BioCentury
ARTICLE | Financial News

Addex raises $43M

March 29, 2018 6:01 PM UTC

Addex Therapeutics Ltd. (SIX:ADXN) raised CHF41 million ($43 million) Thursday through the sale of 13 million shares at CHF3.13 to New Enterprise Associates, New Leaf Venture Partners, CAM Capital and clients of Semper Finance Group and Herculis Partners. Investors will also receive seven-year warrants to purchase 0.45 shares, with each whole warrant exercisable at CHF3.43. The price is a 5% premium to Addex's closing price of CHF2.98 on Feb. 14, before it proposed the offering.

Addex CEO Tim Dyer told BioCentury 65% of investors were based in the U.S., while the remaining investors were Swiss- or EU-based...