The Management Board of BRAIN Biotech AG has, with the approval of the Supervisory Board, successfully completed the issue of approximately 1.99 million new shares (corresponding to approx. 10% of the share capital) as part of a cash capital increase from authorised capital excluding subscription rights.
The new registered shares with no par value were allocated to institutional investors by way of an accelerated bookbuilding process and placed at an issue price of EUR 9.85 per new share. BRAIN's main shareholder participated in the capital increase.
Adriaan Moelker, CEO BRAIN Biotech AG, states: “I like to thank our existing shareholders for their continued support on our innovation path. In addition, I am very happy that we can welcome some new shareholders which have utilized this capital raising as an attractive entry point. The successful placement of new shares is a sign of confidence for us that the capital market supports our business strategy.”
“The cash inflow from the capital increase will enable us to accelerate the development of our product pipeline, especially with a focus on the BRAIN Engineered Cas (BEC) technology. In addition, part of the proceeds will be used to finance acquisitions, to further expand our production capacity at Biocatalysts Ltd. and for the purchase of outstanding minority shareholdings in group subsidiaries”, added Lukas Linnig, CFO BRAIN Biotech AG.