 20 May 2010. The completion of Tranche 2, representing
2,285,000 new shares, is inter alia subject to the approval by an extraordinary
general meeting of Clavis Pharma (the "EGM") to be called for as soon as
possible. The EGM is expected to be held on or about 9 December 2010.
Notification of allotment and payment instructions for the Tranche 1 shares will
be sent to the applicants on or about 18 November 2010 through a notification to
be issued by the Managers. The Tranche 1 shares to be issued are expected to be
tradable on or about 19 November 2010. Notification of conditional allotment of
Tranche 2 shares will be sent to the Applicant on or about 18 November 2010.
Subject to approval of Tranche 2 by the EGM, the payment date for the Tranche 2
shares is 10 December 2010. Barring unforeseen circumstances, allocated Tranche
2 shares are expected to be transferred to the applicants' accounts with
Verdipapirsentralen ("VPS") on 14 December 2010.
The Board of Directors will propose to the EGM to conduct a subsequent offering
of up to 600,000 new shares (corresponding to 13.6% of the Private Placement) at
NOK 35.00 per share directed towards shareholders in Clavis Pharma as of 17
November 2010 (as documented by the shareholder register in the VPS as of 22
November 2010) that were not allocated shares in the Private Placement.
Consequently, the shares in the Company will trade excluding the right to
participate in the subsequent offering from today, 18 November 2010.
The institutional shareholder represented on the Board of Directors of the
Company, Braganza AS, was allocated 364,000 new shares. After the completion of
the Private Placement Braganza AS will hold 2,426,896 shares, equivalent to
8.15% of the share capital.
For further information on the proposed resolutions to be passed by the EGM,
reference is made to a separate announcement to be issued by the Company.
For Further information contact:
For Clavis Pharma
Olav Hellebø
Chief Executive Officer
Office: +47 24 11 09 50
olav.hellebo(at)clavispharma.com
Gunnar Manum
Chief Financial Officer
Office:+47 24 11 09 71
Mobile: +47 95 17 91 90
gunnar.manum(at)clavispharma.com
Mark Swallow / Nina Enegren / David Dible
Citigate Dewe Rogerson
Office:+44 207 282 2948
clavispharma(at)citigatedr.co.uk
About Clavis Pharma
Clavis Pharma ASA is a clinical stage oncology discovery and drug development
company based in Oslo, Norway with a portfolio of novel anti-cancer drugs in
development. These patented New Chemical Entities (NCEs) are novel, improved
versions of commercially successful drugs, made using Clavis Pharma's Lipid
Vector Technology (LVT) chemistry. Data generated suggests these potential
breakthrough products may offer improved efficacy and reduced side effects
through enhanced pharmacokinetic properties, greater tissue penetration, altered
metabolism and, in certain cases, additional modes of action.
Clavis Pharma's has several drug candidates in formal development studies:
* Elacytarabine, a leukaemia drug, currently in a randomized, controlled Phase
III study in late-stage acute myeloid leukaemia;
* CP-4126, is currently in a Phase II comparative study with gemcitabine for
the treatment of pancreatic cancer;
* CP-4200, an azacitidine derivative, in preclinical development for
myelodysplastic syndrome (MDS), a disease that is often a precursor to
leukaemia.
Clavis Pharma intends to commercialise its products through strategic alliances
and partnerships with experienced oncology businesses and, where and when
commercially appropriate, by establishing its own sales and marketing
capabilities. CP-4126 is licensed to Clovis Oncology globally. Clavis Pharma has
an option to co-promote CP-4126 in Europe.
Disclaimer
The information contained herein shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the securities
referred to herein in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration, exemption from registration or
qualification under the securities laws of any such jurisdiction.
This news release contains forward-looking statements and forecasts based on
uncertainty, since they relate to events and depend on circumstances that will
occur in the future and which, by their nature, will have an impact on results
of operations and the financial condition of Clavis Pharma. There are a number
of factors that could cause actual results and developments to differ materially
from those expressed or implied by these forward-looking statements. Theses
factors include, among other things, risks associated with technological
development, the risk that research & development will not yield new products
that achieve commercial success, the impact of competition, the ability to close
viable and profitable business deals, the risk of non-approval of patents not
yet granted and difficulties of obtaining relevant governmental approvals for
new products.
No expressed or implied representations or warranties are given concerning
Clavis Pharma or the accuracy or completeness of the information or projections
provided herein, and no claims shall be made by the recipient hereof by virtue
of this Information Memorandum or the information or projections contained
herein. Any representations or warranties made to an investor in Clavis Pharma
will be subject to separate sale and purchase agreements to be negotiated
between the parties. Clavis Pharma is a registered trademark of Clavis Pharma
ASA.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act).
[HUG#1463634]
Press release:
http://hugin.info/136972/R/1463634/402346.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Clavis Pharma ASA via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 18.11.2010 - 07:01 Uhr
Sprache: Deutsch
News-ID 48884
Anzahl Zeichen: 10000
contact information:
Town:
Oslo
Kategorie:
Business News
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