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Success of Transgene’s €48.7 Million Rights Issue

Strasbourg, France, July 2, 2019- 5:45 pm CET - Transgene (Euronext Paris: TNG) (“Transgene” or the “Company”), a biotech company that designs and develops virus-based immunotherapies for the treatment of solid tumors, announces today the success of its share capital increase with shareholders’ preferential subscription rights (the “Rights Issue”) which was launched on June 14, 2019. 

The total gross proceeds of the Rights Issue amounts to €48.7 million, issuance premium included, corresponding to the issuance of 20,816,366 new shares at a subscription price of €2.34 per new share (comprising a nominal value of €1.00 and an issue premium of €1.34), corresponding to a subscription rate of approximately 114%.

The total net proceeds of the Rights Issue are expected to be around €47.0 million.

Mr. Philippe Archinard, Chairman and CEO of Transgene, commented: “The success of this Rights Issue highlights the confidence of Transgene’s shareholders in the Company’s strategy and upcoming news flow. This funding allows us to significantly progress our novel Invir.IO™ and myvac™ product platforms and to complete the clinical development plan for our more mature assets. The funds raised will also put us in a stronger position to negotiate partnerships and co-development agreements based on the important clinical results anticipated later this year. This transaction extends our financial visibility through to 2022, allowing us to further strengthen and extend our leadership in the field of virus-based immunotherapies for the treatment of solid tumors. We sincerely thank all our shareholders, institutional and individual, in France and abroad, for their continued confidence and support in Transgene.”

Detailed Results of the Rights Issue

17,520,428 new shares were subscribed a non-reducible basis (à titre irréductible), representing approximately 84% of the total number of new shares. 

Demand on a reducible basis (à titre réductible) amounted to 6,285,626 new shares, 52% of which will be allocated. As a result, 3,295,938 new shares will be issued to serve the reducible basis demand, representing approximately 16% of the total number of new shares.

After completion of the Rights Issue, the Company’s share capital will amount to €83,265,464, divided into 83,265,464 shares with a par value of €1.00 each.

The Institut Mérieux, through its subsidiary TSGH, will subscribe to 11,810,664 new shares on a non-reducible basis (à titre irréductible) and 3,081,010 new shares on a reducible basis (à titre réductible).

Dassault Belgique Aviation (including through the 642,000 rights it purchased in the market) will subscribe to 1,196,714 new shares on a non-reducible basis (à titre irréductible).

Following settlement and delivery scheduled to occur on July 4, 2019, TSGH and Dassault Belgique Aviation will hold, respectively, 60.44% and 4.98% of the shares and 67.78% and 4.00% of the voting rights of the Company.

Bryan Garnier & Co. Limited and Kempen & Co. have acted as Joint Bookrunners in connection with the Rights Issue.

Use of Proceeds

The funds will be used for the following purposes and in the following amounts (in decreasing order of strategic priority):

- approximately €15 million to finance external services related to the completion of ongoing clinical studies with TG4010, TG4001, Pexa-Vec and TG6002;

- approximately €20 million to finance external services related to the launch of new clinical studies, in particular with new products from the myvac™ and Invir.IO™ platforms;

- approximately €10 million for the repayment of the principal of the European Investment Bank loan and up to €4.05 million to pay interest (which could be reduced to €2.25 million in case of early repayment, which it is permitted to do without any penalty from July 2019); and

- the remainder to finance, together with the Company’s operating revenues, the R&D current costs and recurring cash consumption of the Company.

Settlement, delivery and admission to trading of the New Shares

The settlement and delivery as well as the admission to trading of the new shares are expected to take place on July 4, 2019. The new shares will carry full right (jouissance courante), from January 1, 2019, notably to all dividends decided by the Company from this date. The new shares carry the same rights as the existing shares of the Company, will be immediately fully fungible and will be traded on the same quotation line as the existing shares under ISIN FR0005175080.


In connection with the Rights Issue, Transgene, TSHG, Dassault Belgique Aviation, the other board members and certain executives of the Company have agreed to enter into lock-up agreements for a period ending 90 days following the settlement and delivery of the Rights Issue (subject to certain customary exemptions).



Lucie Larguier

Director Corporate Communications & IR

+33 (0)3 88 27 91 04

Media contacts:

Citigate Dewe Rogerson

EU: David Dible/Sylvie Berrebi

US: Marine Perrier-Barthez

+ 44 (0)20 7638 9571/+1 424 341 9140  

About Transgene

Transgene (Euronext: TNG) is a publicly traded French biotechnology company focused on designing and developing targeted immunotherapies for the treatment of cancer and infectious diseases. Transgene’s programs utilize viral vector technology with the goal of indirectly or directly killing infected or cancerous cells. The Company’s lead clinical-stage programs are: TG4010, a therapeutic vaccine against non-small cell lung cancer, Pexa-Vec, an oncolytic virus against liver cancer, and TG4001, a therapeutic vaccine against HPV-positive head and neck cancers. The Company has several other programs in clinical development, including TG1050 (a therapeutic vaccine for the treatment of chronic hepatitis B) and TG6002 (an oncolytic virus for the treatment of solid tumors).


With its proprietary Invir.IO™, Transgene builds on its expertise in viral vectors engineering to design a new generation of multifunctional oncolytic viruses. 


myvac™, an individualized MVA-based immunotherapy platform designed to integrate neoantigens, completes this innovative research portfolio. TG4050, the first candidate selected from the myvac™ platform, will enter the clinic for the treatment of ovarian cancer and head and neck cancer.


Additional information about Transgene is available at


Follow us on Twitter: @TransgeneSA 

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Last Updated: 03-Jul-2019