News November 24 2020

Voluntis successfully completes a capital increase of €5.9m and finalises the financing of its strategic roadmap

Voluntis, a leader in the field of digital therapeutics, announces today the completion of a capital increase without preferential subscription rights exclusively reserved to the category of investors defined below for a total amount of €5.9 million.

The securities were subscribed by quality European investors, most of them specialized in the healthcare sector, including Debiopharm Innovation Fund, Corporate fund of Swiss company Debiopharm, and Indigo, the holding company of M. Eric Carreel, Chairman & co-founder of Withings, which strengthened its position. The issue price of the new shares was set at €4.43 per share, i.e. a discount of 15% on the average of the volume-weighted average price of the last three trading days prior to its setting.

The net proceeds of the capital increase (€5.7 million) will be used by Voluntis to strengthen its financial resources, in particular to develop its commercial activities with the pharmaceutical industry and to contribute to the financing of R&D activities. This capital raising complements the financing tools already in place, notably the €2 million state-guaranteed loan (PGE) and the recently obtained €1 million R&D Innovation loan, and enables the Company to cover its financing needs beyond the next 12 months.

The Company’s Board of directors has also decided to appoint Mrs. Tanja Dowe, CEO of Debiopharm Innovation Fund, as a Board’s Observer.

Pierre Leurent, CEO, said: “First and foremost, I would like to thank the investors who have placed their trust in us and contributed to the success of this operation. We were committed to providing ourselves as quickly as possible with the financial visibility necessary to execute our strategic roadmap with confidence. We can now focus on completing the developments for the commercialization of digital therapeutics within the framework of our commercial agreements already concluded and on the negotiation of new collaborations with pharmaceutical companies.”

Eric Elliott, Chairman of the board of directors, said: “We are delighted to welcome Tanja Dowe as a board’s observer following this transaction. We look forward to capitalizing on her excellent knowledge of the digital health sector and her extensive international network.”

Tanja Dowe, CEO of Debiopharm Innovation Fund, adds: “Debiopharm is very pleased to join Voluntis and to contribute to its further growth. The company’s positioning at the forefront of the rapidly growing digital therapeutics sector is perfectly aligned with Debiopharm’s priority areas of interest, particularly given its industry lead in oncology.”

Guillaume Floch, CFO, added: “We have opted for a hybrid financing, combining the capital increase announced today and debt, in order to optimize our balance sheet structure while limiting the dilutive impact of our financings.

The placement was led by Banque Delubac & Cie – CIB as lead manager, advisor and overall coordinator of the transaction.