Biotec Pharmacon ASA  has raised NOK 40 million in gross proceeds through a private placement of 9,500,000 new shares, each with a par value of NOK 1.00 at a price of NOK 4.25 per share (the "Private Placement"). The new shares represent approximately 33.3% of the current issued shares in the Company. 

The Private Placement took place through an accelerated bookbuilding process 10 January 2013 and was managed by Carnegie AS (the "Manager").

The net proceeds from the private placement will primarily be used to fund the launch and commercialization of Woulgan® Biogel, the company's proprietary beta-glucan product for advanced wound healing. A limited amount will be spent on measures to enable positive cash flow generation in the company's other subsidiary, ArcticZymes AS.

The completion of the Private Placement is conditional upon all necessary corporate resolutions being validly made, including without limitation approval by the Extraordinary General Meeting of the Company expected to be held on or about 1 February 2013. After the completion of the Private Placement, the Company will have 38,052,816 shares outstanding, each with a par value of NOK 1.00.

Notification of conditional allotment and payment instructions for the Private Placement will be sent to the applicants on or about 11 January 2013 through a notification to be issued by the Manager. Payment date is set to 4 February 2013 and delivery of the shares to be issued in connection with the Private Placement is expected to occur on or about 7 February 2013.

The Board of Directors has decided to propose to the EGM a subsequent offering of up to 2,500,000 new shares with an issue price NOK 4.25 (the "Subsequent Offering"). The Company's shareholders as of 10 January 2013 (as documented by the shareholder register in the VPS as of 15 January 2013) who did not participate in the Private Placement, and who are not resident in a jurisdiction where such offering would be unlawful, or would (in jurisdictions other than Norway) require any prospectus filing, registration or similar action, will receive non-transferable subscription rights based on their shareholding as of that date.

distributed by