June 16, 2020 / 5:59 AM / 22 days ago

BRIEF-Medincell Raises EUR 15.6 Million In Capital Increase

June 16 (Reuters) - Medincell SA:

* MEDINCELL ANNOUNCES THE GREAT SUCCESS OF ITS CAPITAL INCREASE AND RAISES 15.6 M€

* TO FINANCE DEVELOPMENT OF PRODUCT PORTFOLIO BASED ON BEPO® TECHNOLOGY COMBINED WITH ALREADY APPROVED AND WIDELY USED ACTIVE INGREDIENTS

* AMOUNT SHOULD ENABLE MEDINCELL TO ACHIEVE ITS STRATEGIC OBJECTIVES AND COVER ITS WORKING CAPITAL NEEDS UNTIL THE SECOND HALF OF 2022

* WILL ALSO MAKE IT POSSIBLE TO INITIATE NEW PROGRAMS IN VARIOUS THERAPEUTIC AREAS, IN LINE WITH THE COMPANY’S STRATEGY

* WILL ALSO CONTRIBUTE TO FINANCING INITIAL COSTS OF MDC-TTG PROGRAM

* MEDINCELL SHOULD ALREADY BE RECEIVING ROYALTY REVENUES FROM SALE OF FIRST PRODUCTS BASED ON BEPO® TECHNOLOGY

* AMOUNT RAISED IN CONTEXT OF OFFER, COMBINED WITH COMPANY’S CONSOLIDATED CASH POSITION AT 31 MARCH 2020 OF 12.4 M€

* THE ISSUE PRICE OF THE NEW SHARES HAS BEEN SET AT €7.75 PER SHARE

* SETTLEMENT AND DELIVERY OF NEW SHARES AND ADMISSION TO TRADING ON REGULATED MARKET OF EURONEXT PARIS SCHEDULED FOR JUNE 18, 2020 Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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