NEW YORK (GenomeWeb News) — Devgen, a Belgian biotech research company, said today it has raised €31 million ($40.7 million) in a private stock placement with new institutional investors.
Devgen said it placed 1.5 million shares priced at €20.75 apiece, and will apply for the shares to be admitted on Euronext, which is a cross-border European exchange. The company said the transaction should close on Feb. 20.
The company also said existing shareholders sold 2.26 million shares to institutional investors at the same price.
The company said the combined share offering was more than three times the number available because of interest from Belgian and international investors.
Devgen, which has facilities in Ghent and in Singapore, develops therapeutics and preclinical drug candidates for metabolic diseases and agrochemical products.