BIOPHYTIS (EPA:ALBPS) - Biophytis Announces the Launch of its Public Offering on Nasdaq

Transparency directive : regulatory news

09/07/2019 00:39

Press Release

     Biophytis Announces the Launch of its Public Offering on Nasdaq

Paris (France), Cambridge (Massachusetts, United States), July 8, 2019, 11.30pm
CET - Biophytis (Euron- ext Growth Paris: ALBPS) ("Biophytis" or the
"Company"), a clinical-stage biotechnology company focused on the development
of therapeutics for age-related diseases, today announced its intention to
offer and sell, subject to market and other conditions, 13,125,000 of its
ordinary shares in a global offering, comprised of a public offering of
American Depositary Shares (the "ADSs"), each representing ten ordinary shares,
in the United States and in countries outside the United States (the "ADS
Offering"), and a concurrent offering of ordinary shares to qualified investors
in Europe (the "European Placement,") and in countries outside of Europe (the
"Ordinary Share Offering", together with the European Placement and the ADS
Offering, the "Global Offering").

Biophytis intends to grant to H.C. Wainwright & Co. a 30-day option to purchase
additional ordinary shares (to be delivered in the form of ADSs) in an
aggregate amount of up to 15% of the total number of ordinary shares (including
ordinary shares in the form of ADSs) sold in the Global Offering (the
"Option").

All securities to be sold in the Global Offering will be offered by Biophytis.
Biophytis' ordinary shares are listed on Euronext Growth Paris under the symbol
"ALBPS". Biophytis has applied to list the ADSs to be sold in the ADS Offering
on the Nasdaq Capital Market under the ticker symbol "BPTS".

H.C. Wainwright & Co. is acting as global coordinator for the Global Offering
and as sole book-running manager for the ADS Offering. Invest Securities S.A.
is acting as co-manager for the Ordinary Share Offering.

Global Offer Price

The offering price is expected to be between $7.00 and $9.00 per ADS, or
between EUR0.62 and EUR0.80 per ordinary share, and on the basis of a median
price of $8.00 per ADS (or EUR0.71 per ordinary share) representing a discount
of 19% based on the closing price of EUR0.88 per share on July 8, 2019 and an
exchange rate of EUR0.89/$1.00. As a result, based on a median price of $8.00
per ADS and EUR0.71 per ordinary share, the amount of the Global Offering would
be $10,500,000 or EUR9,362,461. The final offering price per ADS in U.S.
dollars and the corresponding offering price per ordinary share in euros, as
well as the final number of ADSs and/or ordinary shares sold in the Global
Offering, will be determined through negotiations between the Company and H.C.
Wainwright & Co. following a book building process commencing immedi- ately,
and by reference to the prevailing market price of the Company's ordinary
shares on the Euronext Growth Paris after taking into account market conditions
and other factors.

Global Offer Type - Capital increase without preferential subscription rights
as part of a public offering

The ADSs and/or ordinary shares will be issued through a capital increase
without shareholders' preferential subscription rights by public offering
(offre au public), pursuant to the provisions of articles L. 225-129 et seq. of
the Commercial Code (Code de commerce), in particular articles L.225-129-2,
L.225-135 and L.225-136 and in accordance with the terms of the sixth
resolution of the Company's extraordinary gen- eral shareholders' meeting held
on June 4, 2018.

The closings of the ADS Offering and the Ordinary Share Offering will occur
simultaneously, will be conditioned on each other and are expected to occur on
the second trading day after the final pricing and allocation of the Global
Offering.

Use of proceeds

The Company expects to use the net proceeds from the Global Offering to advance
its Phase 2b clinical trial (SARA-INT) of Sarconeos (BIO101) in sarcopenia, to
continue its development of Sarconeos (BIO101) in DMD through submission of an
IND application to the FDA and clinical trial applications to the applicable
regulatory agencies in Europe, and to continue to build its preclinical
research and development platform on retinopathies and for other new and
on-going research and development activities, working capital and other general
corporate purposes. The Company considers that with the existing sources of
financing and the net proceeds of the Global Offering, it will be able to
finance the anticipated operating expenses for the next 12 months. Investors
are invited to read the "Use of Proceeds" section of the registration statement
on Form F-1, as amended, filed with the U.S. Securities and Exchange Commission
for further information on the use of the net proceeds of the Global
Offering.

In the event of restriction or failure to complete the Global Offering, the
Company will seek new sources of financing in order to pursue the objectives
described above.

Underwritten Public Offering

The Global Offering will be made subject to the terms and conditions of an
underwriting agreement by and among the Company and the underwriters.

