Amryt, the pharmaceutical company focused on best-in-class treatments for rare and orphan diseases, announces that it has raised €15.0 million, before expenses, through a placing for 66,477,651 new ordinary shares of 1p each in the Company.
• Proposed placing to raise €15.0 million (£13.3 million) gross, at a price of 20 pence per share from new and existing, institutional and other, investors
− including management of the Company
• Proceeds of the Placing, together with existing cash, to be primarily used to fund:
− the Company’s ongoing pivotal Phase III clinical trial for AP101, a potential treatment for Epidermolysis Bullosa (“EB”), a rare, genetic skin disorder
− the pre-launch costs of AP101, in anticipation of a successful Phase III trial
− an increase in existing manufacturing capacity for the production of AP101
− the further commercialisation of Lojuxta, the Company’s existing revenue generating drug treatment for Homozygous Familial Hypercholesterolemia (“HoFH”), a rare and life-threatening cholesterol disorder
− the further development of AP102, Amryt’s early stage asset that targets resistant acromegaly and Cushing’s Disease
− working capital and future research and development activities
• Proposed placing is conditional, amongst other things, on shareholder approval at a General Meeting to be held on 9 October 2017
− approximately 35.5% of shareholders have already undertaken to vote in favour of the Placing Resolutions
Joe Wiley, CEO of Amryt Pharma, commented:
“We are delighted with the support we have received, both from new and existing investors, for this oversubscribed placing, which has raised €15.0 million, equivalent to £13.3 million, and significantly widened our shareholder base.
We are at an exciting stage with AP101, our treatment for EB, a rare and distressing skin disorder which causes exceptionally fragile skin. Our Phase III clinical trial for AP101 is ongoing, with an interim read out due in H1 2018. In anticipation of its successful outcome and subsequent approval, this new money will contribute to funding the pre-launch costs and the expansion of our manufacturing capacity in readiness for the commercial launch of the treatment.
The funds will also support our continuing investment in Lojuxta, a drug we in-licenced in December 2016, which is used to treat HoFH, a rare and life-threatening cholesterol disorder. We remain very positive about expanding Lojuxta’s sales, which were €5.75 million in the first half of 2017. In addition, as we reported previously, its existing commercial infrastructure can be used to support other products.
The balance of the funds will be used to continue the development of our early stage asset, AP102, a potential best-in-class therapy for resistant acromegaly and Cushing’s Disease, both significant market opportunities with a clear unmet medical need. We plan to seek approval from the regulatory authorities to commence clinical trials of AP102 in humans in 2018.
Amryt has achieved a tremendous amount in a relatively short space of time and we firmly believe that the Company is well-positioned for future growth. As we develop the business further, we will consider additional in-licensing opportunities, as well as acquisitions or investments in other promising assets.”