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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:
Tel. +43 1 20620-1222
end of announcement euro adhoc
issuer: Intercell AG
Campus Vienna Biocenter 3
phone: +43 1 20620-0
FAX: +43 1 20620-800
indexes: ATX Prime
stockmarkets: official market: Wien