PARIS, France, January 25 /PRNewswire-FirstCall/ -- ExonHit Therapeutics S.A. (Alternext: ALEHT), a drug and diagnostic discovery company, announces today final results of the exercise of the warrants which had been freely allocated to ExonHit’s shareholders on June 26, 2006 (the “warrants 06/07"), it being reminded that ten warrants 06/07 give the right to subscribe one new share at EUR 7.80 on or before January 19, 2007. Over the exercise period, i.e., June 26, 2006/January 19, 2007, 4,098,150 warrants 06/07 have been exercised, representing 17% of a total of 23,651,018 warrants issued. The warrants 06/07 which have not been exercised on January 19, 2007 are void.
ExonHit Therapeutics received EUR 3.2 million through the exercise of the warrants 06/07 leading to the issuance of 409,815 new shares. This amount will further strengthen our cash position that had already been reinforced in November 2006 following the issuance of convertible bonds for EUR 13.5 million.
“Fourteen months after our IPO, we have reached several milestones” stated Bruno Tocque, CEO of ExonHit Therapeutics. “Our stock liquidity has significantly increased, the free float is over 50% as a result of the exit of the vast majority of our historical shareholders and we now have a much stronger financial position. The exercise of part of the warrants is a sign of a renewed trust in the company for which we thank our shareholders.”
About ExonHit Therapeutics
ExonHit Therapeutics is the world’s leader in the analysis of alternative RNA splicing, a process which when deregulated plays a key role in the onset of various diseases.
ExonHit has a multi-component commercial strategy to capture the maximum value from its leadership in alternative splicing. The Company is already generating revenues from a new generation of microarrays, “SpliceArrays,” that enable life science researchers to detect crucial disease-associated information. These products are marketed worldwide in conjunction with Agilent and Affymetrix. In the field of diagnostics, ExonHit has a major collaboration with bioMerieux to develop completely novel predictive blood-based cancer diagnostics, which could play a key role in improving the treatment of breast cancer and other major cancers.
In parallel, ExonHit is developing its own therapeutic pipeline in the field of neurodegenerative diseases and cancer. The Company has advanced drug candidates into clinical trials and is evaluating several promising pre-clinical compounds. ExonHit also has a strategic partnership with Allergan, to discover and develop new therapeutics in the areas of pain, neurological diseases and ophthalmology. This collaboration provides on-going research funding to ExonHit.
Founded in 1997, ExonHit is headquartered in Paris, France and has a U.S. facility in Gaithersburg, Maryland. The Company is listed on Alternext of Euronext Paris since November 17, 2005.
Contacts ExonHit Therapeutics Bruno Tocque, C.E.O. Tel: +33-1-58-05-47-00 Philippe Rousseau, C.F.O. philippe.rousseau@exonhit.com
This press release has been drafted in the French and English languages. In an event of differences between the texts, the French language version shall prevail.
ExonHit Therapeutics SA
CONTACT: Bruno Tocque, C.E.O., Tel: +33-1-58-05-47-00, Philippe Rousseau,C.F.O., philippe.rousseau@exonhit.com
