AB Science: AB Science renews its Standby Equity Facility (PACEO) with Société
Paris, July 30^th 2014 - 5.45pm
AB Science renews its Standby Equity Facility
(PACEO) with Société Générale
AB Science SA (Euronext Paris - FR0010557264 - AB), a pharmaceutical company
specialised in research, development and commercialisation of protein kinase
inhibitors (PKI), hereby announced the renewal of its Standby Equity Facility
(PACEO®) with Société Générale as authorized by the Shareholders' Meeting of
June 27, 2014.
Commenting on this announcement, Laurent Guy, Chief Financial Officer of AB
Science has stated that: "Even though we do not currently need it since our
cash position is above 25 million euros, this equity financing facility allows
the diversification of our financial resources and is a flexible solution to
finance potential new developments".
Under the terms of the agreement, Société Générale has committed to purchase
newly created shares at any time during the 36-month commitment period, within
the global limit of 3,200,000 shares, being 9.7% of the 32,925,187 shares
Should the entire standby equity facility be drawn down and resulting in the
issuance of 3,200,000 new shares, a shareholder who currently owns 1% of the
company's share capital would experience a reduction of his / her ownership to
For each tranche, the price to be paid equals the volume weighted average
share price of the three trading days preceding the effective date of purchase
with a discount capped at 5% dependent on the size of the drawdown. This
discount allows Société Générale, who is not positioned as a long term
shareholder in the Company, to purchase the shares independently of market
ABScience has no minimum drawdown obligation, and will use the facility at
its sole discretion if market conditions are favorable and in the best
interests of both the Company and its shareholders.
About AB Science
Founded in 2001, AB Science is a pharmaceutical company specializing in the
research, development and commercialization of protein kinase inhibitors
(PKIs), a new class of targeted molecules whose action is to modify signaling
pathways within cells. Through these PKIs, the Company targets diseases with
high unmet medical needs (cancer, inflammatory diseases, and central nervous
system diseases), in both human and veterinary medicines. AB Science has
developed a proprietary portfolio of molecules and the Company's lead
compound, masitinib, has already been registered for veterinary medicine in
Europe and in the USA, and is pursuing thirteen phase 3 studies in human
medicine in first-line and second-line GIST, metastatic melanoma expressing JM
mutation of c-Kit, multiple myeloma, metastatic colorectal cancer, metastatic
prostate cancer, pancreatic cancer, mastocytosis, severe persistent asthma,
rheumatoid arthritis, Alzheimer's disease, progressive forms of multiple
sclerosis, and Amyotrophic Lateral Sclerosis. The company is headquartered in
Paris, France, and listed on Euronext Paris (ticker: AB).
More information is available on our website: www.ab-science.com.
The PACEO® is an equity financing solution that was designed by Société
Générale. The PACEO® helps issuers to diversify their funding sources through
an additional financing option, while preserving the financial balances. The
PACEO® may be drawn at the issuer's sole discretion via the issue of new
shares at a low discount to the then market price; this solution provides the
same benefits as a capital increase while providing the same guarantee as a
confirmed credit line. With this transaction, Société Générale, the leading
institution for equity lines in France, has set up its 42^th PACEO®.
Based on 32,925,187 shares representing ABScience share capital
AB Science EN
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.
Source: AB Science via Globenewswire
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