EANS-Adhoc: Intercell AG Intercell announces EUR 25.0 million financing from
BB Biotech and proposed private placement with selected institutional investors
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announcement.
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Company Information
07.05.2012
Vienna (Austria), May 07, 2012 - Intercell AG (VSE: ICLL) today announced the
signing of a combined debt and equity financing with BB Biotech, one of the
largest dedicated biotech investors, globally. The investment through a fully
owned subsidiary of BB Biotech AG consists of a EUR 20.0 million secured loan
(the "Term Loan") and a commitment to invest EUR 5.0 million as part of a
proposed equity private placement (the "Private Placement").
Intercell is in discussions with specialized healthcare investors regarding
proposals for additional investment of EUR 10.0 to 15.0 million as part of the
Private Placement.
The BB Biotech investment and the Private Placement, which should close before
the end of May, are expected to secure Intercell's funding needs into financial
self-sustainability.
Intercell's CEO, Thomas Lingelbach, stated: "Following the successful strategic
resetting in 2011, this financing marks an important step in the renewal of
Intercell as a notable biotech vaccine company. With growing sales from our
first product on the market, a diversified pipeline and technology base and a
disciplined financial strategy, we are now very well positioned for the next
development phase of our company."
"This significant investment in Intercell is driven by our confidence in
Intercell's commitment to profitability, IXIARO®/JESPECT® sales growth and
financial performance, and the quality of Intercell as a fully integrated
biopharmaceutical company, with capabilities from research to manufacturing and
sales", stated Dr. Daniel Koller, Head Management Team of BB Biotech.
The EUR 20.0 million secured Term Loan provided by BB Biotech has a six-year
term. Repayment starts in the fourth year through twelve equal quarterly
installments. The loan carries a variable interest rate of EURIBOR plus 6.5%
(but not less than 10.9 %). In addition, Intercell will pay BB Biotech a royalty
of 5.0% on its sales revenues from IXIARO®/JESPECT® (decreasing to 1.5% for
sales revenues in excess of EUR 50.0 million) for a ten-year period. However,
Intercell has certain buy-out rights, which cap the overall interest, royalty
and principal repayments. The loan is secured by a security interest in the
assets related to IXIARO®/JESPECT®.
The EUR 5.0 million equity investment by BB Biotech will be undertaken by way of
a subscription for approximately 1,962,000 Intercell shares at an issue price of
ca. EUR 2.55 per share, as part of the Private Placement, the remainder of which
will be placed with selected institutional investors. Intercell's Management
Board has resolved to exclude the subscription rights of existing shareholders
in this capital increase.
Further inquiry note:
Intercell AG
Nina Waibel
Corporate Communications
Tel. +43 1 20620-1222
communications@intercell.com
end of announcement euro adhoc
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issuer: Intercell AG
Campus Vienna Biocenter 3
A-1030 Wien
phone: +43 1 20620-0
FAX: +43 1 20620-800
mail: investors@intercell.com
WWW: www.intercell.com
sector: Biotechnology
ISIN: AT0000612601
indexes: ATX Prime
stockmarkets: official market: Wien
language: English