Deals & Cases

Homburger advises Addex Therapeutics Ltd on new PIPE transaction

On December 16, 2021, allosteric modulation company Addex Therapeutics Ltd in Plan-les-Ouates, Geneva (SIX: ADXN) announced that it has entered into a definitive agreement with Armistice Capital LLC, a healthcare-focused institutional investor, pursuant to which Addex agreed to sell 3,752,202 shares in the form of 625,367 American Depositary Shares («ADSs») at a gross purchase price of USD 6.50 per ADS, which is equivalent to CHF 1.00 per share. Each ADS represents six shares. Additionally, Addex has agreed to issue to Armistice Capital ordinary warrants to purchase up to 1,538,462 ADSs, as well as pre-funded warrants to purchase up to 913,095 ADSs in a concurrent private placement. The closing of the offering is expected to occur on or about December 21, 2021, subject to the satisfaction of customary closing conditions.

The gross proceeds to Addex, before deducting placement agent fees and other offering expenses, will be USD 10.0 m. Addex intends to use the net proceeds from this offering to advance its clinical and preclinical pipeline.

Homburger advises Addex in this transaction. The Homburger team is led by partner Frank Gerhard (Corporate / M&A) and includes associates Karin Mattle and Romain Fakhoury (both Corporate / M&A).