May 8, 2017 / 10:56 AM / 2 months ago

BRIEF-Sygnis plans to acquire Innova Biosciences Ltd.

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May 8 (Reuters) - SYGNIS AG

* SYGNIS AG PLANS TO ACQUIRE PROFITABLE INNOVA BIOSCIENCES LTD. FOR EUR 8 MILLION IN CASH AND UP TO 3.5 MILLION SHARES

* COMBINED 2017 PRO-FORMA REVENUES EXPECTED TO EXCEED EUR 10 MILLION

* PURCHASE PRICE CONSISTS OF A CASH PAYMENT OF EUR 8 MILLION, 2 MILLION SHARES OF SYGNIS AG TO BE ISSUED BY WAY OF A CAPITAL INCREASE AGAINST CONTRIBUTION IN KIND AS WELL AS UP TO A FURTHER 1.5 MILLION SHARES

* SUBSCRIPTION PRICE IN CAPITAL INCREASE HAS BEEN SET AT EUR 1.38 PER SHARE

* SYGNIS AG - IN ADDITION TO FINANCING EUR 8 MILLION CASH PURCHASE PRICE FOR INNOVA, EXPECTED PROCEEDS FROM CAPITAL INCREASES OF UP TO EUR 10 MILLION WILL BE USED FOR ONE-OFF TRANSACTION AND INTEGRATION COSTS ANDTO FINANCE WORKING CAPITAL Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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