PARIS, March 9 /PRNewswire-FirstCall/ -- ExonHit Therapeutics (Alternext: ALEHT) today announced that 1,076,923 out of 2,080,335 convertible bonds issued November 8, 2006 and redeemable November 8, 2011 have been converted into shares.
This conversion results into a EUR 17,231 capital increase and EUR 6,982,769 increase in additional paid-in capital. At the same time, the convertible bond debt is reduced to EUR 6,522,178 compared to EUR 13,522,178 as of December 31, 2008.
Philippe Rousseau, Chief Financial Officer of ExonHit Therapeutics, said: "This transaction is good news for ExonHit, as it strengthens our balance sheet. And, while it is not providing any cash, this conversion will save us more than EUR 650,000 of interest payments over the next 32 months. "
About ExonHit Therapeutics
ExonHit Therapeutics is the world's leader in the analysis of alternative RNA splicing, a process which when deregulated plays a key role in the onset of various diseases.
ExonHit Therapeutics has a multi-component commercial strategy to capture the maximum value from its leadership in alternative splicing. The Company is already generating revenues from a new generation of microarrays, SpliceArray(TM) family of products that enable life science researchers to detect crucial disease-associated information. These products are marketed worldwide in conjunction with Agilent and Affymetrix. In the field of diagnostics, ExonHit Therapeutics has a major collaboration with bioMerieux to develop completely novel predictive blood-based cancer diagnostics, which could play a key role in improving the treatment of breast cancer and other major cancers.
In parallel, ExonHit Therapeutics is developing its own therapeutic pipeline in the field of neurodegenerative diseases and cancer. The Company has advanced drug candidates into clinical trials and is evaluating several promising pre-clinical compounds. ExonHit Therapeutics also has a strategic partnership with Allergan, to discover and develop new therapeutics in the areas of pain, neurological diseases and ophthalmology. This collaboration provides on-going research funding to ExonHit.
Founded in 1997, ExonHit is headquartered in Paris, France and has a U.S. facility in Gaithersburg, Maryland. The Company is listed on Alternext of Euronext Paris (ISIN: FR0004054427; ticker: ALEHT) since November 17, 2005. For more information, please visit http://www.exonhit.com.
This press release contains elements that are not historical facts including, without limitation, certain statements on future expectations and other forward-looking statements. Such statements are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated.
In addition, ExonHit Therapeutics, its shareholders, and its affiliates, directors, officers, advisors and employees have not verified the accuracy of, and make no representations or warranties in relation to, statistical data or predictions contained in this press release that were taken or derived from third party sources or industry publications, and such statistical data and predictions are used in this press release for information purposes only.
Finally, this press release may be drafted in the French and English languages. In an event of differences between the texts, the French language version shall prevail.
|SOURCE ExonHit Therapeutics SA|
Copyright©2009 PR Newswire.
All rights reserved