Documentation

The securities referred to in this press release will be offered only by means
of a prospectus filed with the U.S. Securities and Exchange Commission. Copies
of the preliminary prospectus relating to and describing the terms of the
Global Offering may be obtained from H.C. Wainwright & Co., LLC, 430 Park
Avenue 3rd Floor, New York, NY 10022, or by telephone at (646) 975-6996, or by
email at placements@hcwco.com, or at the SEC's website at www.sec.gov.

A registration statement on Form F-1 relating to these securities has been
filed with the U.S. Securities and Exchange Commission but has not yet become
effective. These securities may not be sold, nor may offers to buy be accepted,
prior to the time the registration statement becomes effective.

Application will be made to list the new ordinary shares to be issued pursuant
to the Global Offering on Euronext Growth Paris. Neither the European Offering
nor the application for admission of shares to the Euronext Growth Paris market
will be the subject of a prospectus approved by the Autorité des marchés
financiers ("AMF").

Risk factors

Investors are encouraged to carefully consider the risk factors that may affect
the Company's business described in Chapter 4 "Risk Factors" of the 2018
Registration Document before making an investment decision. The realization of
all or part of these risks is likely to have an adverse effect on the Group's
activities, results, financial position or objectives. In addition, other
risks, unidentified or considered insignificant by the Group could have the
same adverse effect and investors could lose all or part of their investment.

Copies of the 2018 Registration Document are available free of charge, upon
request, at the registered office of the Company located at 14 Avenue de
l'Opéra, 75001 Paris, on the Company's website (www.biophytis.com) and on the
AMF website (www.amf-france.org).

Dilution

As an indication, the completion of the Global Offer would entail, on the basis
of the issue of 13,125,000 new shares, a dilution of approximately 97% of the
Company's share capital (excluding the exercise of the Option to purchase
additional securities) and 112% of the share capital of the Company (after full
exercise of the Option to purchase additional securities representing the issue
of 1,968,750 additional shares).

This press release does not, and is not intended to, constitute an offer to
sell or the solicitation of an offer to buy securities, and shall not
constitute an offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of that jurisdiction.

About Biophytis

Biophytis is a clinical-stage biotechnology company focused on the development
of therapeutics that slow the degenerative processes and improve functional
outcomes for patients suffering from age-related dis- eases. Our therapeutic
approach is aimed at targeting and activating key biological resilience
pathways that can protect against and counteract the effects of the multiple
biological and environmental stresses that lead to age-related diseases. Our
lead drug candidate, Sarconeos (BIO101), is an orally administered small
molecule in development for the treatment of neuromuscular diseases, including
sarcopenia and Duchenne muscular dystrophy (DMD). Our second drug candidate,
Macuneos (BIO201), is an orally ad- ministered small molecule in development
for the treatment of retinal diseases, including dry age-related macular
degeneration (AMD) and Stargardt disease. Biophytis is headquartered in Paris,
France, and has offices in Cambridge, Massachusetts. The Company's ordinary
shares are listed on Euronext Growth Paris (Ticker: ALBPS - ISIN:
FR0012816825). For more information please visit www.biophytis.com. The regis-
tration statement can be accessed by the public on the website of the SEC.

Disclaimer

This press release contains forward-looking statements. Forward-looking
statements include all state- ments that are not historical facts. In some
cases, you can identify these forward-looking statements by the use of words
such as "outlook," "believes," "expects," "potential," "continues," "may,"
"will," "should," "could," "seeks," "predicts," "intends," "trends," "plans,"
"estimates," "anticipates" or the negative ver- sion of these words or other
comparable words. These forward-looking statements include any statements
regarding Biophytis' proposed public offering. Such forward-looking statements
are subject to var- ious risks and uncertainties including, without limitation,
risks inherent in the development and/or commercialization of potential
products, the outcome of its studies, uncertainty in the results of
pre-clinical and clinical trials or regulatory approvals, need and ability to
obtain future capital, and maintenance of intellectual property rights and
those discussed in the Company's registration document and other regulatory
filings with the French Autorité des Marchés Financiers (AMF), which are
available on the AMF website (www.amf-france.org) and at www. Biophytis.com.
These factors should not be construed as ex- haustive and should be read in
conjunction with the other cautionary statements that are included in the
registration statement. We undertake no obligation to publicly update or review
any forward-looking statement, whether as a result of new information, future
developments or otherwise, except as required by law.

