Oslo, Norway, 18 August 2009
Clavis Pharma ASA (OSE:CLAVIS) today announced the successful completion of the subsequent share offering, following the private placement in June that raised NOK 129 million in gross proceeds. The subsequent offering of 650,000 shares, each with a par value of NOK 1.00, at subscription price of NOK 12.00 per share, was oversubscribed by approximately 100 percent, and resulted in gross proceeds of NOK 7.8 million.
In total, the private placement and subsequent offering in 2009 raised NOK 136.8 million in gross proceeds for Clavis Pharma to fund the further development of its pipeline of novel anticancer drug candidates.
Reference is made to the announcement of the subsequent offering on 15 July and 17 July 2009 and the prospectus published on 20 July 2009 concerning an offering of up to 650,000 shares, each with a par value of NOK 1.00, at a subscription price of NOK 12.00 per share with pre-emptive rights for Clavis Pharma ASA shareholders as of 25 June 2009, except shareholders who were allocated new shares in the private placement.
The subscription period for the subsequent offering ended on Friday, 14 August 2009 and the Board of Clavis Pharma ASA has decided today to allocate 650,000 shares in connection with the subsequent offering. Allocation letters will be sent to the subscribers today with payment for the allocated shares due on 21 August 2009. Following registration of the share capital increase in relation to the subsequent offering, the issued share capital of Clavis Pharma ASA will be NOK 24,975,650 divided on 24,975,650 shares with a par value of NOK 1.00 per share.
The new shares to be issued in the subsequent offering will not be tradable until the shares have been fully paid and the share capital increase has been registered in the Norwegian Register of Business Enterprises.
Carnegie ASA and DnB NOR Markets managed the offering.
Contact
Geir Christian Melen, CEO
Office : +47 24 11 09 65
Mobile : +47 91 30 29 65
E-mail : geir.christian.melen@clavispharma.com
Gunnar Manum, CFO
Office : +47 24 11 09 71
Mobile : +47 95 17 91 90
E-mail : gunnar.manum@clavispharma.com
For international press enquiries:
Mark Swallow / Nina Enegren / David Dible
Citigate Dewe Rogerson
Office : +44 207 282 2948
E-mail :
clavispharma@citigatedr.co.uk
About Clavis Pharma
Clavis Pharma ASA is an oncology focused pharmaceutical company using its proprietary Lipid Vector Technology (LVT) platform
to create New Chemical Entities (NCEs), by significantly improving already established drugs. The improvements are achieved
by chemically binding specific unsaturated lipids to existing, and well understood, approved pharmaceuticals. Data generated
suggests the resulting patentable NCEs offer improved efficacy and reduced side effects through enhanced pharmacokinetic properties,
greater tissue penetration and, in many cases, additional modes of action.
Clavis Pharma's objective is to develop its drug candidates until significant value has been created and proof of principle in man has been shown. For further clinical development and commercialisation of the products, Clavis Pharma will enter into strategic partnerships with established pharmaceutical or biotech companies. The company's product portfolio includes four new cancer drugs: Elacytarabine is in Clinical Phase II, Intravenous CP-4126 is in Clinical Phase II, Oral CP-4126 in Phase I, and CP-4200 is in preclinical development. Results indicate that these products have promising potential for several cancer indications within solid tumours and leukaemia.
The shares of Clavis Pharma ASA are listed on the Oslo Stock Exchange (ticker: CLAVIS). Additional information on Clavis Pharma can be found at: http://www.clavispharma.com/.
Disclaimer
The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there
be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.
This news release contains forward-looking statements and forecasts based on uncertainty, since they relate to events and depend on circumstances that will occur in the future and which, by their nature, will have an impact on results of operations and the financial condition of Clavis Pharma. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. Theses factors include, among other things, risks associated with technological development, the risk that research & development will not yield new products that achieve commercial success, the impact of competition, the ability to close viable and profitable business deals, the risk of non-approval of patents not yet granted and difficulties of obtaining relevant governmental approvals for new products.
No expressed or implied representations or warranties are given concerning Clavis Pharma or the accuracy or completeness of the information or projections provided herein, and no claims shall be made by the recipient hereof by virtue of this Information Memorandum or the information or projections contained herein. Any representations or warranties made to an investor in Clavis Pharma will be subject to separate sale and purchase agreements to be negotiated between the parties.
Clavis Pharma(TM) is a registered trademark of Clavis Pharma ASA.