AB Science Closes €2.55 Million Private Placement Successfully
AB Science Completes Significant Private Placement
AB Science S.A. (the "Company" or "AB Science", Euronext – FR0010557264 – AB) has successfully finalized a private placement that raised a total gross amount of EUR 2.55 million. This achievement is designed to bolster the company's capacity to finance ongoing operations, specifically enhancing the clinical development of its AB8939 program.
Details of the Private Placement
The private placement involved subscriptions from a select group of investors, which allowed the Company to bypass the typical regulatory complexities of a structured prospectus. Subsequently, an information document containing necessary details has been submitted to the French Financial Market Authority (AMF) and is available on the Company's official website.
Utilization of Proceeds
The net proceeds from this placement will be primarily allocated to support the ongoing activities, especially focusing on advancing the AB8939 clinical program, which is positioned as a promising candidate in the field of oncology associated therapies.
Financial Implications and Share Structure Changes
This capital infusion significantly strengthens AB Science's financial position, addressing its funding needs for the upcoming fiscal year and beyond. The Company issued approximately 2,276,787 new ordinary shares, each coupled with a share warrant. This move was executed without preferential subscription rights, adhering to the guidelines established during the previous shareholders' meeting.
Impact of Warrant Issuance
Each new share comes with a warrant that allows the holder to subscribe for an additional share at EUR 1.71 per ordinary share. Should all warrants be exercised, AB Science may generate additional proceeds of around EUR 3.89 million, enhancing its operational capabilities further.
Market Operations and Future Outlook
The new shares are expected to be listed on the Euronext Paris market soon, aligning with the Company’s commitment to accessibility and transparency in trading. Through this strategic maneuver, AB Science aims to fortify its market stance while navigating the evolving landscape of pharmaceutical development.
Ongoing Clinical Developments and Projects
Among AB Science's flagship projects is the AB8939 drug, designed to counter various cancer-related conditions. Preclinical findings suggest AB8939 has substantial anticancer efficacy with fewer side effects compared to traditional chemotherapy options, positioning it as an innovative alternative in an industry requiring advancements.
About AB Science
Founded in 2001, AB Science focuses on the development and commercialization of protein kinase inhibitors (PKIs), emphasizing unmet medical needs in critical disease areas. The Company’s portfolio showcases masitinib, which has been approved for veterinary applications and is being targeted for various human medical conditions. As AB Science continues to innovate, it aims to bring forth new treatments that not only address existing health challenges but also push boundaries in medical science.
Contact Information
For further details about the Company’s activities and this private placement, inquiries can be directed to AB Science Financial communications and public relations via investors@ab-science.com.
Frequently Asked Questions
What is the total amount raised in the private placement?
The private placement successfully raised EUR 2.55 million.
What are the intended uses of the funds?
The net proceeds are primarily aimed at financing ongoing clinical development programs, particularly the AB8939 program.
How many new shares were issued?
AB Science issued 2,276,787 new ordinary shares as part of this private placement.
What is the exercise price of the warrants?
The exercise price for the warrants attached to the new shares is EUR 1.71.
Where can investors find more information?
Investors can access further details on the Company’s official website or contact them directly for inquiries.
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