Vivoryon Therapeutics Successfully Completes Private Placement Raising
EUR 25 Million
Halle (Saale) / Munich, Germany, May 26, 2023 – Vivoryon Therapeutics N.V. (Euronext Amsterdam:
VVY; NL00150002Q7) (“Vivoryon” or the "Company"), a clinical stage company focused on the
discovery and development of small molecule medicines to modulate the activity and stability of
pathologically altered proteins, today announced that it has successfully raised EUR 25 million in an
accelerated bookbuild offering through a private placement of 1,785,715 ordinary shares, with a
nominal value of EUR 1.00 each, in the issued share capital of the Company at an issue price of EUR
14.00 per share (such shares the “New Shares” and such transaction, the “Private Placement”). The
New Shares from the capital increase represent approximately 7.4% of Vivoryon’s existing issued share
capital and will be issued from the Company’s authorized capital under exclusion of the existing
shareholders’ pre-emptive rights. As a consequence, the Company’s issued share capital will increase
to EUR 25,890,993.00.
The gross proceeds of the Private Placement amount to EUR 25 million. Vivoryon intends to use the
net proceeds of the Private Placement:
- to accelerate the ongoing clinical development of its lead product candidate varoglutamstat,
currently in Phase 2 in Europe (VIVIAD, NCT04498650) and the United States (VIVA-MIND,
NCT03919162) for the treatment of patients with Alzheimer’s disease (AD),
- to reach the read-out for its VIVIAD study in Q1 2024, conduct discussions with the FDA and to
leverage results from its VIVIAD study to inform the VIVA-MIND study,
- to explore and leverage the full potential of its lead candidate in the evolving AD field, including
potential combination therapy options with varoglutamstat and various antibodies, and
- for general corporate purposes.
Following the completion of the Private Placement, according to current planning and estimates,
Vivoryon expects that its existing cash and cash equivalents will be sufficient to fund its research and
development expenses as well the general and administrative expenses and cash flows from investing
and financing activities into the second half of 2024. This guidance does not include exercise of share
options issued in October 2022, potential milestone payments from development partnerships,
potential payments from licensing agreements and/or additional financing measures.