NicOx successfully completes its right issue, raising €100 million following a two-step capital increase

23-Dec-2009 - France

NicOx S.A. announced that it has raised a total of approximately €100 million via a two-step capital increase. The second step of this capital increase was the completion of a rights issue, launched on November 25th 2009, which raised total gross proceeds of €69.9 million through the issuance of 20,042,031 new ordinary shares.

The proceeds from the two-step financing will support NicOx’s strategic goal of becoming a specialty pharmaceutical company with targeted specialty sales operations in the United States, allowing the Company to play a direct role in the commercialization of naproxcinod, and to generate additional shareholder value from its innovative research and development pipeline.

Eric Castaldi, Chief Financial Officer of NicOx, declared: “We are very pleased with the great success of this capital increase, thanks to the support from our shareholders and new investors. The €100 million we have raised from this two-step financing should allow NicOx to pursue its strategic goal of establishing a direct commercial presence in the United States.”

Total demand for the rights issue amounted to approximately €104 million, reflecting an oversubscription rate of 149%. The exercise of preferential subscription rights by irrevocable entitlement (souscription à titre irréductible) amounted to 18,578,755 shares, representing 92.7% of the new ordinary shares to be issued. Subscription on a reducible basis (souscription à titre réductible) represented a demand for 11,323,873 shares and was therefore partially allocated, through the issue of 1,463,276 new shares.

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