BerGenBio Raises Nok500m (EUR45.4m) via an Over Subscribed P
BERGEN, Norway, May 5, 2020 /PRNewswire/ -- BerGenBio ASA (OSE: BGBIO), a clinical-stage biopharmaceutical company developing novel, selective AXL kinase inhibitors for unmet medical need, is pleased to announce that it has raised NOK500m (gross) (€45.4 million) via an over subscribed Private Placement that took place via an accelerated book building process after close of market on 4 May 2020. The Offering was made through the allocation of 13,325,000 shares at a subscription price of NOK 37.50 per share.
BerGenBio intends to use the net proceeds from the Private Placement to take full advantage of clinical development opportunities stemming from the Company's technology and to progress readiness for early commercialisation possibilities, as well as for general corporate purposes.
Richard Godfrey, Chief Executive Officer of BerGenBio, commented: "We are delighted with this financing and the demand for our shares. I'd like to thank our current loyal shareholders for their continued support of BerGenBio and welcome our new international investors to the register. This new investment will allow us to expand the clinical development potential of our AXL drug candidates to treat patients with serious aggressive diseases without any effective treatment option. There is growing scientific evidence to support our confidence and belief in our pipeline underlined by the UK Government's recent request to test bemcentinib in the ACCORD study in COVID19 patients. The potential broad applicability of bemcentinib is extremely exciting for our staff and shareholders and patients alike."
Arctic Securities AS, Carnegie AS and DNB Markets, a part of DNB Bank ASA acted as Joint Bookrunners on the transaction.
BerGenBio is a clinical-stage biopharmaceutical company focused on developing transformative drugs targeting AXL as a potential cornerstone of therapy for aggressive diseases, including immune-evasive, therapy resistant cancers. The company's proprietary lead candidate, bemcentinib, is a potentially first-in-class selective AXL inhibitor in a broad Phase II oncology clinical development programme focused on combination and single agent therapy in lung cancer and leukaemia. A first-in-class functional blocking anti-AXL antibody, tilvestamab, is undergoing Phase I clinical testing. In parallel, BerGenBio is developing companion diagnostic tests to identify those patient populations most likely to benefit from bemcentinib: this is expected to facilitate more efficient registration trials supporting a precision medicine-based commercialisation strategy.
BerGenBio is based in Bergen, Norway with a subsidiary in Oxford, UK. The company is listed on the Oslo Stock Exchange (ticker: BGBIO). For more information, visit www.bergenbio.com
Forward looking statements
This announcement may contain forward-looking statements, which as such are not historical facts, but are based upon various assumptions, many of which are based, in turn, upon further assumptions. These assumptions are inherently subject to significant known and unknown risks, uncertainties and other important factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this announcement by such forward-looking statements.
For more information, please contact
CEO, BerGenBio ASA
CFO, BerGenBio ASA
International Media Relations
Mary-Jane Elliott, Chris Welsh, Lucy Featherstone, Carina Jurs
Consilium Strategic Communications
Media Relations in Norway
Jan Petter Stiff
This information was brought to you by Cision http://news.cision.com
SOURCE BerGenBio ASA