Placement of new ordinary shares to fund US EPP Phase III and expanded global vitiligo program
Melbourne, Australia and Baar, Switzerland, June 25 2012
Clinuvel Pharmaceuticals Limited (ASX: CUV; XETRA-DAX: UR9; ADR: CLVLY) has successfully raised A$6.2 million via a placement to international and domestic institutional and professional investors (“Placement”).
The Placement was conducted at price of A$1.75 per share, representing a 4.3% premium to the 20 day volume weighted average price and 9.4% to the closing price on June 20, 2012. There was strong participation in the Placement from both international and domestic investors.
The funds raised in the Placement will be used by Clinuvel for the ongoing development of its novel drug SCENESSE® (afamelanotide 16mg implant) for a Phase III clinical trial in the rare light intolerance disorder erythropoietic protoporphyria (EPP) in the US, and an expanded global clinical trial program in patients with the pigmentary disorder vitiligo.
The funds will also provide working capital during the evaluation of the Marketing Authorisation Application (MAA) for SCENESSE® for the prophylactic treatment of adult patients with EPP by the European Medicine Agency (EMA). An approved MAA will allow Clinuvel to market SCENESSE® in all 27 European Union member states as well as Norway, Iceland and Liechtenstein.
“I am extremely pleased by the strong response we have received from investors and the uptake in the Placement,” Clinuvel’s Chairman, Stan McLiesh said. “We aimed to raise sufficient funds to enable the company to operate beyond the EMA outcome, which is expected late this year or early next, while minimising dilution at this stage.
“I would like to thank our shareholders for their ongoing support and welcome new shareholders to the register. We are entering an exciting phase in the evolution of Clinuvel and these funds position us strongly for the future development of our first-in-class proprietary drug SCENESSE®,” Mr McLiesh said.