Evolva - Bolstering the balance sheet
Evolva has announced a private placement whereby Veraison SICAV will purchase 63.75m shares in a private placement at CHF0.118 per share, or a 7% discount to the lowest daily volume weighted average price during the six trading days before the announcement. This will raise gross proceeds of CHF7.5m, which will be used to finance ongoing activities. Settlement is expected on 6 December. Veraison is a long-term, Switzerland-based investor and the proceeds provide much-needed headroom until Evolva reaches its goal of cash breakeven, which is slated for FY23.Evolva Holding is an international biosynthetic group based in Switzerland. Co. is engaged in discovering and developing ingredients (and technologies for making ingredients) to other companies, in particular in the food and beverage, consumer health and pharmaceutical sectors. Co. maintains a proprietary fermentation-based platform that utilizes yeast. Co.'s internal focus is on high-value ingredients with relatively low production volume. Co.'s operations are organized in two segments: Products (Resveratrol, Vanilla, Stevia, Saffron , Pomecins and Agarwood ) and Legacy Products (EV-077 for diabetic complications and EV-035 for bacterial infections).
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