Regulatory News:
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GeNeuro (Paris:GNRO) (Euronext Paris: CH0308403085 – GNRO), a
biopharmaceutical company developing treatments for
neurodegenerative and autoimmune diseases, such as multiple
sclerosis (MS), amyotrophic lateral sclerosis (ALS) and the severe
neuropsychiatric consequences of COVID-19 (post-COVID), today
announced the successful completion of a €7.7 million capital
increase with cancellation of the preferential subscription rights
through an international private placement only to certain
qualified and institutional investors of 2,678,251 new ordinary
bearer shares of GeNeuro with a par value of CHF 0.05 each (the
“New Shares” and the "Offering", respectively).
The New Shares have been offered at a price of €2.86 each,
including nominal value and issue premium (the “Subscription Price”).
Bryan, Garnier & Co acted as sole global coordinator and
sole bookrunner of the Offering.
“The successful completion of this private placement provides
GeNeuro with the means to complete its post-COVID program with
temelimab, which will be the first personalized therapeutic
approach in this indication, as the study will only enroll patients
who are positive to the pathogenic W-ENV protein,” said Jesús
Martin-Garcia, CEO of GeNeuro. “The presence of W-ENV in these
patients provides a potential biological explanation for the very
diverse neuropsychiatric symptoms many suffer from, and also a
treatment opportunity by neutralizing W-ENV with temelimab.”
In the Offering, GNEH SAS, a subsidiary of Institut Mérieux and
an existing shareholder of GeNeuro (“GNEH”), has subscribed to 1,398,601 New Shares in
cash. In accordance with applicable Swiss laws and regulations,
GNEH representatives on the Board of directors of the Company have
not voted on board of directors’ decisions relating to the
Offering. As a result, following the Offering GNEH shall own 39.08%
of the share capital and 39.29% of the voting rights of the Company
on a non-diluted basis and 37.36%, respectively 37.55%, on a fully
diluted basis.
The Company intends to use the net proceeds of the Offering to
complete the funding for its planned post-COVID trial,
complementing the grant received from the Swiss Federal Office for
Public Health (FOPH). In parallel to the post-COVID program,
GeNeuro continues its discussions in the multiple sclerosis area
with regulatory authorities and with potential partners to define
the best development path for combining temelimab with
anti-inflammatory treatments, to treat relapses and disability
progression which remains the key unmet medical need in MS.
The New Shares issued will represent 12% of the Company’s share
capital prior to the Offering on a non-diluted basis and 10.7% of
the Company’s share capital after the Offering.
Pursuant to applicable Swiss law, the Board of Directors of the
Company, in accordance with Article 5bis of the Company’s Articles
of Association, as amended by its General Shareholders’ meeting of
May 27, 2020, approved on May 11, 2022, the issuance of the New
Shares with cancellation of shareholders’ preferential subscription
rights by way of a book-built private placement intended solely to
institutional and qualified investors (the “Capital increase”).
The Subscription Price represents a discount of 7.1% on the
closing market price of the Company’s shares on Euronext Paris on
the last trading day preceding the closing date of the Offering,
i.e. €3.08 on May 11, 2022.
Following the registration of the Capital Increase by the
Commercial registry of Geneva, expected to occur on May 12, 2022,
the Company’s share capital will be composed of 24,999,028 ordinary
bearer shares with a nominal value of CHF 0.05 each.
Based on the information available to the Company, the breakdown
of the Company’s share capital and voting rights before and after
the Capital Increase is as follows:
Ownership and voting rights
before the Offering
Ownership and voting rights
after the Offering
Number of shares and voting
rights
% of the share capital and
voting rights
Number of shares and voting
rights
% of share capital and voting
rights
GNEH SAS (1)
8,370,094
37.50%
9,768,695
39.08%
Eclosion2 & Cie SCPC
6,367,608
28.53%
6,367,608
25.47%
Invesco Ltd
1,661,017
7.44%
2,471,017
9.88%
Servier International BV
1,365,659
6.12%
1,365,659
5.46%
Total institutional investors
17,764,378
79.59%
19,972,979
79.90%
Total employees and directors
147,750
0.66%
147,750
0.59%
Treasury shares(2)
131,055
0.59%
135,116
0.54%
Free Float
4,277,594
19.16%
4,743,183
18.97%
TOTAL
22,320,777
100.00%
24,999,028
100.00%
(1) A subsidiary of Institut Mérieux
(2) Shares held in treasury have their voting rights suspended in
accordance with Swiss law.
The settlement and delivery and admission to trading date of the
New Shares to be issued upon registration of the Capital Increase
by the Commercial registry of Geneva (expected on May 12, 2022), is
scheduled for May 16, 2022. The New Shares will carry immediate
dividend and voting rights and will be listed on the regulated
market of Euronext Paris market under ISIN CH0308403085–GNRO.
