Company will use proceeds to invest in selected high-value projects
By Devika Patel
Knoxville, Tenn., Dec. 20 - OctoPlus NV said it settled a "significantly oversubscribed" private placement of shares. The deal raised €3.95 million.
The company sold 3,343,542 ordinary shares at €1.18 each. The price per share is a 1.67% discount to the Dec. 17 closing share price of €1.20.
Petercam Nederland NV was lead manager.
Proceeds will be used for working capital purposes and to retain upside by co-investing along with clients in selected high-value projects.
"We have made strong progress in restructuring OctoPlus: operating cash outflow for the second half of 2010 will be less than 50% of the cash outflow during the first half of the year," chief executive officer elect Jan Egberts said in a press release.
"This financing strengthens our cash position, which in combination with the ongoing strong performance of our core service business positions OctoPlus well for the future. I am particularly pleased about the strong interest that we received from both new and existing investors. As a result, the transaction was significantly oversubscribed which resulted in a very small discount of less than 2%.
"The proceeds of the private placement will allow us to co-invest in promising customer-funded projects in which we want to retain more of the economic upside of our proprietary technologies," Egberts concluded in the release.
OctoPlus is a Leiden, Netherlands-based pharmaceutical company.
| Issuer: | OctoPlus NV
|
| Issue: | Ordinary shares
|
| Amount: | €3,945,380
|
| Shares: | 3,343,542
|
| Price: | €1.18
|
| Warrants: | No
|
| Manager: | Petercam Nederland NV (lead)
|
| Settlement date: | Dec. 20
|
| Stock symbol: | Amsterdam: OCTO
|
| Stock price: | €1.201 at close Dec. 20
|
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