AB Science: AB Science renews its Standby Equity Facility (PACEO) with Société Générale Paris, July 30^th 2014 - 5.45pm Permanent Information 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 currently outstanding. 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 0.96%^. 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 volatility. 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. About PACEO® 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 HUG#1844086
AB Science: AB Science renews its Standby Equity Facility (PACEO) with Société Générale
Press spacebar to pause and continue. Press esc to stop.