In connection with the Offering, GeNeuro has undertaken, subject
to standard exceptions, not to issue equity securities or
securities giving rise to equity securities for a 90-day period and
GNEH SAS, Eclosion2 & Cie SCPC, Servier and the directors,
officers and key employees who hold shares or stock options of the
Company have agreed to a 90-day lockup period, subject to standard
exceptions.
Detailed information about the Company, specifically its
activity, its earnings, and the corresponding risk factors, appears
in the Company’s 2021 Universal Registration Document filed with
the Autorité des Marchés Financiers (“AMF”) on April 27, 2022 under
number D.22-0364. As a result of admission to trading of the New
Shares on Euronext Paris, the Company has prepared and submitted a
prospectus for approval by the AMF. The Company intends to file
with the AMF on May 12, 2022, an update to the 2021 Universal
Registration Document which, together with the 2021 Universal
Registration Document, a securities note, and a summary (included
in the securities note), will form a prospectus. This prospectus
will, upon its approval by the AMF, provide the most recent
information available on the Company. The 2021 Universal
Registration Document, and when approved, the update to the
Universal Registration Document may be consulted, along with the
Company’s other regulated information and all its press releases,
on its website (www.geneuro.com).
Forthcoming investor and industry events:
May 31, 2022
Annual general meeting of shareholders
June 28, 2022
Gilbert Dupont Midcaps Forum
About GeNeuro
GeNeuro‘s mission is to leverage HERV biology to develop safe
and effective treatments for the benefit of patients, by
neutralizing causal factors encoded by HERVs that represent 8% of
human DNA.
GeNeuro is based in Geneva, Switzerland and has R&D
facilities in Lyon, France. It has rights to 17 patent families
protecting its technology.
For more information, visit: www.geneuro.com
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Legal notice
This announcement is for information purposes only and does not
constitute an offer to sell or a solicitation of an offer to buy or
subscribe for the Company’s shares in any jurisdiction. This
announcement does not constitute a prospectus. Any purchase of,
subscription for or application for, shares to be issued in
connection with the intended offering should only be made on the
basis of information contained in the prospectus and any
supplements thereto, as the case may be.
This announcement and the information contained herein do not
constitute either an offer to sell or purchase, or the solicitation
of an offer to sell or purchase, securities of GeNeuro S.A. (the
“Company”).
No communication or information in respect of the offering by
the Company of its shares may be distributed to the public in any
jurisdiction where registration or approval is required. No steps
have been taken or will be taken in any jurisdiction where such
steps would be required. The offering or subscription of shares may
be subject to specific legal or regulatory restrictions in certain
jurisdictions. The Company takes no responsibility for any
violation of any such restrictions by any person.
This announcement does not, and shall not, in any circumstances,
constitute a public offering nor an invitation to the public in
connection with any offer. The distribution of this document may be
restricted by law in certain jurisdictions. Persons into whose
possession this document comes are required to inform themselves
about and to observe any such restrictions.
This announcement is an advertisement and not a prospectus
within the meaning of Regulation (EU) 2017/1129 (the “Prospectus
Regulation“), as implemented in each member State of the European
Economic Area.
France
The Company’s shares in connection with the Capital Increase are
not being offered or sold, directly or indirectly, to the public in
France to persons other than qualified investors.
A prospectus will be submitted to the approval of the French
Autorité des marchés financiers in relation to the listing of the
New Shares resulting from the Private Placement. Any offer or
transfer of shares of the Company or distribution of offer
documents has only been and will only be made in France to
qualified investors as defined by Article 2(e) of the Prospectus
Regulation and in accordance with Articles L. 411-1 and L. 411-2 of
the French Monetary and Financial Code.
European Economic Area and United Kingdom
With respect to the member States of the European Economic Area,
other than France, and the United Kingdom, (each, a “Relevant
State”), no action has been undertaken or will be undertaken to
make an offer to the public of the shares requiring a publication
of a prospectus in any Relevant State. Consequently, the securities
cannot be offered and will not be offered in any Relevant State
(other than France), (i) to qualified investors within the meaning
of the Prospectus Regulation, for any investor in a Member State of
the European Economic Area, or Regulation (EU) 2017/1129 as part of
national law under the European Union (Withdrawal) Act 2018 (the
“UK Prospectus Regulation”), for any investor in the United
Kingdom, (ii) to fewer than 150 individuals or legal entities
(other than qualified investors as defined in the Prospectus
Regulation or the UK Prospectus Regulation, as the case may be), or
(iii) in accordance with the exemptions set out in Article 1(4) of
the Prospectus Regulation, or in the other case which does not
require the publication by GeNeuro of a prospectus pursuant to the
Prospectus Regulation, the UK Prospectus Regulation and/or
applicable regulation in this Member States.
