Bone Therapeutics announces closing of private placement
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Gosselies, Belgium, 16 December 2020, 7am CET – BONE THERAPEUTICS SA (Euronext Brussels and Paris: BOTHE; or “Bone Therapeutics”), the cell therapy company addressing unmet medical needs in orthopedics and other diseases, today announces the closing of the previously announced private placement with investors having purchased 4,408,881 new shares at an issue price of EUR 2.25 per share resulting in gross proceeds of approximately EUR 10 million (the "Private Placement"). With the total gross proceeds raised through the Private Placement, Bone Therapeutics anticipates having sufficient cash to carry out its strategic objectives until end Q4 2021.
Via this Private Placement, Bone Therapeutics has raised approximately EUR 10 million and placed 4,408,881 new shares with current and new institutional investors both in Europe and in the US at a price of EUR 2.25 per share. This brings the total number of shares (post-transaction) to 16,478,168. The new shares will be admitted to trading on the regulated markets of Euronext Brussels and Euronext Paris on 16 December 2020 and have the same rights and benefits as, and rank pari passu in all respects with, the existing and outstanding shares of Bone Therapeutics.
Belfius Bank NV/SA, in cooperation with Kepler Cheuvreux SA and its affiliates, acted as exclusive placement agent in Europe and Maxim Group LLC acted as exclusive placement agent in the U.S. In relation to the Private Placement, Bone Therapeutics has agreed with the placement agents a market customary 180-days standstill period on future share issuances, waivable by the placement agents and subject to customary exceptions.
A copy of the report prepared by the board of directors of Bone Therapeutics in accordance with the Belgian Companies and Associations Code further describing, among others, the capital increase, the consequences thereof and the justification of the issue price is made available in the Investors’ section () on Bone Therapeutics’ website.
About Bone Therapeutics
Bone Therapeutics is a leading biotech company focused on the development of innovative products to address high unmet needs in orthopedics and other diseases. The Company has a, diversified portfolio of cell and biologic therapies at different stages ranging from pre-clinical programs in immunomodulation to mid-to-late-stage clinical development for orthopedic conditions, targeting markets with large unmet medical needs and limited innovation.
Bone Therapeutics is developing an off-the-shelf next-generation improved viscosupplement, JTA-004, which is currently in Phase III development for the treatment of pain in knee osteoarthritis. Consisting of a unique combination of plasma proteins, hyaluron