ARTICLE | Financial News

Addex raises CHF20 million

September 16, 2010 1:14 AM UTC

Addex Pharmaceuticals Ltd. (SIX:ADXN) raised CHF6 million ($5.9 million) through the sale of 593,567 shares at CHF10.18 and CHF14 million ($13.8 million) in an offering of zero-coupon, mandatory convertible notes to Biotechnology Value Fund and affiliates. The notes bear no interest and were sold at face value. The share price is a 13% premium to Addex's close of CHF9.01 on Tuesday, before the deal was announced. The notes convert at CHF10.18 on March 14, 2011. ...