Hybrigenics SA has announced the successful closing of a €2.735 million private placement, issuing 1.1 million shares at a 15 per cent discount to the price on the Alternext market in Paris. The new shares represent 9.5 per cent of the enlarged share capital.
The cash raised by this private placement will allow Hybrigenics to prepare the Phase IIb trial of inecalcitol, its treatment for hormone-refractory prostate cancer.
To date, the results of the Phase IIa clinical tolerance study on inecalcitol have been very encouraging, with no sign of toxic hypercalcemia up to the highest tested oral dose of 2 milligrammes per day, and a strong presumption of efficacy based on a very high, 87 percent, response rate of patients to the combination of standard intravenous Taxotere and oral inecalcitol.
“This private placement has attracted new institutional investors to Hybrigenics’ capital, whom I thank for their trust in the prospects of the company. Both the discount, limited to 15 per cent, and the dilution of about 10 per cent are reasonable and show our respect to the existing shareholders, whom I thank for their continuous support,” said Rémi Delansorne, Hybrigenics' CEO.