Shares of DBV Technologies S.A. (DBVT) jumped over 38% on Friday after the company announced financing of up to $306.9 million or 284.5 million euros.
DBVT is currently trading at $5.62, up $1.57 or 38.77%, on a volume of 20 million shares, above average volume of 62 thousand, on the Nasdaq. The stock opened its trading at $6.05 after closing Thursday at $4.05. The stock has traded between $0.44 and $6.78 in the past 52-week period.
DBV Technologies, a clinical-stage biopharmaceutical company dedicated to treating pediatric allergies, announced a financing of up to $306.9 million, including gross proceeds of $125.5 million to be received upon closing and an aggregate of up to $181.4 million in gross proceeds if all the warrants are exercised.
The Vitesse phase 3 study hitting its primary endpoint will trigger an acceleration of the exercise period of some of the warrants. DBV expects that the proceeds of this funding will be used for working capital and general corporate purposes, to finance the continued development of the Viaskin Peanut program, to finance the preparation and submission of a potential Biologics License Application and, to finance the readiness of a launch of Viaskin peanut in the US, if approved.
The financing will result in an immediate dilution of 22.4% and a maximal dilution of up to 73.7% of existing shareholders if all the warrants in the offering are exercised in full.
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