Adocia, a clinical-stage biopharmaceutical company focused on diabetes and obesity treatments, announced the successful completion of a €9.7 million private placement that extends its cash runway through Q2 2026. The Lyon-based company issued 2,125,000 new shares at €4.58 per share, each with an attached warrant, representing approximately 11.75% of the company's share capital after completion.
Strategic Investment and Funding Allocation
The private placement attracted significant investor interest, with Armistice Capital contributing €7 million as the lead investor. Company chairman and co-founder Gerard Soula participated with €0.5 million, while historical investor Vester Finance contributed €0.9 million, demonstrating continued confidence from existing stakeholders.
"The success of this private placement significantly strengthens our cash position in a favorable context for Adocia," said Olivier Soula, Chief Executive Officer. "The company holds high-potential projects that are ready for licensing, such as M1Pram and BioChaperone CagriSema."
The company plans to allocate 50% of the net proceeds specifically to advance its AdoShell® Islets project, including conducting toxicology studies and preparing clinical batches for the launch of first-in-human trials. The remaining funds will support general corporate purposes and extend operations through Q2 2026.
Warrant Structure and Potential Additional Funding
Each new share includes one warrant (BSA) that can be exercised within 60 months at €4.85 per share. If all warrants are exercised, Adocia could raise an additional €10.3 million while issuing 2,125,000 additional shares. The theoretical value of each warrant, calculated using the Black & Scholes model with 32.365% volatility, equals €1.4796 based on the February 25, 2025 closing price.
The warrants were immediately detached from the new shares upon issuance and are listed on Euronext Growth Paris under ISIN code FR001400XVZ4 - ADOBS.
Technology Platform Portfolio
Adocia's therapeutic pipeline is built on four proprietary technology platforms targeting metabolic diseases. The BioChaperone® technology focuses on developing next-generation insulins and combination hormone products. The AdOral® platform enables oral peptide delivery, while AdoShell® provides immunoprotective biomaterials for cell transplantation, with initial applications in pancreatic cell transplantation. The AdoGel® platform offers long-acting drug delivery capabilities.
The company holds more than 25 patent families and employs approximately 80 people at its Lyon headquarters. Adocia trades on the regulated market of Euronext Paris under the ticker ADOC (ISIN: FR0011184241).
Market Impact and Shareholder Structure
Following the private placement completion, Gerard Soula maintains 7.5% ownership while Vester Finance holds 10.3% of the company's share capital. New investor Armistice Capital now owns 8.5% of the company. The settlement and delivery of the new shares occurred on February 28, 2025, with the shares trading on the same listing line as existing shares.
The company implemented a 90-day standstill commitment, while directors and the CEO agreed to 90-day lock-up periods on their shareholdings. Maxim Group LLC served as lead placement agent, with All Invest acting as co-placement agent for the transaction.
