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Santhera's Extraordinary General Meeting Approves Capital Increase
Pratteln, Switzerland, December 11, 2018 - Santhera Pharmaceuticals (SIX: SANN) announces that a vast majority of shareholders approved the ordinary capital increase at today's Extraordinary General Meeting (EGM). Participating shareholders represented a total of 2'953'737 shares or 39% of the share capital.
"We are thankful to Santhera's shareholders for their support which we take as a strong vote of confidence in our growth strategy," said Elmar Schnee, Chairman of the Board of Directors. "The additional share capital will allow us to raise the funds needed to complete the acquisition of the sub-license option to vamorolone from Idorsia and, at the same time, expedite the filing of idebenone in Duchenne muscular dystrophy (DMD) in Europe and the US, advance our pipeline projects and execute on our commercial plans."
The EGM followed the motion of the Board of Directors (BoD) and approved an increase of the Company's ordinary share capital from CHF 7,527,479 to a maximum of CHF 12,527,479 through the issuance of up to 5,000,000 new registered shares with a nominal value of CHF 1 per share. The BoD has decided to fully exploit the approved increase and to proceed with a placement of new shares by means of an accelerated book building (ABB).
Besides the upfront cash payment of USD 20 million to Idorsia for the acquisition of the option for the exclusive sub-license of vamorolone, the Company intends to use the net proceeds from the share placement to fund ongoing business activities including the commercialization of Raxone® in Leber's hereditary optic neuropathy (LHON), market entry preparations for idebenone in DMD, and the development of POL6014 for the treatment of cystic fibrosis.
Agenda and amended proposal are available on the Company's website at www.santhera.com/investors-and-media/investor-toolbox/shareholder-meetings. From the end of this week, the minutes of the EGM 2018 will also be available.
Santhera Pharmaceuticals (SIX: SANN) is a Swiss specialty pharmaceutical company focused on the development and commercialization of innovative medicines for rare and other diseases with high unmet medical needs. The portfolio comprises clinical stage and marketed treatments for neuro-ophthalmologic, neuromuscular and pulmonary diseases. Santhera's Raxone® (idebenone) is authorized in the European Union, Norway, Iceland, Liechtenstein and Israel for the treatment of Leber's hereditary optic neuropathy (LHON) and is currently commercialized in more than 20 countries. For further information, please visit www.santhera.com.
Raxone® is a trademark of Santhera Pharmaceuticals.
For further information please contact:
Eva Kalias, Head External Communications
Phone: +41 78 671 98 86
Christoph Rentsch, Chief Financial Officer Hans Vitzthum, LifeSci Advisors
Europe: +41 61 906 89 65 US: +1 212 915 2568
Disclaimer / Forward-looking statements
This communication does not constitute an offer or invitation to subscribe for or purchase any securities of Santhera Pharmaceuticals Holding AG. This publication may contain certain forward-looking statements concerning the Company and its business. Such statements involve certain risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of the Company to be materially different from those expressed or implied by such statements. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. The Company disclaims any obligation to update these forward-looking statements.
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