SYGNIS raises 18.2M euros via capital increase

Heidelberg, Germany-based SYGNIS Pharma AG says it that it has raised approximately 18.3 million euros ($23.3 million) through a capital increase. In total, the specialty drug firm sold 12,694,967 newly-issued shares from authorized capital at a price of 1.44 euros and at an exchange ratio of 9:4 to existing shareholders. With the placement of the additional shares, SYGNIS' total registered share capital will increase from about 28.6 million euros to 41.3 million euros.

The listing of the new shares on the Frankfurt Stock Exchange is expected to take place by December. As result of the capital increase, the freefloat of the company will decrease on a diluted basis to some 42%, the stake of Bayer AG to about 3% and the stake of Friedrich von Bohlen und Halbach to around 5%. SYGNIS' largest shareholders - dievini Hopp BioTech holding GmbH and BASF SE - will increase to approximately 36% and 13%, respectively.