Biotie Therapies Corp. ("Biotie" or the "Company"), a specialized drug development company focused on products for neurodegenerative and psychiatric disorders, has today closed its U.S. public offering.
As previously announced, the Company offered 3,806,047 ADSs in its U.S. public offering at a price to the public of $14.888 per ADS for gross proceeds of $56,664,427.73 (€50,238,875.55 at the fixed ECB exchange rate of $1.1279 per euro as at June 10, 2015). The share to ADS ratio is 80 to one, and the ADSs represent 304,483,760 newly issued shares in the Company with a subscription price of €0.165 (rounded figure) per new share (at the above mentioned fixed exchange rate). This includes the full exercise of the underwriters' over-allotment option. The issuance of new shares by the Company for the purpose of the completion of the U.S. public offering is based on the authorization granted by the Annual General Meeting of shareholders on May 26, 2015.
In addition, the underwriters have purchased 519,583 ADSs from UCB S.A. at the U.S. public offering price. Biotie will not receive any proceeds from the ADSs sold by UCB S.A. Following the completion of the U.S. public offering the automatic conversion of the convertible notes issued by the Company to certain U.S. investors and existing shareholders on May 28, 2015 and the issue of 220,400,001 new shares to such noteholders at the pre-determined conversion price of €0.15 per new share has also been effected.
The new shares issued by the Company in the U.S. public offering (including the over-allotment option) and due to the automatic conversion of the notes have today been registered with the Finnish Trade Register and will be admitted to trading on NASDAQ OMX Helsinki Ltd. on or about June 17, 2015. Following the registration of the new shares with the Finnish Trade Register, the total number of shares and votes in the Company amounts to 980,851,935.
Biotie's shares are listed on the NASDAQ OMX Helsinki Ltd. under the symbol "BTH1V." The ADSs are listed on the NASDAQ Global Select Market under the symbol "BITI."
RBC Capital Markets and Stifel are acting as joint book-running managers in connection with the offering. In addition, JMP Securities is acting as lead manager and Roth Capital Partners is acting as co-manager.
A registration statement relating to the securities was declared effective by the U.S. Securities and Exchange Commission on June 10, 2015. The offering was made only by means of a prospectus, copies of which may be obtained by contacting RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, New York 10281, Attention: Equity Syndicate Department, or by calling +1 877 822 4089, or by emailing equityprospectus@rbccm.com, or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, by telephone at +1 415 364 2720 or by email at syndprospectus@stifel.com.
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As previously announced, the Company offered 3,806,047 ADSs in its U.S. public offering at a price to the public of $14.888 per ADS for gross proceeds of $56,664,427.73 (€50,238,875.55 at the fixed ECB exchange rate of $1.1279 per euro as at June 10, 2015). The share to ADS ratio is 80 to one, and the ADSs represent 304,483,760 newly issued shares in the Company with a subscription price of €0.165 (rounded figure) per new share (at the above mentioned fixed exchange rate). This includes the full exercise of the underwriters' over-allotment option. The issuance of new shares by the Company for the purpose of the completion of the U.S. public offering is based on the authorization granted by the Annual General Meeting of shareholders on May 26, 2015.
In addition, the underwriters have purchased 519,583 ADSs from UCB S.A. at the U.S. public offering price. Biotie will not receive any proceeds from the ADSs sold by UCB S.A. Following the completion of the U.S. public offering the automatic conversion of the convertible notes issued by the Company to certain U.S. investors and existing shareholders on May 28, 2015 and the issue of 220,400,001 new shares to such noteholders at the pre-determined conversion price of €0.15 per new share has also been effected.
The new shares issued by the Company in the U.S. public offering (including the over-allotment option) and due to the automatic conversion of the notes have today been registered with the Finnish Trade Register and will be admitted to trading on NASDAQ OMX Helsinki Ltd. on or about June 17, 2015. Following the registration of the new shares with the Finnish Trade Register, the total number of shares and votes in the Company amounts to 980,851,935.
Biotie's shares are listed on the NASDAQ OMX Helsinki Ltd. under the symbol "BTH1V." The ADSs are listed on the NASDAQ Global Select Market under the symbol "BITI."
RBC Capital Markets and Stifel are acting as joint book-running managers in connection with the offering. In addition, JMP Securities is acting as lead manager and Roth Capital Partners is acting as co-manager.
A registration statement relating to the securities was declared effective by the U.S. Securities and Exchange Commission on June 10, 2015. The offering was made only by means of a prospectus, copies of which may be obtained by contacting RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, New York 10281, Attention: Equity Syndicate Department, or by calling +1 877 822 4089, or by emailing equityprospectus@rbccm.com, or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, by telephone at +1 415 364 2720 or by email at syndprospectus@stifel.com.
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