SYGNIS AG successfully completes Rights Offering and Private Placement

Acquisition of Innova Biosciences secured

31-May-2017 - Germany

SYGNIS AG announced that the Company has successfully completed two capital increases announced on May 8 and May 11, respectively.

In a rights offering, 3,582,598 new shares were offered at a share price of EUR 1.38. In a second capital increase of up to ten percent of the Company’s share capital, a total of 3,677,369 shares were issued at the issue price of EUR 1.38. These new shares were issued with exclusion of shareholders’ pre-emptive rights by way of a private placement to select qualified investors.

By completion of this transaction, the Company’s share capital will increase from EUR 37,617,291.00 to EUR 44,877,258 composed of 44,877,258 shares, by issuing 7,259,967 new shares from authorized capital.

SYGNIS plans to use the gross proceeds of EUR 10 million to finance the acquisition of Innova Biosciences Ltd, covering one-off transaction and integration costs, as well as working capital.

“The results of the capital increases will allow us to fully execute on the acquisition of Innova Biosciences and our strategic plan. We are overwhelmed by the support of our shareholders and the many new institutional investors joining SYGNIS in this financing,” Pilar de la Huerta, Co-CEO and CBDO of SYGNIS, commented.

“The successful completion of our capital increases underscores that we have chosen a comprehensive strategic path for SYGNIS: Not only are we enhancing our customer offering but strengthening central capabilities at the same time,” Dr. Heikki Lanckriet, Co-CEO and CSO of SYGNIS, said. “Innovation across the whole molecular biology workflow with new best-in-class technologies will be key to SYGNIS’ future organic growth.”

https://www.bionity.com/en/news/163459/sygnis-ag-successfully-completes-rights-offering-and-private-placement.html