Erytech Pharma: success of the initial public offering, raising EUR 17.7 million in April 2013

23 May 2013

Erytech Pharma, the French biopharmaceutical company that designs innovative treatments for acute leukaemia, announced on 23rd April 2013, the success of its IPO in the NYSE Euronext regulated market in Paris, raising more than the target amount of EUR 15 million.

In view of the success of the offering, the company elected to exercise the extension clause, thus taking the total amount raised in the IPO (excluding debt compensation) to EUR 16.7 million, with a further EUR 1 million subscribed through debt compensation.

The price for the Global Placement and the Open Price Offering was set at the middle of the indicative range, at EUR 11.60.

All 1 524 334 new shares offered in the IPO have been subscribed and will be allocated as follows:

  • Global Placement: 1 157 989 shares allocated to institutional investors (80.4% of total shares issued);
  • Open Price Offering: 282 595 shares allocated to institutional investors (19.6% of total shares issued);
  • Compensation for debts: creation of a further 83 750 shares.

On the basis of 5 539 952 shares, Erytech Pharma had a market capitalisation of approximately EUR 64.3 million at the conclusion of the IPO.

"We would like to thank all our shareholders, both new and existing, for their confidence and for their decision to support the development of a unique biopharmaceutical company in France, both in terms of the innovative nature of its technology and its high degree of progress," noted Gil Beyen, Chairman of Erytech Pharma.

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Erytech Pharma was created in 2004 and in just 8 years has become a late-stage biopharmaceutical company thanks to its methodical development.

It has developed Graspa®, an innovative concept based on destroying cancerous cells by eliminating their essential nutritive elements.

To support the marketing of this innovation, Erytech Pharma has its own production facilities in Lyon (France) that are already in operation, and a team of nearly 40 employees.