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2016-12-14

PCI Biotech: Commencement of subscription period

Oslo, December 14, 2016 - As previously announced, PCI Biotech Holding ASA
("PCI Biotech" or the "Company") will conduct a rights issue of 10,000,000
new shares (the "Offer Shares") in the Company (the "Rights Issue") raising
gross proceeds of NOK 70 million. The Financial Supervisory Authority of
Norway has approved the prospectus dated 13 December 2016 prepared in
connection with the Rights Issue (the "Prospectus").

Subject to applicable local securities laws, a letter including information on
where the Prospectus is available as well certain other relevant information
in connection to the Rights Issue and the shareholding, as well as the
Subscription Form, is being sent by mail to all shareholders registered in
the VPS as of the expiry of 12 December 2016. A copy of such letter is
attached to this announcement. The Prospectus and the Subscription Form can
also be obtained electronically by downloading it
fromwww.pcibiotech.no/share-info/orwww.beringerfinance.com/deals/#filter=.on...

Eligibility:

Shareholders registered in the Company's shareholder register with the
Norwegian Central Securities Depository (VPS) as of the expiry of 12 December
2016 (the "Record Date") (evidencing, in accordance with normal T+2
settlement, the Company's shareholders as at the end of the date of the
extraordinary general meeting on 8 December 2016, the "Existing
Shareholders") will be granted transferable subscription rights (the
"Subscription Rights") that, subject to applicable law, provide preferential
rights to subscribe for and be allocated Offer Shares in the Rights Issue.
Each Existing Shareholder will receive 0.6711 subscription rights for every
share held as at the Record Date. The number of subscription rights issued
to each Existing Shareholder will be rounded down to the nearest whole
subscription right. Each subscription right will, subject to applicable
securities laws, give the right to subscribe for and be allocated 1 new share
in the Rights Issue. Over-subscription by holders of subscription rights and
subscription for shares without subscription rights will be permitted.

Subscription price

NOK 7.00 per Offer Share.

Subscription period

From and including 14 December 2016 until 05 January 2017 at 16:30 CET

Trading in subscription rights

From and including 14 December 2016 until 05 January 2017 at 16:30 CET

Note that subscription rights that are not used to subscribe for new shares
before the end of the subscription period or not sold before 05 January 2017
at 16:30 CET will lapse without compensations and consequently be of no
value.

Underwriting:

The Rights Issue is fully underwritten, subject to customary terms and
conditions, by an underwriting syndicate. The underwriters will receive an
underwriting fee equal to 2.0 per cent of their respective underwriting
obligations. More information about the underwriting can be found in Section
5.18 of the Prospectus.

Subscription procedure

Holders of subscription rights (whether granted or acquired) must, in order to
subscribe for new shares, submit a correctly completed subscription form to
the book-runners, Fondsfinans AS, as outlined below and included in the
Prospectus. Subscribers who are Norwegian residents with a Norwegian personal
identification number may also subscribe for shares through the VPS online
subscription system or by following the link
onwww.beringerfinance.com/deals/#filter=.ongoing, which will direct the
subscriber to the VPS online system.

------------------------------------
| Fondsfinans AS |
| Haakon VII's gate 2 |
| P:O. Box 1782 Vika |
| NO-0122 Oslo |
| Norway |
| E-mail: oppgjor@fondsfinans.no |
| Fax: +47 23 11 30 03 |
------------------------------------
Share capital increase:
The share capital increase pertaining to the Rights Issue is expected to be
registered with the Norwegian Register of Business Enterprises (Nw.
Foretaksregisteret) on or about 20 January 2017.

Contact information:

PCI Biotech Holding ASA, Ullernchausséen 64, N-0379 Oslo
Ronny Skuggedal, CFO, rs@pcibiotech.no, Mobile: +47 9400 5757

Important Notice

The contents of this announcement have been prepared by, and are the sole
responsibility of, the Company. The Company's financial advisor is acting
exclusively for the Company and no one else, and will not be
responsible to anyone other than the Company for providing the
protections afforded to its clients, or for advice in relation to the
Rights Issue, the contents of this announcement or any of the matters
referred to herein. The Rights Issue and the distribution of this
announcement and other information in connection with the Rights Issue may be
restricted by law in certain jurisdictions. The Company assumes no
responsibility in the event there is a violation by any person of such
restrictions. Persons into whose possession this announcement or such other
information should come are required to inform themselves about, and to
observe, any such restrictions.

The Rights Issue will not be made in any jurisdiction or in any circumstances
in which such offer or solicitation would be unlawful. This announcement is
not for distribution, directly or indirectly in or into any jurisdiction in
which it is unlawful to make any such offer or solicitation to such person or
where prior registration or approval is required for that purpose. No steps
have been taken or will be taken relating to the Rights Issue in any
jurisdiction outside of Norway in which such steps would be required. Neither
the publication and/or delivery of this announcement shall under any
circumstances imply that there has been no change in the affairs of the
Company or that the information contained herein is correct as of any date
subsequent to the earlier of the date hereof and any earlier specified date
with respect to such information.

This publication is not an offer for sale of or the solicitation of an offer
to purchase securities in the United States. The Offer Shares and the
Subscription Rights have not been registered under the U.S. Securities Act of
1933, as amended, or any state securities laws, and may not be offered or
sold within the United States.

About PCI Biotech

PCI Biotech is a biopharmaceutical company focusing on development and
commercialisation of novel therapies for the treatment of cancer through its
innovative photochemical internalisation (PCI) technology platform. PCI is
applied to three distinct anticancer paradigms:fimaChem

(enhancement of chemotherapeutics for localised treatment of cancer),fimaVacc

(T-cell induction technology for therapeutic vaccination), andfimaNAc

(nucleic acid therapeutics delivery).

Photochemical internalisation induces triggered endosomal release that is used
to unlock the true potential of a wide array of therapeutic modalities. The
Company's leadfimaChem

programme consists of a Phase I/II clinical study in bile duct cancer, an
orphan indication with a high unmet need and without approved products.
fimaVacc

applies a unique mode of action to enhance the essential cytotoxic effect of
therapeutic cancer vaccines, which works in synergy with several other
state-of-the-art vaccination technologies. fimaNAc

utilises the endosomal release to provide intracellular delivery of nucleic
acids, such as mRNA and siRNA therapeutics, thereby addressing one of the
major bottlenecks facing this emerging and promising field.

For more information visitwww.pcibiotech.com

PCI Biotech Subscription Form
http://hugin.info/139147/R/2064699/774988.pdf
PCI Biotech Letter to Eligible Shareholders
http://hugin.info/139147/R/2064699/774987.pdf

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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: PCI Biotech Holding via Globenewswire

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