New York, June 16 - ExonHit Therapeutics SA said it completed the placement of its downsized €6.50 million secondary offering of shares.
The company said the securities were placed with retail investors in France through a public offering and institutional investors elsewhere in Europe through a private placement.
In total, ExonHit sold 1 million shares at €6.50 each.
Completion of the sale follows its reduction on June 14 from the previously announced size of 2 million shares.
The greenshoe was halved to 0.25 million shares from 0.5 million shares.
"Despite extremely volatile market conditions, we have successfully completed this share offer with a range of European institutional investors while serving retail investors in France," commented Bruno Tocqué, chairman of the company's executive board, in a news release.
Sellers in the sale were FCPR Banexi Venture 3, Béarnaise de Participation, Banexi SCR, FCPR Natio-Vie Développement 3, Dresdner Kleinwort Wasserstein Ltd., Danske Bank, FCPI AGF Innovation, FCPI AGF Innovation 2, Sofinnova Capital II and FCPR Innovation 1996.
Meanwhile the company is continuing with its previously announced allocation of subscription warrants to existing shareholders.
Stockholders will receive one warrant for each share they own. Combined, 10 warrants will give the right to buy a new share at a price of €7.80.
The warrants will be allocated on June 26 and will be listed and exercisable from June 27 to Jan. 19, 2007.
The subscription warrants will enable shareholders to participate in financing the company's new projects, ExonHit said.
Euroland Finance is financial adviser and manager for the sale.
ExonHit, a drug and diagnostic discovery company, has headquarters in Paris.
| Issuer: | ExonHit Therapeutics SA
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| Issue: | Secondary sale of common stock
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| Amount: | €6.5 million
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| Shares: | 1 million
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| Price: | €6.50
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| Stock price: | €7.60 at close, June 15
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