Sensorion successfully raises approximately €31(US$ 36.5) million in an oversubscribed private placement to US and European investors

Montpellier, September 18, 2020

Sensorion (FR0012596468 – ALSEN – the “Company”) a pioneering clinical-stage biotechnology company which specializes in the development of novel therapies to restore, treat and prevent within the field of hearing loss disorders announces today the success of its previously announced capital increase. The Company has placed 18,236,000 new ordinary shares with a nominal value of €0.10 each (the “New Shares”), for total gross proceeds of approximately € 31 million by means of an accelerated bookbuild offering to the benefit of categories of persons (the “Reserved Offering”).

The issue price of the New Shares is €1.70 per share, representing a 3.5% discount to the weighted average share price on the day preceding the date on which the issuance price is set, which was €1.76, in accordance with the 12th resolution of the extraordinary general meeting of shareholders of the Company held on May 20, 2020. The Reserved Offering is expected to close on or about September 22, 2020.

The Reserved Offering was conducted by Jefferies International Limited (“Jefferies”), as Sole Global Coordinator and Joint Bookrunner, and Bryan, Garnier & Co and Kempen & Co, as Joint Bookrunners (together with Jefferies, the "Placing Agents"). Chardan is acting as Lead Manager. Namsen Capital is acting as equity capital markets advisor.

The Company intends to use the net proceeds from the Reserved Offering to develop its current gene therapy programs (OTOF and USHER), potentially broaden its gene therapy pipeline, support its pharmacology, clinical studies for the phase 3 development of SENS-401 and for working capital as well as general corporate purposes.

Following the issuance of the New Shares, the Company's total share capital will be 7,679,905.20, equal to 76,799,052 shares, each with a par value of €0.10. Based on its forecasted expenses, the cash at December 31, 2019 and the net proceeds from the present offering the Company believes it will be able to fund its operations into end of Q3 2022.

Read the full press release here