Advanced Accelerator Applications (AAA) Raises $6.1 Million Capital Increase
Advanced Accelerator Applications (AAA) announces completion of €4.8 million capital increase
May 23, 2013 (Saint-Genis-Pouilly, France): Advanced Accelerator Applications (“AAA”), the fast-growing international Molecular Nuclear Medicine (“MNM”) company, today announced that it has completed a capital increase of €4.8 million, which will help fund expansion plans and finance clinical trials of its promising portfolio of Radio Metabolic Therapy and diagnostic products. This is the first tranche of financing that AAA is raising from the 10 million new shares that the Company issued on March 8th, 2013.
The fundraising was subscribed by existing and new shareholders. New shareholders include French funds managed by Seventure Partners.
Since its foundation in 2002 as a spin-off from the European Organization for Nuclear Research (CERN), AAA has raised more than €61 million in cash to finance the construction of its laboratories and expansion of R&D activities. The Company has been profitable since 2006.
AAA develops and commercializes innovative diagnostic and therapeutic applications and products. Its main research focus is on molecular imaging and personalized medicine for the treatment of diseases including cancer. Today AAA is a European leader in the production and commercialization of PET (Positron Emission Tomography) and SPECT (Single Photon Emission Computed Tomography) products, with 16 production and R&D facilities in France, Italy, Switzerland, Spain, Portugal, Israel and the US.
In addition to funding further expansion of its international network of production sites, AAA has a growing portfolio of Radio Metabolic Therapy products, including Lutathera®, which is in phase III clinical trials for the diagnosis and treatment of Gastro-Entero-Pancreatic Neuro Endocrine Tumours (GEPNETs). Lutathera® has orphan drug status and has already been used in thousands of patients by specialist clinicians with significant results. AAA is now taking Lutathera® through the full development and regulatory process, with market approvals in the US and Europe expected in 2017. Currently the Lutathera® clinical trials involve 50 hospitals in Europe (located in Italy, France, Germany, Portugal, Spain, Belgium and UK) and in the US (California, Iowa, Massachusetts, Florida, New York, Texas, Minnesota, Pennsylvania, Louisiana and North Carolina). Lutathera® was acquired in June 2010 following AAA’s purchase of BioSynthema, a MNM research company based in St. Louis, Missouri, US.
Stefano Buono, CEO of AAA, commented, “We are delighted by the strong support for our latest financing from current and new shareholders. The support we continue to receive is testament to the confidence of our shareholders in the continued growth and positive achievements of the company, which we believe positions AAA as one of the leading companies in the innovative Molecular Nuclear Medicine sector. The money raised will help us to accelerate our international growth and finance the development of our promising product pipeline, including Lutathera®. We will also continue to seek complementary acquisitions, which will enable us to achieve our goal of making AAA the leading global company in the field of innovative MNM products. We welcome Seventure Partners as a shareholder and believe their experience in backing successful ventures complements the skill set within AAA.”
Sébastien Groyer, Partner at Seventure Partners commented: “We are very proud to finance the exciting development of new medicines like radiopharmaceuticals that bring a lot of benefits to patients. AAA, with Lutathera® and other products has the potential to radically change the landscape of cancer diagnostics and treatment. We hope we will be able to further increase our participation, should the Company decide to further increase its capital in the coming months.”
About Advanced Accelerator Applications
Advanced Accelerator Applications (www.adacap.com) is a European pharmaceutical company founded in 2002 to develop innovative diagnostic and therapeutic products. AAA’s main focus is in the field of Molecular Imaging and targeted, individualised therapy for the management of patients with serious conditions (Personalized Medicine). AAA currently has 16 production and R&D facilities able to manufacture both diagnostics and therapeutic MNM products and more than 250 employees in 10 countries (France, Italy, Germany, Switzerland, Spain, Poland, Portugal, Israel, U.S., Canada). In 2012 AAA reported revenues of €44.6 million (+22.5% vs. 2011) and an EBITDA of €9.4 million (+59% vs. 2011).
About Seventure Partners
Established in 1997, Seventure Partners (www.seventure.fr) is a key player in European venture capital with almost €500 million under management. As an active partner of French and European technology firms with strong growth potential, we finance the development of innovative companies in two areas: Information & Communication Technology and Life Sciences. Seventure has built an impressive investment track record over more than 10 years. The team has completed over 50 exits, 15 of which were IPOs. In Life Sciences, our four preferred sectors are Biotech & Pharmaceuticals, Medtech & connected health, Industrial Biotech & Cleantech, and Microbiota, Nutrition & Lifestyle. Seventure also considers investments in diagnostics, biomarkers, drug delivery systems, environment, bio-energy, and services. Seventure is a subsidiary of Natixis.
Help employers find you! Check out all the jobs and post your resume.