SYGNIS to issue 12.7K shares to fund Ph II trial

SYGNIS Pharma AG has decided to increase its equity capital to further advance the development of its central nervous system-focused pipeline.

The German drug developer will issue up to 12,694,967 shares from authorized capital and increase its equity capital from around 28.5 million euros ($38.8 million) to up to 41.3 million euros. The new shares will be offered to existing shareholders at a subscription price of 1.44 euros per share at an exchange ratio of 9:4. The subscription period runs from October 21 until November 4.

A commitment to subscribe up to 12,694,967 shares has been given by SYGNIS' two main investors, dievini Hopp and BASF SE, and the final figure will be dependent upon the uptake by other investors.