Evolva secures CHF30 million financing line
Reinach – Evolva SA has got its hands on up to €30m of fresh capital. The Swiss specialist for synthetic biology announced that it has entered into a Standby Equity Distribution Agreement (SEDA) with YA Global Master SPV Ltd. (YA Global). Under the terms of the agreement, YA Global has committed to provide up to CHF 30 million in equity financing over a 36 month period in individual advances of up to CHF 600,000 with an initial advance of CHF 500,000. In exchange for the funds to be provided, YA Global will receive shares from the company. Evolva can decide how much of the money it wants to use. If the total amount is used, YA global will get approximately 33 million shares. To date, the number of Evolva shares in issue is 164.7 million. With the additional money, Evolva can be run until the end of 2013, the company said. "This is an attractive instrument with a reasonable pricing, limiting dilution for our current shareholders", commented Jakob Dynnes Hansen, CFO of Evolva. Evolva uses synthetic biology to develop new drugs and nutritional ingredients. The company is growing. In April the Swiss took over the longstanding development partner Abunda, which produces the sweetening agent Stevia among others. In cooperation with the German chemical company BASF Evolva develops herbicides.