Oryzon Genomics raises 30 million euros on its way to Nasdaq

Oryzon Genomics continues its roadmap to break into and list on the US Nasdaq stock exchange. The biotechnology company, founded in Barcelona and specialized in the development of personalized drugs for cancer patients or those with nervous system diseases, has raised 30 million euros through more than 12.76 million shares, at a price of 2.35 euros per share.

The round was led by a US-based institutional investor, whose identity has not been disclosed and who contributed half of the capital, about 15 million euros. In addition, the company also received contributions from other American and European investors. With this round, the company plans to boost legal and audit preparation to list, in addition to the Spanish stock exchange, also on Nasdaq, one of the main stock markets in the United States.

In addition to making the leap to Nasdaq, the company's plans include expanding the different clinical trials with the molecule vafidemstat to obtain specialized drugs for nervous system disorders related to aggression, such as borderline personality disorder or autism spectrum disorder. On the other hand, the biotechnology company also intends to strengthen the clinical programs it currently has underway to develop drugs for cancer patients.

The amount of 2.35 euros per share represents a discount of 24.7% compared to the closing price of the shares the day before the launch of this operation, and 15.44% less than the weighted average price of the company's shares in the last five days. Even so, the figure is above the 1.67 euros that the company's board agreed as the minimum amount for the issuance of shares. The pharmaceutical company originally planned to increase its capital by 25 million euros, but, due to the overdemand for shares, it has finally managed to raise these 30 million.

This operation, according to Oryzon's CEO, Carlos Buesa, has been a key milestone for the company, and "strengthens its financial position to continue maintaining a strategic dialogue with investors and potential corporate partners". For this reason, the company will also allocate part of the funds raised to strengthen its financial balance with a view to future negotiations or mergers.

Founded in Barcelona in 2000, Oryzon Genomics initially settled in the Barcelona Science Park (PCB), through the first incubator promoted by the PCB together with the Generalitat. Now, the company has offices in Cornellà de Llobregat and the United States, and is focused on the application of epigenetics, a specialty that controls gene expression without modifying the DNA sequence.