MaaT Pharma, a leader in the development of Microbiome Ecosystem TherapiesTM (MET) dedicated to improving survival outcomes for patients with cancer, has announced the launch of a global offering of approximately 18 million euros. This offering comprises a reserved offering of new ordinary shares to specific categories of investors and a public offering of new ordinary shares to retail investors via the PrimaryBid platform. The company plans to use the net proceeds from the Primary Offering to fund the continued development of its Microbiome Ecosystem TherapiesTM, including the completion of the Phase 3 trial for MaaT013 in Europe, refining the pipeline development, and working capital and other general corporate purposes.
The Global Offering benefits from the long-term support of historical shareholders Bpifrance Investissement, Biocodex, and Seventure Partners, who have committed to subscribe for a total amount of €14.3m. The company estimates that, excluding the proceeds of the Reserved Offering, it will be able to fund its operations until the end of September 2024. Including the proceeds of the Reserved Offering, the company expects to finance its operations into early Q1 2025.
Hervé Affagard, CEO and co-founder of MaaT Pharma, commented on the strategic aim of the offering to expand the shareholder base through retail investors and to finalize the primary endpoint of the Phase 3 trial of MaaT013 in acute graft-versus-host disease. The company is encouraged by positive clinical data from its recent early access program and is motivated to push forward in its development efforts.
The Global Offering will be carried out in three components under the same pricing conditions: a reserved offering to specific categories of investors, a public offering aimed at retail investors via the PrimaryBid platform, and a sale of existing shares. The total amount of the Global Offering would be approximately 18 million euros, with a possibility to increase this total amount subject to investor demand.
Settlement-delivery of the new ordinary shares and their admission to trading on the regulated market of Euronext Paris are expected to occur on May 17, 2024. The company has also entered into lock-up agreements with participating Directors and certain existing shareholders, and has undertaken to refrain from issuing shares for a period of 90 days from the settlement-delivery date of the Offer.
This press release does not constitute an offer to sell nor a solicitation of an offer to buy, nor shall there be any sale of shares in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
