HOERSHOLM, Denmark, May 18 /PRNewswire-FirstCall/ -- Summary: Pharmexa raises DKK 209 million amounting to the maximum proceeds. The Rights Issue was met with considerable interest from investors both in and outside of Denmark.
Release no. 15/2004
In connection with the just completed subscription period, Pharmexa announces that in a preliminary count shares for approximately DKK 140 million have been subscribed via exercise of subscription rights and that additional binding orders have been received for subscription of new shares for more than DKK 90 million. Hence the Rights Issue is fully subscribed and the company exceeded its objective of raising DKK 160 million.
Since there are binding orders for subscription of more new shares than it is possible to allocate, institutional investors will be allocated new shares on a discretionary basis. Retail subscribers, who have not subscribed via exercise of subscription rights, will be allocated part of their subscription orders. The allocation percentage is expected to be announced tomorrow.
Following registration of the capital increase Pharmexa’s nominal share capital amounts to DKK 163,999,200 distributed on 16,399,920 shares of nominal value DKK 10 per share.
As a result of the considerable interest from investors, Pharmexa has decided not to exercise an option agreement with H. Lundbeck subject to which H. Lundbeck would invest DKK 10 million in the Rights Issue if Pharmexa decides to exercise the option. The option agreement thereby terminates.
ING Investment Banking and the investment bank Gudme Raaschou were Joint-Lead Managers and Pharmexa’s financial advisors in the Rights Issue.
Hoersholm, May 18, 2004 Jakob Schmidt Chief Executive Officer Additional information: Jakob Schmidt, Chief Executive Officer, telephone +45 4516 2525 Neil Mackison, Director, ING Investment Banking, telephone +44 20 7767 1000 Morten Kjaerulff, Director, Gudme Raaschou Bankaktieselskab, telephone +45 3344 9000 About Pharmexa A/S
Pharmexa A/S is a leading company in the field of active immunotherapy for the treatment of serious chronic diseases. Pharmexa’s proprietary AutoVaca technology platform is broadly applicable, but the company has focused its resources on a number of cancer forms and chronic inflammatory diseases, with research and development programs targeted towards breast cancer, rheumatoid arthritis and bone degeneration. Collaborative agreements include Schering-Plough, H. Lundbeck and Bavarian Nordic.
For more information please visit http://www.pharmexa.com/
Pharmexa A/S
CONTACT: Jakob Schmidt, Chief Executive Officer, Pharmexa A/S,+45-4516-2525; Neil Mackison, Director, ING Investment Banking,+44-20-7767-1000; Morten Kjaerulff, Director, Gudme Raaschou Bankaktieselskab,+45-3344-9000
Web site: http://www.pharmexa.com/