Company will use proceeds to invest in selected high-value projects
By Devika Patel
Knoxville, Tenn., Oct. 25 - OctoPlus NV said it plans a €4 million private placement of shares. The company's chief executive officer, Jan Hendrik Egberts, will participate.
The company will sell ordinary shares at €0.50 each. The price per share is a 31.51% discount to the Oct. 24 closing share price of €0.73.
Petercam Nederland NV is the lead manager. Settlement is expected Oct. 31.
Proceeds will be used for working capital and to invest in selected high-value projects in the area of specialty generics.
"We see promising opportunities in the specialty generics area. A number of long-acting injectables are coming off patent in the next few years, enabling us to develop a generic version of those formulations. The required development process is complex and specialized and fits well with our expertise in difficult-to-formulate injectables. We are well positioned to develop such products. The proceeds of this transaction will allow us to increase our participation in the long-term financial upside of these specialty generics," Egberts said in a press release.
OctoPlus is a Leiden, Netherlands-based pharmaceutical company.
| Issuer: | OctoPlus NV
|
| Issue: | Ordinary shares
|
| Amount: | €4 million
|
| Price: | €0.50
|
| Warrants: | No
|
| Manager: | Petercam Nederland NV (lead)
|
| Investor: | Jan Hendrik Egberts
|
| Pricing date: | Oct. 25
|
| Settlement date: | Oct. 31
|
| Stock symbol: | Amsterdam: OCTO
|
| Stock price: | €0.69 at close Oct. 25
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