ExonHit raises 3.2 million euros

Paris, France-based ExonHit Therapeutics, a drug and diagnostic discovery company, says that final results of the exercise of the warrants which had been freely allocated to the firm's shareholders on June 26, 2006 is completed, recalling that 10 warrants 06/07 gave the right to subscribe one new share at 7.80 euros on or before January 19, 2007. Over the exercise period, ie, June 26, 2006/January 19, 2007, 4,098,150 warrants 06/07 have been exercised, representing 17% of a total 23,651,018 warrants issued. The warrants 06/07 which have not been exercised on January 19, 2007 are void.

ExonHit Therapeutics received 3.2 million euros ($4.1 million) through the exercise. This amount will further strengthen the company's cash position that had already been reinforced in November 2006 following the issuance of convertible bonds for 13.5 million, the firm said.

"14 months after our IPO [initial public offering], we have reached several milestones" stated chief executive Bruno Tocque. "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," he added.