Valbonne, France, February 22, 2017
TxCell (FR0010127662 – TXCL), a biotechnology company developing innovative, personalized cellular immunotherapies using regulatory T cells (Treg) to treat severe chronic inflammatory and autoimmune diseases, today announces the successful completion of its capital increase through the issue of new shares (“New Shares”) with share warrants attached (“Warrants”) (together the “New Shares with Warrants”) with shareholders’ preferential subscription rights.
As a reminder, the Warrants attached to the New Shares have a maturity of one year and are exercisable until February 26, 2018 (included). At any time during this period (from February 27, 2017 to February 26, 2018 included), four (4) Warrants will entitle holders to subscribe for three (3) TxCell’s new shares at a subscription price of €2.60 per new share issued upon the exercise of the Warrants.
“The successful completion of this capital increase and the support from our shareholders are an endorsement of our strategy and objectives in the highly promising CAR-Treg field. We have now strengthened TxCell’s financial position and can continue developing our innovative technology platforms to address autoimmune diseases and transplant rejection”, said Stéphane Boissel, Chief Executive Officer of TxCell. “The warrants attached to the new shares allow the relevant shareholders to participate in TxCell’s development by increasing their equity stake in TxCell’s capital. The proceeds from the potential exercise of all the warrants would enable us to finance TxCell’s activities through to the IND approval to initiate a first-in-man study with a CAR-Treg candidate, which is expected by the end of 2018. We believe that such a clinical study would represent a world premiere.”
The offer has been subscribed at 100% and raised €11 million in gross proceeds. It led to the issuance of 5,549,300 New Shares with Warrants at a unit price of €2.00:
- Subscriptions on an irreducible basis (‘à titre irréductible’) amounted to €4.0 million, representing 2,008,548 New Shares with Warrants and approximately 36% of the number of New Shares with Warrants to be issued;
- Subscriptions on a reducible basis (‘à titre réductible’) amounted to €1.4 million, representing 678,196 New Shares with Warrants and approximately 12% of the number of New Shares with Warrants to be issued;
- Investors who had committed to purchase for the remaining shares not subscribed after the subscription period have been allocated 2,862,556 New Shares with Warrants, representing €5.7 million and approximately 52% of the number of New Shares with Warrants to be issued.