Ghent, Belgium
June 7, 2023
Biotalys NV (Euronext Brussel : BTLS) (the “Company” or “Biotalys”), an Agricultural Technology (AgTech) company developing protein-based biocontrol solutions for crop and food protection, today announced that it has successfully obtained subscription commitments for an amount of EUR 7 million by means of a private investment in a public equity (“PIPE”). The transaction involves the issue of 1,135,257 new shares (being approximately 3.67% of the Company’s shares outstanding prior to the transaction) at an issue price of EUR 6.166 per share representing a premium of approximately 1% compared to the closing price of the Biotalys share on Euronext Brussels on Tuesday 6 June 2023.
Investors are the existing shareholders Agri Investment Fund BV (“AIF”) and the Belgian Sovereign Wealth Fund Federale Participatie- en Investeringsmaatschappij NV (“SFPIM”). AIF is the private equity and venture capital fund of the Belgian Farmers Union (Boerenbond) focusing on Ag-Tech and Agro-Food companies that contribute to a stronger and more sustainable agriculture and horticulture. AIF’s participation in the present capital increase is in line with its ambition to support companies to bring their innovations to the agricultural market. To further strengthen the relationship with AIF, Biotalys will propose its shareholders to nominate AIF’s CEO Patrik Haesen to join the Board of Directors of Biotalys.
Patrik Haesen, CEO of AIF, commented: “We strongly believe that farmers in Belgium and around the world require new tools to protect their yields while reducing the impact on the environment. We have supported Biotalys since its inception and today want to further build our position as a committed partner with a long-term vision, who can provide financial support as well as a large network and professional advice on various agricultural sectors.”
Patrice Sellès, Biotalys CEO, said: "After validating our approach with multiple collaborations, including through the recent strategic partnership with Syngenta, we welcome the additional support of current shareholders, bringing us another step closer to our ultimate goal of providing growers all over the world, and particularly in our home country Belgium, with innovative and cost-efficient solutions.”
Biotalys is developing a strong and diverse pipeline of effective biocontrol products with a favorable safety profile that aim to address key crop pests and diseases across the whole value chain, from soil to plate. The pipeline is based on its proprietary AGROBODY™ technology platform, enabling the discovery and development of a variety of solutions against multiple targets such as fungi, harmful insects and bacteria that cause significant crop losses.
Biotalys currently intends to use the proceeds of the private placement as follows:
- To further develop and advance the Company’s pipeline, including discovery and development, aimed at increasing the number of programs within crop protection and the food value chain, potentially also through partnerships;
- To fund continuous platform development and intellectual property capture to maintain the competitiveness and increase the efficiency of Biotalys’ AGROBODY Foundry™ platform;
- To support the market calibration of its first product candidate Evoca™ and preparation of future commercial launch with field trials, manufacturing scale up and regulatory approvals;
- To support acquisition of key talents.
The payment and delivery of the new shares is scheduled to take place on Monday 12 June 2023. Following such date, the new shares will also be listed on Euronext Brussels. These new shares will have the same rights and benefits as, and rank pari passu in all respects with, the existing and outstanding shares of Biotalys at the moment of their issuance.
As a result of the issuance of new shares, the Company’s share capital will increase with EUR 1,634,136 from EUR 44,564,320 to EUR 46,198,456 and its issued and outstanding shares will increase from 30,959,454 to 32,094,711 shares, representing an increase of number of shares outstanding of 3.67%.
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