No action has been undertaken or will be undertaken to make
available any shares of the Company to any retail investor in the
European Economic Area. For the purposes of this press release, the
expression “retail investor” means a person who is one (or more) of
the following:
- a retail client as defined in point (11) of Article 4(1) of
Directive 2014/65/EU (as amended, “MiFID II“); or
- a customer within the meaning of Directive 2016/97/EU, as
amended, where that customer would not qualify as a professional
client as defined in point (10) of Article 4(1) of MiFID II; or not
a “qualified investor” as defined in the Prospectus Regulation;
and
- the expression “offer” includes the communication in any form
and by any means of sufficient information on the terms of the
offer and the shares to be offered so as to enable an investor to
decide to purchase or subscribe the shares.
United Kingdom
This press release does not constitute an offer of the
securities to the public in the United Kingdom. The distribution of
this press release is not made, and has not been approved, by an
authorized person (“authorized person”) within the meaning of
Article 21(1) of the Financial Services and Markets Act 2000. As a
consequence, this press release is directed only at persons who (i)
are located outside the United Kingdom, (ii) have professional
experience in matters relating to investments and fall within
Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotions) Order 2005, as amended and (iii) are persons
falling within Article 49(2)(a) to (d) (high net worth companies,
unincorporated associations, etc.) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the persons
mentioned under (i), (ii) and (iii) together “Relevant Persons”).
The securities of GeNeuro are directed only at Relevant Persons and
no invitation, offer or agreements to subscribe, purchase or
otherwise acquire the securities of GeNeuro may be proposed or made
other than with Relevant Persons. Any person other than a Relevant
Person may not act or rely on this document or any provision
thereof. This press release is not a prospectus which has been
approved by the Financial Conduct Authority or any other United
Kingdom regulatory authority for the purposes of Section 85 of the
Financial Services and Markets Act 2000.
United States
This document may not be distributed, directly or indirectly, in
or into the United States. This document does not constitute an
offer of securities for sale nor the solicitation of an offer to
purchase securities in the United States or any other jurisdiction
where such offer may be restricted. Securities may not be offered
or sold in the United States absent registration under the U.S.
Securities Act of 1933, as amended (the “Securities Act”) except
pursuant to an exemption from, or in a transaction not subject to,
the registration requirements thereof. The securities of the
Company have not been and will not be registered under the
Securities Act, and the Company does not intend to make a public
offering of its securities in the United States. Copies of this
document are not being, and should not be, distributed in or sent
into the United States.
This document may not be distributed, directly or indirectly, in
or into the United States, Canada, Australia, Japan South Africa or
any other jurisdiction in which it would be unlawful to do so.
Forward Looking Statements
This press release contains certain forward - looking statements
and estimates concerning GeNeuro’s financial condition, operating
results, strategy, projects and future performance and the markets
in which it operates. Such forward-looking statements and estimates
may be identified by words, such as “anticipate,” “believe,” “can,”
“could,” “estimate,” “expect,” “intend,” “is designed to,” “may,”
“might,” “plan,” “potential,” “predict,” “objective,” “should,” or
the negative of these and similar expressions. They incorporate all
topics that are not historical facts. Forward looking statements,
forecasts and estimates are based on management’s current
assumptions and assessment of risks, uncertainties and other
factors, known and unknown, which were deemed to be reasonable at
the time they were made but which may turn out to be incorrect.
Events and outcomes are difficult to predict and depend on factors
beyond the company’s control. Consequently, the actual results,
financial condition, performances and/or achievements of GeNeuro or
of the industry may turn out to differ materially from the future
results, performances or achievements expressed or implied by these
statements, forecasts and estimates. Owing to these uncertainties,
no representation is made as to the correctness or fairness of
these forward-looking statements, forecasts and estimates.
Furthermore, forward-looking statements, forecasts and estimates
speak only as of the date on which they are made, and GeNeuro
undertakes no obligation to update or revise any of them, whether
as a result of new information, future events or otherwise, except
as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220511006196/en/
GeNeuro Jesús Martin-Garcia Chairman and CEO +41 22 552
4800 investors@geneuro.com
NewCap (France) Mathilde Bohin/Louis-Victor Delouvrier
(investors) +33 1 44 71 98 52
Arthur Rouillé (media) +33 1 44 71 94 98 geneuro@newcap.eu
RooneyPartners (US) Jeanene Timberlake (media) +1 646 770
8858 jtimberlake@rooneypartners.com
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