Nanobiotix Raises $55 Million Through Capital Increase
Biotechnology firm Nanobiotix has announced the pricing of a capital increase, raising $55 million in gross proceeds. The company plans to use the funds to support its late-stage clinical development.
Biotechnology company Nanobiotix announced on November 2, 2023, the pricing of its global follow-on offering, which raised approximately $55 million in gross proceeds. The company, focused on developing cancer treatments through physics-based approaches, intends to allocate these funds to advance its late-stage clinical development programs.
The capital increase consisted of a U.S. offering of 3,106,907 American Depositary Shares (ADSs) at $5.36 per ADS and a European offering of 2,492,223 ordinary shares at €5.07 per share. The pricing for both shares and ADSs was set at a 15% discount to the volume-weighted average price of the company's shares on Euronext Paris over the preceding three trading sessions.
In a concurrent private placement, Johnson & Johnson Innovation – JJDC, Inc. committed to investing $25 million. However, due to French foreign investment control regulations, the initial subscription was capped at $19.7 million, representing 9.99% of the company's voting rights. An additional $5.3 million investment is subject to approval from the French Ministry of Economy.
Nanobiotix's core technology aims to enhance cancer treatment efficacy using physics-based principles. The company states that the capital raised is crucial for progressing its clinical pipeline and developing new therapeutic options for cancer patients.