No communication or information relating to the Global Offering by Biophytis
may be transmitted to the public in a country where there is a registration
obligation or where an approval is required. The issuance or the subscription
of the securities of the Company may be subject to legal and regulatory
restrictions in certain jurisdictions; none of Biophytis and the banks involved
in the Global Offering assumes any liability in connection with the breach by
any person of such restrictions.

This press release is an advertisement and not a prospectus within the meaning
of Directive 2003/71/EC of the European Parliament and the Council of 4
November 2003, as amended or superseded including by Directive 2010/73/EU and
as implemented in each member state of the European Economic Area, and of EU
Regulation 2017/1129 (the "Prospectus Regulations").

This press release and the information contained herein do not, and are not
intended to, constitute an offer to sell or a solicitation of an offer to buy
or subscribe to securities of Biophytis in any country. This press release is
not an offer to the public, an offer to subscribe or designed to solicit
interest for purposes of an offer to the public in any jurisdiction, including
France.

The securities of the Company will be offered only by way of a private
placement in France and/or outside France (excluding the United States) to
persons referred to in Article L.411-2-II of the French monetary and financial
code (code monétaire et financier).

European Economic Area

With respect to the Member States of the European Economic Area which have
implemented the Pro- spectus Regulations (the "Relevant Member States"), no
action has been undertaken or will be undertaken to make an offer to the public
of the securities of the Company requiring a publication of a prospectus in any
Relevant Member State. As a result, the securities of the Company may only be
offered in Relevant Member States:

  a) i) to any legal entity which is a qualified investor as defined in the
        Prospectus Regulations;
    ii) to fewer than 150 natural or legal persons (other than qualified
        investors as defined in the Prospectus Regulations); or iii) in any
        other circumstances falling within Article 3(2) of the Pro- spectus
        Regulations.

  b)    For the purposes of this paragraph, the expression "offer to the
        public of securities of the Company" in any Relevant Member States,
        means any communication, to individuals or legal entities, in any form
        and by any means (including through financial intermediaries), of
        sufficient information on the terms and conditions of the offering and
        on the securities of the Company to be offered, thereby enabling an
        investor to decide to purchase or subscribe for the securities of the
        Company, as the same may be varied in that Member State.

These selling restrictions with respect to Relevant Member States apply in
addition to any other selling restrictions which may be applicable in the
Relevant Member States who have implemented the Prospectus Regulations.

France

The securities of the Company in the context of the Global Offering will not be
offered or sold or cause to be offered or sold, directly or indirectly, to the
public in France. Any offer or sale of the securities of the Company and
distribution of any offering material relating to the securities of the Company
have been and will be made in France only to (a) persons providing investment
services relating to portfolio management for the account of third parties
(personnes fournissant le service d'investissement de gestion de portefeuille
pour compte de tiers), and/or (b) qualified investors (investisseurs
qualifiés) and/or a restricted circle of investors acting for their own
account, as defined in, and in accordance with, Articles L.411-2, D.411-1,
D.744-1, D.754-1 and D.764-1 of the French monetary and financial code (code
monétaire et financier).

United Kingdom

This press release is addressed only (i) to persons located outside the United
Kingdom, (ii) to investment professionals as defined in Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as
amended (the "Order"), (iii) to people designated by Article 49(2) (a) to (d)
of the Order or (iv) to any other person to whom this press release could be
addressed pursuant to applicable law (the persons mentioned in paragraphs (i),
(ii), (iii) and (iv) all deemed relevant persons ("Relevant Persons"). The
securities of the Company sold in the context of the Global Offering are
intended only for Relevant Persons and any invitation, offer of contract
related to the subscription, tender, or acquisition of the securities of the
Company in the context of the Global Offering may be addressed and/or concluded
only with Relevant Persons. All persons other than Relevant Persons must
abstain from using or relying on this document and all information contained
therein.

This press release is not a prospectus which has been approved by the Financial
Services Authority or any other United Kingdom regulatory authority for the
purposes of Section 85 of the Order.

Biophytis Investor Relations Contact
Daniel Schneiderman, CFO
dan.schneiderman@biophytis.com
Tel: +1 (857) 220-9720

U.S. Media Contact
LifeSci Public Relations
Cherilyn Cecchini, M.D.
ccecchini@lifescipublicrelations.com
Tel: +1 (646) 876-5196

Europe Media Contact
Citigate Dewe Rogerson
Antoine Denry
antoine.denry@citigatedewerogerson.com
Tel: +33 (0) 1 53 32 84 78

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BIOPHYTIS (EPA:ALBPS) - Biophytis Announces the Launch of its Public Offering on Nasdaq

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