SYGNIS AG Successfully Completes Rights Offering and Private Placement
News Oct 28, 2013
SYGNIS AG has announced that the Company has successfully completed its rights offering. The subscription price was € 2.65 per share.
New shares that were not subscribed in the course of the rights offering by existing shareholders were offered to selected German and international institutional investors in a private placement at a purchase price equivalent to the subscription price. In the transaction 1,019,309 new shares against cash were subscribed.
The Management Board, with the approval of the Supervisory Board, has resolved to increase the Company’s share capital from € 9,364,258.00 to € 10,383,567.00 by issuing 1,019,309 new shares.
The offering utilizes existing authorized capital created by resolution at the Annual General Meeting on August 28, 2013. The new shares carry full dividend rights as of January 1, 2013.
“We welcome our new shareholders and are very thankful for their trust in the new business direction of SYGNIS,” stated Pilar de la Huerta, CEO and CFO of SYGNIS AG. “SYGNIS is a key player in the fast growing market of DNA amplification and sequencing. With the first commercial agreement around SYGNIS’ core technology QualiPhi® with QIAGEN, the world leading provider of sample and assay technologies and a full pipeline with potential blockbuster products for next generation sequencing applications, SYGNIS is best positioned to benefit from the high growth rates we are seeing in gene-based personalized healthcare, molecular diagnostics and epigenetics. The transaction is in our view in the best interest of the Company and its shareholders as it provides the Company with the financial flexibility needed to further execute on its business plans and closes the gap to break-even expected in 2014.”
SYGNIS plans to use the gross proceeds of EUR 2.7 million to finance its operating business and further growth.