Leuven (BELGIUM), May 30, 2011 - TiGenix NV (NYSE Euronext Brussels: TIG) announces that, in connection with its 1 for 5 rights offering of maximum 15,187,111 new shares at an offer price of EUR 1.00 per share, it has received subscriptions for 7,686,295 new shares through the exercise of preferential rights. This represents a take up of approximately 51% of the offering size of EUR 15,187,111. Taking into account EUR 4,412,000 of irrevocable take-up commitments in the scrip placement taking place tomorrow, the offering is covered for 80%.
The subscription period for the preferential rights ended on Friday May 27, 2011. The preferential rights which have not been exercised during the subscription period for the preferential rights will be offered for sale as scrips in the second phase of the offering on May 31, 2011 using an accelerated bookbuilding procedure in the context of a private placement as described in the Prospectus. Investors purchasing scrips will irrevocably undertake to exercise the scrips and subscribe to 1 new share per 5 scrips at the subscription price of EUR 1.00 per share. At the request of TiGenix, the trading of its shares on Euronext Brussels will be temporarily suspended during the scrip private placement.
The results of the scrip private placement and the final result of the public offering for subscription will in principle be announced after the closing of the private placement.
Delivery of the new shares, coupon nr. 2 and subsequent attached, are expected to occur on June 6, 2011. The payment for the new shares will take place on the same day. The new shares are expected to begin trading on the regulated market of Euronext Brussels as of June 6, 2011.
About TiGenix
TiGenix NV (NYSE Euronext Brussels: TIG) is a public biomedical company that focuses on ‘Living Medicines’. The company is exploiting the power of cell therapy and regenerative medicine to develop durable treatments for damaged and diseased tissues. The company is the leader in cell therapy in Europe with facilities in Leuven (Belgium), Madrid (Spain), Cambridge (the United Kingdom) and Sittard-Geleen (the Netherlands).
TiGenix now has two products approved for marketing and sales in Europe:
ChondroCelect®, the company’s lead product for cartilage regeneration in the knee, is the first cell-based product that successfully completed the entire development track from research, over clinical development to central European registration as a medicinal product. ChondroCelect consists of characterized cultured chondrocytes derived from the patient’s own cartilage and is used for autologous chondrocyte implantation (ACI), a surgical procedure to treat cartilage defects. ChondroCelect received European Marketing Authorization as the first Advanced Therapy Medicinal Product and is reimbursed in Belgium.
ChondroMimetic(TM) is an off-the-shelf, collagen based implant for the treatment of small osteochondral (cartilage and underlying bone) defects. ChondroMimetic received CE-mark approval for the treatment of small chondral and subchondral lesions. It will be marketed as a procedure pack with the collagen implant preloaded in an accurate, easy to use delivery device.
TiGenix exploits its proprietary adult stem cell platform to develop a new generation of off-the-shelf cell-based products for the treatment of autoimmune and inflammatory diseases which to date represent an area of high medical unmet need. TiGenix’ stem cell platform is based on an extensive preclinical and regulatory package that has been fully validated according to EMA requirements. The current pipeline includes Cx601 (orphan drug,) which received positive Phase IIa data for the treatment of complex perianal fistula in Crohn’s disease patients in 2010, Cx611, which entered Phase I/II development in rheumatoid arthritis and several other programs in earlier development.
