Ghent, Belgium
October 14, 2024
Additional Funds to further Build the AGROBODY™ Platform and Strengthen the Biocontrol Pipeline
Public announcement in accordance with article 7:97, §4/1 Belgian Companies and Associations Code
Biotalys NV (Euronext Brussels: BTLS) (the “Company” or “Biotalys”), an Agricultural Technology (AgTech) company developing protein-based biocontrol solutions for sustainable crop protection, today announced that it has successfully obtained subscription commitments for an amount of EUR 15 million through a private investment in a public equity (“Private Placement”). The transaction involves the issue of 5,300,352 new shares (being approximately 16.5% of the Company’s shares outstanding prior to the transaction) at an issue price of EUR 2.83 per share, representing a discount of 10% compared to the volume weighted average price of the Company’s share on Euronext Brussels during the period of 30 days from (and including) 11 September 2024 till (and including) 10 October 2024.
Current shareholders, Ackermans & van Haaren NV and Agri Investment Fund BV, participated in the Private Placement, as well as a new investor, the Dutch asset management firm ASR Vermogensbeheer NV.
Ko van Nieuwenhuijzen, Senior Portfolio Manager at ASR Vermogensbeheer, commented: “We were impressed by Biotalys’ technology and the team’s ability to develop the biofungicide EVOCA™ which is currently awaiting regulatory approval, while a second product candidate is now being tested in field trials. ASR’s participation in Biotalys’ capital increase fits with our strategy of investing for the long-term in developments that benefit people and the planet.”
Piet Bevernage, Member of the Executive Committee of Ackermans & van Haaren and of the Biotalys Board, said: “We first invested in Biotalys in 2019, further supported the company during the IPO in 2021 and today are pleased to further increase our position in the company. We strongly believe in the AGROBODY™ technology platform to develop efficacious new biocontrols for growers to protect their crops while reducing the impact on the environment. We are a committed long-term partner and will continue to offer strategic guidance, in addition to our current financial support.”
Patrik Haesen, CEO at AIF and permanent representative of AIF on the Biotalys Board of Directors, stated: “With rising resistance and stricter regulatory constraints, growers are in dire need of new solutions to fight crop pests and diseases. We are committed to supporting innovators such as Biotalys, which is developing products with new modes of action to help growers in Belgium and abroad to protect their livelihood and deliver healthy, sustainable produce.”
Kevin Helash, Biotalys’ CEO, said: "We are proud to welcome ASR Vermogensbeheer as a new investor to our company and are very appreciative of the additional support of our current shareholders, AvH and AIF. We are committed to being good stewards of this investment, maintaining our culture of cost consciousness. We will strategically deploy these funds to advance our R&D pipeline with a target of launching one new project annually, such as the recently announced addition of BioFun-8 for expanded fungal control. The timing of this investment extends our cash runway as we await final regulatory approvals for EVOCA and move toward commercializing EVOCA NG and generating a strong and increasing revenue stream long-term.”
Biotalys is developing a strong and diverse pipeline of effective biocontrol products with a favorable safety profile that aim to address key crop pests and diseases across the whole value chain. The pipeline is based on Biotalys’ proprietary AGROBODY™ technology platform, enabling the discovery and development of a variety of solutions against multiple targets such as fungi and harmful insects that cause significant crop losses.
Biotalys intends to use the proceeds of the Private Placement as follows:
- To support the regulatory process for the first product candidate EVOCA™ and the further development of EVOCA NG and BioFun-6, including field trials and regulatory approvals;
- To further develop and advance the Company’s pipeline, including discovery and development, aimed at increasing the number of programs within crop protection and along the food value chain, potentially also through partnerships;
- To fund continuous platform development and intellectual property capture to maintain the Company’s competitiveness and increase the efficiency of Biotalys’ AGROBODY Foundry™ platform;
- To support the recruitment and retention of key talent; and
- For general corporate purposes.
The payment and delivery of the new shares is scheduled to take place on Wednesday 16 October 2024. Following such date, the new shares will also be listed on Euronext Brussels. These new shares will have the same rights and benefits as, and rank pari passu in all respects with, the existing and outstanding shares of Biotalys at the time of their issuance.
As a result of the issuance of new shares, the Company’s share capital will increase by EUR 783,922 from EUR 4,755,005.78 to EUR 5,538,927.78, and its issued and outstanding shares will increase from 32,157,210 to 37,457,562 shares, representing an increase in the number of shares outstanding of approximately 16.5%.
KBC Securities NV, Belfius Bank NV/SA in cooperation with Kepler Cheuvreux SA, and Coöperatieve Rabobank U.A. are acting as Joint Global Coordinators of the Private Placement.
About Biotalys
Biotalys is an Agricultural Technology (AgTech) company developing protein-based biocontrol solutions for the protection of crops and aiming to provide alternatives to conventional chemical pesticides for a more sustainable and safer food supply. Based on its novel AGROBODY™ technology platform, Biotalys is developing a strong and diverse pipeline of effective product candidates with a favorable safety profile that aim to address key crop pests and diseases across the whole value chain, from soil to plate. Biotalys was founded in 2013 as a spin-off from the VIB (Flanders Institute for Biotechnology) and has been listed on Euronext Brussels since July 2021. The company is based in the biotech cluster in Ghent, Belgium. More information can be found on www.biotalys.com.
Topics
Species
