Symphogen announces new capital raise and explores strategic options

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A group of existing shareholders being: Novo Holdings, Essex Woodlands Healthcare, Sunstone and PKA have underwritten to subscribe for up to DKK 572 million in the pre-emptive offer and by way of exercise of warrants of which DKK 182 million will be subscribed for through conversion of debt.

Mr. Bernhard Ehmer, Chairman of the Board of Symphogen said: “”

Through the proposed pre-emptive offer, all the Company’s existing shareholders will be offered to participate in the capital raise and thus maintain their ownership. As part thereof, existing shareholders who subscribe for shares in the pre-emptive issue will be granted warrants which may be exercised into shares. Additionally, existing shareholders will be granted warrants in a 10:1 ratio to subscribe for common shares at DKK 1 per share. Such warrants may be exercised through and including June 2021 in the event of an IPO or a sale of the Company above a certain price.

Further, subject to the completion of the financing the Company has entered into an agreement to potentially defer the repayment of convertible loans amounting to DKK 371 million from ultimo 2019 until ultimo 2023.

Mr. Bernhard Ehmer is proposed re-elected as Chairman of the Board. Mr. Ehmer is independent and brings more than 30 years of experience from the global, pharmaceutical industry to the Company, mainly within oncology.

In addition, the following persons are proposed re-elected to Symphogen’s Board of Directors: Peter Haahr, CFO in Novo Holdings; Mads Krogsgaard Thomsen, EVP and Chief Science Officer in Novo Nordisk A/S; Søren Lemonius, founding partner in Sunstone and Ron Eastman, managing director in Essex Woodlands.

 

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Globe Newswire: 07:00 GMT Wednesday 15th May 2019

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