Transgene raises 87M euros from share sale

French drugmaker Transgene SA says a capital increase operation it launched on the Paris Bourse has closed, raising around 87.0 million euros ($116.6 million). In total, 4,769,546 new shares were placed at a price of 18.25 euros each, which represents 22.3% of the company's capital and 16.7% of the voting rights post offering.

Transgene explained that it will use the proceeds to fund its clinical research efforts, citing the uterine cancer vaccine, TG4001, which it is developing with Swiss pharmaceutical major Roche (Marketletter April 16), as its most promising candidate.