Evolva - Capital restructuring
On 2 October, Evolva announced equity financing plans with the aim of raising CHF80m (gross) proceeds in two separate transactions in October and November 2017. The funds will be used to continue investing in R&D, and in commercialisation of the products. The company has not ruled out further debt financing in the coming months to meet its contractual obligations to its partner, Cargill. The new equity financing plans should have raised enough cash (CHF86m) to allow the company to reach break-even, expected around FY21. Our fair value is CHF0.65 per share (previously CHF0.69) and we believe this remains an attractive investment.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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