Biophytis SA, a clinical-stage biotechnology company specialized in the development of drug candidates for treatment of aged related diseases, including neuromuscular diseases, announced a €6.1 million private placement.
The capital increase will be completed with the participation of institutional U.S. and European investors. H.C. Wainwright & Co., LLC is acting as the exclusive placement agent in the U.S. and Invest Securities, acting as the exclusive placement agent in Europe for the offering. Invest Corporate Finance is acting as advisor.
Net proceeds of the private placement will be used primarily to progress Biophytis drug development programs, including the COVA clinical study, for which Sarconeos (BIO101) obtained authorization from the FDA (U.S.), the FAMHP (Belgium) and the MHRA (UK) to begin the Phase 2/3 clinical trial as a potential treatment for respiratory failure associated with COVID-19. The proceeds will also be used to progress the SARA-INT clinical development program, a Phase 2b study evaluating the efficacy of Sarconeos (BIO101) in sarcopenia. This private placement, along with the other financing instruments already in place, allows the company to secure its financial position beyond the next 12 months.
The decision to conduct this capital increase was made by the Company’s Board of Directors, during a meeting held on July 2, 2020. This capital increase was made by issuing new common shares with the removal of the preferential right of subscription of shareholders in accordance with Article L. 225-132 of the Code of Commerce.
Stanislas Veillet, President and CEO of Biophytis, said: “We are pleased at the interest we have seen from investors in our private placement. This allows Biophytis to reinforce its financing structure, in particular for the preparation of the COVA clinical study in COVID-19, for which Sarconeos (BIO101) obtained clearance from the FDA (U.S.), FAMHP (Belgium) and MHRA (UK). Biophytis is also expected to use the proceeds to progress the SARA-INT study in sarcopenia. We want to thank our investors who have been following us for years and have not hesitated to invest again in Biophytis.”
Biophytis SA is a clinical-stage biotechnology company specialized in the development of drug candidates to slow down degenerative processes and improve functional abilities in patients with age-related diseases, including neuromuscular diseases.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.