Sygnis raises €18 million through new shares
This article was originally published in Scrip
Executive Summary
Sygnis Pharma has raised €18.3 million to advance its CNS pipeline through the placement of new shares. The German biotech has sold 12,694,967 newly issued shares at €1.44 and at an exchange ratio of 9:4 to existing shareholders. As a result, Sygnis's total registered capital will increase from €28.6 million to €41.3 million. The listing of the new shares on the Frankfurt Stock exchange is expected to take place by next month and the free float of the company will decrease to about 42% on a diluted basis. In June Sygnis bought US company Amnestix for €4 million (Scrip Online, June 10th, 2008).