BIOPHYTIS (EPA:ALBPS) - Biophytis Successfully Closes its Public Offering of Share Subscription Warrants (BSA)

Transparency directive : regulatory news

27/04/2020 08:00

Press release

   Biophytis Successfully Closes its Public Offering of Share Subscription
                               Warrants (BSA)

Paris, (France), Cambridge (Massachusetts, United States), 27 April 2020, 8am
CEST - Biophytis SA (Euronext Growth Paris: ALBPS), a clinical-stage
biotechnology company specialized in the development of drug candidates for
treatment of aged related diseases, especially neuromuscular diseases, today
announces the successful close of its offering of 7,445,123 Share Subscription
Warrants (BSA) raised to 7,475,708 BSA, after full exercise of the extension
clause, by way of a public offering with an irreducible priority subscription
period for existing shareholders.

Out of a total of 27,726,144 BSAs requested, 3,603,029 were requested under the
priority right from existing shareholders, while 24,123,115 were requested on
from the public.

Given the high demand, the Company has decided to allocate part of the program
to the public. As a result, each subscriber, who was not an existing
shareholder, who made a request, was allocated what they requested up to the
limit of 300 BSA.

Stanislas Veillet, President and CEO of Biophytis, said: "The success of this
transaction, for which demand was 3 times higher than the number of BSAs
available, testifies for the renewed confidence in Biophytis' strategy to
generate value from its existing investors. We wanted to provide investors with
the opportunity to support our new COVA program and the future development of
the company through this offering, and we are extremely pleased to see the
enthusiasm it has generated. We are also delighted that all Biophytis'
employees and executive officers participated in the offering. "

Key features of the transaction

Biophytis announced on 7 April 2020 the launch of a public offering of
7,445,123 Share Subscription Warrants (BSA), which could be increased to
7,475,708 BSA, by way of a public offering with an irreducible priority
subscription period for existing shareholders, as well as an extension
clause.

The subscription price will be EUR0.06 per BSA. The total amount raised was
EUR448,542.48 after full exercise of the extension clause.

The settlement of the BSA issue is scheduled for the 30 April 2020.

The newly issued BSAs will be trading on Euronext Growth Paris under the code
ISIN FR0013507290 as of May 5, 2020.

This public offering was made in accordance with the following Articles L.411-1
of the Monetary and Financial Code under the 10th and 15th resolution of the
Extraordinary General Meeting of Shareholders held on 8 August 2019.

The principle of this capital increase was decided by the Board of Directors of
the Company, meeting on 3 April 2020.

In accordance with Article 1 of the AMF Instruction DOC-2018-07 of the AMF
General Regulation, this offer of financial securities did not result in a
prospectus subject to the AMF visa.

Detailed regulatory information regarding the Company and this public offering
can be found on its website: http://www.biophytis.com/ , including the press
release of the public offering published on 21 April 2020 detailing the
risks.

Reason for Issuance - Use of Proceeds

The main objective of the transaction is to allow investors to participate in
the new COVA program and the future development of the company, and to
eventually strengthen Biophytis' equity.

The net proceeds from the issuance of BSA and the resulting capital increase
will be used by the Company to strengthen its financial resources, contributing
particularly to funding (i) the finalization of the Phase 2b study for
Sarconeos (BIO101) in Sarcopenia, which aims to obtain proof of concept
clinical data, regarding the product's efficacy, safety and tolerance in
severely affected patients, (ii) the launch of the MYODA clinical study in
Duchenne myopathy and (iii) the implementation of the new COVA clinical
development program.

The proceeds will complement the financing tools already in place and will
allow the Company to fund its operations beyond the next 12 months.

The following table summarizes the distribution of capital and voting rights
before and after the offer is completed.

