The FINANCIAL — Advicenne, a pharmaceutical SME from the south of France at advanced stages of development, on December 6 celebrated its first day of trading on Euronext Paris.
Funds raised through listing will help the company pursue clinical development of its leading product in Europe and the United States, and finance commercial growth in Europe.
Founded in Nîmes in 2007 by Dr Luc-André Granier, MD, and Caroline Roussel-Petit, respectively Chairman & CEO and Director of Operations, Advicenne develops therapeutic products for children and adults suffering from rare renal and neurological diseases. From the start, the company has been backed by leading venture capital investors including InnoBio (Bpifrance), IXO Private Equity, IRDI Soridec Gestion, Cemag Invest and MI Care, as well as private investors.
Advicenne (ticker code ADVIC) was listed through the admission to trading on 6 December 2017 of 8,002,696 shares making up the company’s equity, including 2,007,718 new shares (after partial exercise of the extension clause and before exercise of the overallotment option), raising a total of €27 million euros, and may rise to €28.2 million euros in case of full-exercise of the over-allotment option, according to Euronext.
The offering price was set at €14,03 per share and market capitalisation was around €112 million on the day of listing.
At the listing ceremony, the company’s co-founder, Chairman & CEO Dr. Luc-André Granier, said: “We are delighted to have completed our initial public offering on Euronext Paris, and to welcome new investors alongside our historical shareholders, who have confirmed their ongoing support for our team and our work. We would like to thank each and every one, both individuals and institutions, for placing their trust in Advicenne. This IPO represents a milestone in our strategy, and will enable us to pursue the clinical development of our lead product in both Europe and the United States, and lay the groundwork for its planned commercialisation in Europe in 2020.”