The current weak US IPO conditions have resulted in a slight change of plan for Bavarian Nordic (CO:BAVA). It recently shelved its US listing plans and instead completed a private share placement, which raised c $100m vs the expected $86m in the F-1 filing. New funds will be used for the same purposes as the IPO, namely advancing the development of CV-301, MVA-BN RSV and for capex. Prostvac has passed its first interim analysis and the Phase III trial will continue without modification.
Private placement completed, cash inflow increases
Instead of a public offering, Bavarian Nordic has closed a private offering of 2.77m shares (almost 9% of issued shares after the offering) at a price of DKK240 per share raising approximately DKK665 in gross proceeds. As a result, the company expects to exit 2016 with a cash preparedness position of DKK1.9bn which comprises cash and equivalents, offering proceeds and undrawn credit lines.
To read the entire report Please click on the pdf File Below