                           Before the offer -
                           As of April 6, 2020
Shareholders Number of   Number of shares         % of capital and %
              shares    /BSAbracknor/BSA2017/       voting rights
                         BSPCE2017/ BSA2018-KREOS/    (diluted)
                         BSANEGMA et BSPCE2020
     Number of shares/
Floating   38 079 139       38 079 139                  85.03%
Stanislas
VEILLET -
Chairman -
CEO         1 469 271        2 814 821                   6.29%
Self-owned
shares         65 979           65 979                   0.15%
Founder(1)     66 666          504 075                   1.13%
Directors(2)    1 270          471 054                   1.05%
Employees
(other than
founders) and
other holders
of BSPCE(1)    25 000          692 458                   1.55%
Bracknor                       431 184                   0.96%
Kreos                          442 477                   0.99%
Negma                        1 280 380                   2.86%
TOTAL      39 707 325       44 781 567                    100%

         After the offer
Number of shares/ BSAbracknor/BSA2017/     % of capital and
BSPCE2017/ BSA2018-KREOS / BSANEGMA         voting rights
      BSPCE2020 et de BSA2020

In the event of 100% subscription by
the public of all BSA2020 (including
        the extension clause)

41 752 868                                      79.90%
5 772 222                                      11.05%
    65 979                                       0.13%
   524 075                                       1.00%
   873 445                                       1.67%
1 114 645                                       2.13%
   431 184                                       0.83%
   442 477                                       0.85%
1 280 380                                       2.45%
52 257 275                                        100%

(1) Founder who is no longer or is not an Executive Director of the Company
(2) Nadine Coulm, Dimitri Batsis, Jean Mariani and Jean Franchi

The offering was led by INVEST SECURITIES, as Lead Manager - Bookrunner, and
advised by INVEST CORPORATE FINANCE, as financial advisor, and by REED SMITH,
as legal advisor.

                                    ***

About BIOPHYTIS

Biophytis SA is a clinical-stage biotechnology company specialized in the
development of drug candidates to slow down degenerative processes and improve
functional abilities in patients with age-related diseases, especially
neuromuscular diseases.

Sarconeos (BIO101), our leading drug candidate, is a small molecule,
administered orally, currently in clinical Phase 2b in sarcopenia (SARA-INT) in
the United States and Europe. A pediatric formulation of Sarconeos (BIO101) is
being developed for the treatment of Duchenne Muscular Dystrophy (DMD). The
company plans to start the clinical development (MYODA) in H2 2020.

Sarconeos (BIO101) is being developed as a treatment for Covid-19 (Coronavirus)
for which the company has filed a clinical trial application with the French
Regulatory Authority (ANSM).

The company is based in Paris, France, and Cambridge, Massachusetts. The
company's common shares are listed on the Euronext Growth Paris market (Ticker:
ALBPS -ISIN: FR0012816825). For more information www.biophytis.com.

Disclaimer

This press release contains forward-looking statements. While the Company
considers its projections to be based on reasonable assumptions, these
forward-looking statements may be called into question by a number of hazards
and uncertainties, so that actual results may differ materially from those
anticipated in such forward-looking statements. For a description of the risks
and uncertainties likely to affect the results, BIOPHYTIS' financial position,
performance or achievements and thus cause a change from the forward-looking
statements, please refer to the "Risk Factors" section of the Company's 2018
Annual Report available on BIOPHYTIS website ( www.biophytis.com).

This press release, and the information contained in it, does not constitute an
offer to sell or subscribe, nor the solicitation of a purchase or subscription
order, of BIOPHYTIS shares in any country. The elements contained in this
communication may contain forward-looking information involving risks and
uncertainties. The Company's actual achievements may differ materially from
those anticipated in this information due to different risk and uncertainty
factors. This press release was written in French and English; If there is a
difference between the texts, the French version will prevail.

Biophytis Contact for Investor Relations
Evelyne Nguyen, CFO
evelyne.nguyen@biophytis.com

Media contact
Citigate Dewe Rogerson
Sylvie Berrebi/ Nathaniel Dahan/ David Dible / Quentin Dussart
biophytis@citigatedewerogerson.com
Tel: +44 (0) 20 7638 9571 / +33 (0)1 55 30 70 91

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