DGAP-News: MOLOGEN AG / Key word(s): Bond/Corporate Action
Press release N 1 / 2019 of 17 January 2019
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MOLOGEN AG: Full placement of convertible bond 2019/2027
- Total amount issued: EUR2.7 million, maturity of 8 years
- Coupon of 6% p.a.
- Major shareholders exercised their subscription rights in full and oversubscribed
Berlin, 17 January 2019 - The biopharmaceutical company MOLOGEN AG (ISIN DE000A2LQ900, SIN A2L Q90) today announced the full placement of a convertible bond in a total amount of EUR2.7 million. The bonds are to be issued in a denomination of EUR10.00 per partial bond allotted with a maturity of 8 years, and feature 6% interest p.a. The bonds may be converted into up to 1,301,153 Company shares at a conversion price of EUR2.0805 per share starting probably from 21 January 2019 up to maturity.
The bonds have been offered to the existing shareholders in the course of a public subscription offering without a prospectus being provided. Almost 40% were subscribed by existing MOLOGEN shareholders by exercise of their subscription rights. The remaining bonds were allocated in the oversubscription.
Overall, the order book reflected a significant demand overhang.
Walter Miller, Chief Financial Officer of MOLOGEN AG: "We are very happy with the result of this capital measure. Especially the high subscription level is very pleasing as it shows the trust the shareholders have in MOLOGEN."
Issuance and delivery of the bonds will probably take place on 21 January 2019. MOLOGEN intends to use the proceeds derived from the convertible bond chiefly for the financing of the ongoing clinical Phase III pivotal study IMPALA in the indication of metastatic colorectal cancer.
The immunotherapeutic agent lefitolimod is the Company's lead compound and is currently being investigated in a pivotal trial. It is regarded as the best-in-class TLR9 agonist. Treatment with lefitolimod triggers a broad and strong activation of the immune system. On account of this mode of action, lefitolimod could potentially be used in various indications. Lefitolimod is currently being developed within the framework of a pivotal study for first line maintenance therapy for colorectal cancer. Key data of the phase II IMPULSE study in extensive-stage small cell lung cancer (ES-SCLC) and the data from the extension phase of the TEACH study in HIV have been published. In addition, lefitolimod is currently being investigated in a phase I combination study with the checkpoint inhibitor ipilimumab (Yervoy(R)) in various cancer indications. Along with various checkpoint inhibitors, lefitolimod, which is being investigated as part of a phase III clinical trial currently, is one of the few near-to-market product candidates in the field of immuno-oncology.
MOLOGEN AG is a publicly listed Company, headquartered in Berlin. The shares (ISIN, DE000A2LQ900/SIN: A2L Q90) are listed in the Prime Standard of the German Stock Exchange.
17.01.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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