BioAlliance plans to raise 16 million Euro
French Biotech BioAlliance Pharma S.A. has announced plans to raise up to
EUR 16.6 million through the sale 3.4 million shares at EUR 4.90 in a rights
issue. The price is a 20% discount to BioAlliance's closing price of EUR
6.10 prior to offering announcement.
BioAlliance Pharma will use the capital raised to continue the development
program of Livatag, a treatment of primary liver cancer, that has shown
prolonged survival in a phase II trial. The company estimates the peak sales
of the nanoparticle formulation of doxorubicin to be close to 1 billion
Euro. Furthermore, the company plans to complement its orphan products
portfolio, in addition to the three products already in clinical phase, in
order to maximise market access opportunities.
Shareholders of BioAlliance Pharma will be eligible to purchase one share
for every four shares held. Invest Securities is manager and bookrunner.
BioAlliance's antifungal agent Loramyc miconazole is already approved in 26
EU countries, South Korea and the U.S. to treat oropharyngeal candidiasis.