A piece of news
This capital increase confirms the company is valued at €96.5 millions ahead of IPO
Catalan biotechnology firm Oryzon Genomics, led by Carlos Buesa, has raised €16.5 millions by issuing 4.9 million new shares, sold at €3.39 each. This means the company is officially valued at €96.5 millions before going public, as Biocat reported earlier in the year.
Buesa says, “The success of this capital raise is affirmation that investors, some of them specialized in the epigenetics field, recognize the potential value in Oryzon.”
The company’s prospects have improved and they now aim to float shares on the Barcelona, Madrid, Valencia and Bilbao exchanges by the end of this year (having moved the date up from early 2016). The new shares issued in this capital increase will also be floated in the IPO.
Noteworthy among the new shareholders are Joseph Fernandez, CEO of Active Motif –a US company specializing in epigenetics, and the founder of Invitrogen –a biotechnology firm known for its success in going public on the Nasdaq in the US in 1999. The company also highlighted the investment from the Catalan Institute of Finance (ICF) Capital MAB fund.
Oryzon says that the funds obtained from this new round will allow them to speed up and expand their current clinical programs, which are working to develop therapies for oncology and neurodegenerative diseases, to boost new research programs and to further their internationalization and growth plan.