DBV Technologies Launches New At-The-Market Program on Nasdaq
DBV Technologies Launches New At-The-Market Program on Nasdaq
DBV Technologies, a clinical-stage biopharmaceutical player focused on innovative therapies for food allergies, has recently launched an At-The-Market (ATM) program on the Nasdaq Capital Market (NASDAQ: DBVT). This program allows the company to offer up to $150 million in American Depositary Shares (ADS) over time, efficiently tapping into the capital markets to fund its vital projects.
What Is the ATM Program?
The ATM program enables DBV Technologies to sell ADSs to the market as it sees fit, thereby providing flexibility in financing. The company has filed a prospectus supplement with the U.S. Securities and Exchange Commission to formalize this offering. With this initiative, DBV aims to reach investors that are already interested in its innovative solutions, such as its proprietary VIASKIN® patch technology.
Usage of Proceeds from the ATM Program
Funds raised through this ATM initiative are poised to be directed primarily towards crucial activities related to the Biologics License Application (BLA) process and the launch of the potential life-changing VIASKIN® Peanut patch. This patch targets peanut allergies in toddlers aged 1 to 3 years. The funding aims to further advance the development of the company's existing product candidates and cater to general corporate needs.
The Role of Citizens JMP Securities
Citizens JMP Securities, LLC, acts as the sales agent, executing the program's sales. They are tasked with selling the ADSs on behalf of the company, ensuring that sales align with standard industry practices. Sales would occur at varying prices as determined by market conditions and investor demand, with eligible purchasers detailed in the agreement.
Investor Eligibility and Market Dynamics
The ATM program is limited to specific categories of investors, including those actively investing in the pharmaceutical and biotechnology sectors. With a set framework in place, these investors are provided with opportunities for participation, contingent on market rules and regulations.
Understanding Potential Dilution
One of the critical aspects of this ATM offering is the potential dilution of existing shares. Shareholders should take note that issuing new shares could affect their ownership percentage. However, safeguards are in place, limiting the issuance under the ATM program to less than 30% of existing shares over a rolling period.
Ongoing Communication and Transparency
DBV Technologies is committed to keeping its investors informed. The company plans to include updates regarding the ATM program in its quarterly results, detailing how the funds raised will be employed. This transparency enhances investor trust and supports DBV in growing its stakeholder relationships.
About DBV Technologies
DBV Technologies is dedicated to transforming the treatment landscape for food allergies and immunologic conditions. With its groundbreaking VIASKIN® technology, the company employs epicutaneous immunotherapy to offer non-invasive treatment options aimed at desensitizing patients to allergens. This innovative approach is pivotal for the millions affected by food allergies, especially children.
Company Operations and Stock Listings
Headquartered in Châtillon, France, with operations in North America, DBV Technologies' ordinary shares are listed on Euronext Paris (Ticker: DBV). Concurrently, its ADSs trade on the Nasdaq under the ticker symbol DBVT, reflecting the firm’s dual-market presence and commitment to expanding its reach.
Frequently Asked Questions
1. What is the purpose of DBV Technologies launching the ATM program?
The ATM program aims to raise significant funds to support the company's ongoing product developments and potential launches of therapies aimed at treating food allergies.
2. How much capital is DBV Technologies looking to raise through the ATM program?
DBV Technologies aims to raise up to $150 million through this At-The-Market offering.
3. Who will manage the sales under the ATM program?
Citizens JMP Securities, LLC will act as the sales agent for the ATM program, managing the sales in alignment with market standards.
4. Can all investors participate in the ATM program?
No, participation is limited to specific categories of investors, mainly those engaged in the pharmaceutical and biotech sectors.
5. How does the ATM program affect existing shareholders?
The ATM program could lead to potential dilution of existing shares; however, measures are in place to limit this dilution to safeguard current shareholders’ interests.
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