Acacia Pharma (EURONEXT: ACPH) raises EUR 27 million for US launch
Cambridge, UK and Indianapolis, US – Acacia Pharma (EURONEXT: ACPH), a commercial stage biopharmaceutical company focused on developing and commercializing novel products to improve the care of patients undergoing serious medical treatments such as surgery, invasive procedures, or chemotherapy, announces the successful completion of the placing announced yesterday. Investors have agreed to subscribe for 10,000,000 New Ordinary Shares at a price of EUR 2.70 per share. The Placing will raise gross proceeds of approximately EUR 27,000,000.
The New Ordinary Shares issued pursuant to the Placing represent 11.1% of the Company’s issued share capital prior to the Placing.
Bank Degroof Petercam SA/NV is acting as Sole Bookrunner and Listing Agent in connection with the Placing.
Mike Bolinder, CEO of Acacia Pharma, commented:
“We are very pleased with the rapid and successful completion of this Placing, which will provide us with the financial resources to support the continued launch and roll out of BARHEMSYS® and BYFAVO™ in the US. As we reported in yesterday’s announcement, early progress in gaining formulary access for BARHEMSYS® has been very promising, exceeding our expectations, and comparing very favorably with recent comparable US hospital product launches. Gaining formulary acceptance is a crucial step to driving sales longer term, and we are delighted with the very positive early market reception to the US launch of BARHEMSYS®. We would like to thank our existing and new shareholders for their support and look forward to providing a further update on our progress at the time of our full year results in late March.”
Acacia Pharma intends to use the net proceeds of the Placing:
- To meet its sales force and marketing costs relating to BARHEMSYS® and BYFAVO™ including brand development and engagement with key opinion leaders, healthcare professionals and medical conference and speaker programs;
- To continue implementing post-approval research and development commitments including pediatric studies for BARHEMSYS® and BYFAVO™ and a renal study for BARHEMSYS®;
- To satisfy interest and principal payments under existing loan agreements; and
- For general corporate purposes relating to ongoing commercial activities.
About Acacia Pharma
Acacia Pharma is a hospital pharmaceutical company focused on the development and commercialization of new products aimed at improving the care of patients undergoing significant treatments such as surgery, other invasive procedures, or cancer chemotherapy. The Company has identified important and commercially attractive unmet needs in these areas that its product portfolio aims to address.
Acacia Pharma's first product, BARHEMSYS® (amisulpride injection) is marketed in the US for the management of postoperative nausea & vomiting (PONV).
BYFAVO™ (remimazolam) for injection, a very rapid onset/offset IV benzodiazepine sedative is approved and launched in the US for use during invasive medical procedures in adults lasting 30 minutes or less, such as colonoscopy and bronchoscopy. BYFAVO is in-licensed from Paion UK Limited for the US market.
APD403 (intravenous and oral amisulpride), a selective dopamine antagonist for chemotherapy induced nausea & vomiting (CINV) has successfully completed one proof-of-concept and one Phase 2 dose-ranging study in patients receiving highly emetogenic chemotherapy.Acacia Pharma has its US headquarters in Indianapolis, IN and its R&D operations are centered in Cambridge, UK. The Company is listed on the Euronext Brussels exchange under the ISIN code GB00BYWF9Y76 and ticker symbol ACPH. www.acaciapharma.com.
About Gilde Healthcare
Gilde Healthcare is a specialized healthcare investor with $1.8 billion under management across two fund strategies: Venture & Growth and Private Equity. The firm operates out of offices in Utrecht (The Netherlands), Frankfurt (Germany) and Cambridge (United States). Gilde Healthcare Venture & Growth invests in innovative companies active in (Bio)Pharmaceuticals, HealthTech and MedTech. The portfolio of the Venture & Growth fund is balanced with fast growing life science companies from Europe and North America. For more information, please visit the company's website at www.gildehealthcare.com.