Open Orphan PLC - Results of Fundraising
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UNLESS OTHERWISE INDICATED, CAPITALISED TERMS IN THIS ANNOUNCEMENT HAVE THE MEANINGS GIVEN TO THEM IN THE DEFINITIONS SECTION INCLUDED IN APPENDIX II TO THE COMPANY'S ANNOUNCEMENT OF
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
("Open Orphan", the "Company" or the "Group")
Results of Fundraising
The Fundraising has raised approximately
The net proceeds of the Fundraising will be used to
o Maximise available Covid-19 opportunities including accelerating the development of both a seasonal coronavirus and a Covid-19 virus challenge study model to capitalise upon Group's inbound demand from Covid-19 vaccine developers globally. These challenge study models have the ability to speed up the development of a vaccine by 2-3 years;
o Ramp up Covid-19 antiviral testing to the Group's current capacity for 3,000 tests per day;
o Expand existing laboratory testing services to 3rd party pharmaceutical and biotech companies in line with our strategy of becoming a leading services provider to the growing viral, and respiratory diseases sector of the pharmaceutical industry; and
o Strengthen the balance sheet to enable the Group to take advantage of the significant and growing opportunities the Board believes are available.
First Admission and Total Voting Rights
The Firm Fundraise of 44,496,864 new Ordinary Shares is conditional on First Admission, and is being carried out within the Company's existing share authority to issue Ordinary Shares for cash.
It is expected that the Firm Fundraising Shares will be admitted to trading on AIM and Euronext Growth at
Following the First Admission of the Firm Fundraising Shares, the total number of Ordinary Shares in the Company in issue will be 593,535,138. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the
Second Admission and Total Voting Rights
The Second Admission of 70,324,960 new Ordinary Shares is conditional upon (amongst other things) the Placing Agreement not having been terminated, First Admission occurring, the passing of the Resolutions at the General Meeting and Second Admission occurring on or before
It is expected that the Conditional Fundraising Shares will be admitted to trading on AIM and Euronext Growth at
Following the Second Admission of the Conditional Fundraising Shares, the total number of Ordinary Shares in the Company in issue will be 663,860,098. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the
"Open Orphan is now a fast growing, and soon to be profitable, specialist CRO pharmaceutical services business with a market leading position in the rapidly expanding market of testing vaccines and antivirals. We are delighted by the heavily oversubscribed fundraise which has brought many new leading blue-chip institutional shareholders to our share register.
As a result of Covid-19, we are seeing unprecedented growth opportunities as pharma, biotech and governments around the world focus funding on finding solutions to Covid-19 and other respiratory diseases. As such, we're developing several new revenue streams including by speeding up the development of both a seasonal coronavirus and a Covid-19 virus challenge study model to capitalise upon the Company's inbound demand from Covid-19 vaccine developers globally. We have also opened up our laboratory services offering to third party pharma and biotech companies, as in the case of the recently announced Nearmedic contract, and from our state-of-the-art viral laboratory have launched a transformational Covid-19 antibody testing service which, unlike the home and online testing kits, offers 100% accuracy and the potential to complete up to 3,000 tests per day on a single machine. We believe that the Company has the pipeline to potentially sign up to six Covid-19 related challenge study contracts in 2020 with a further six potential contracts in 2021.
It is an exciting time at Open Orphan, and we are looking to capitalise on the opportunity to deliver rapid growth in the near term by converting some of our c.
Capitalised terms in this Announcement shall have the meanings given to such terms in the Group's announcement at
For further information please contact
Cathal Friel, Executive Chairman +353 (0)1 644 0007
John Llewellyn-Lloyd / Benjamin Cryer / Dan Gee-Summons (Corporate Finance)
Fraser Marshall / Simon Johnson (Equity Sales)
finnCap plc (Joint Broker) +44 (0) 20 7220 0500
Geoff Nash / James Thompson/ Charlie Beeson (Corporate Finance)
Richard Chambers (ECM)
Davy (Euronext Growth Adviser and Joint Broker) +353 (0)1 679 6363
Camarco (Financial PR) +44 (0)20 3757 4980
Tom Huddart / Daniel Sherwen
This information is provided by RNS, the news service of the
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