PAION AG issues statement on planned capital measure

EQS-News: PAION AG

/ Key word(s): Corporate Action

PAION AG issues statement on planned capital measure
16.12.2022 / 10:19 CET/CEST

The issuer is solely responsible for the content of this announcement.

PAION AG issues statement on planned capital measure

Aachen (Germany), 16 December 2022 – PAION AG (ISIN DE000A0B65S3; Frankfurt Stock Exchange, Prime Standard: PA8), a specialty pharmaceutical company with innovative compounds for use in outpatient and in-hospital sedation, anaesthesia and intensive care, announced on Wednesday, 14 December 2022, that the Management Board of PAION AG has decided to convene an Extraordinary General Meeting (EGM) for the purpose of capital reduction by redemption and consolidation of shares. The Extraordinary General Meeting is scheduled to take place on Wednesday, 25 January 2023, at 10:00 a.m. (CET) at the Tivoli Aachen, Business & Event Area, Krefelder Straße 205, 52070 Aachen, Germany.

In view of the numerous enquiries from the market and the current share price development, Gregor Siebert, CEO, and Sebastian Werner, CFO of PAION AG, explain: “The announcement of the capital reduction has led to questions in the market, which we are happy to address in more detail. First things first: No shareholder loses shares in the Company’s capital stock. Only the number of shares will be reduced. At the same time, as part of the planned consolidation of shares at a ratio of 10:1, one PAION share will have ten times the value. In total, all shareholders will therefore continue to hold shares with the same value as before the capital measure. It is to be understood as a reverse stock split. We are currently working hard to establish a solid financing concept for PAION AG with the goal of reaching the break-even point in 2024. Financing via the capital market can be an important building block on this path. In order for this option to be possible for PAION in principle, this measure, which is primarily a technical act, is needed as a first step. This is necessary to create scope for a future capital increase. This is because, according to legal requirements, a capital increase is only feasible if the share price is above the nominal amount of EUR 1.00. We have therefore deliberately decided to take this step in order to provide the Company with the opportunity of financing through equity. Based on our innovative product range, we remain positive about PAION’s future. The build-up of commercial sales involving experienced distribution partners, such as Viatris in our last announcement, is gradually taking effect. Thus, the potential of our products in anaesthesia and intensive care medicine has also been reflected in increasing sales figures in recent months.”

 

About PAION

PAION AG is a publicly listed specialty pharmaceutical company with innovative drugs to be used in hospital-based sedation, anaesthesia and critical care services. PAION’s lead compound is remimazolam, an intravenous, ultra-short-acting and controllable benzodiazepine sedative/anesthetic. PAION is rolling out remimazolam (Byfavo®) in selected European markets. Remimazolam is partnered in multiple territories outside of Europe. Remimazolam is approved in the U.S., the EU/EEA/UK, China and South Korea for procedural sedation and in Japan and South Korea for general anaesthesia.

In addition, PAION markets two intensive care products in selected European countries: Angiotensin II (GIAPREZA®), a vasoconstrictor indicated for the treatment of refractory hypotension in adults with septic or other distributive shock, and eravacycline (XERAVA®), a novel fluorocycline type of antibiotic indicated for the treatment of complicated intra-abdominal infections in adults.

PAION’s mission is to be a leading specialty pharmaceutical company in the fields of anaesthesia and critical care by bringing novel products to market to benefit patients, doctors, and other stakeholders in healthcare.

PAION is headquartered in Aachen (Germany).

 

PAION contact:

Investor Relations
cometis AG
Thorben Burbach
Tel.: +49 (0) 611 205855 23
E-mail: burbach@cometis.de
www.paion.com

 

Disclaimer:

This release contains certain forward-looking statements concerning the future business of PAION AG. These forward-looking statements contained herein are based on the current expectations, estimates and projections of PAION AG’s management as of the date of this release. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors. Should actual conditions differ from the Company’s assumptions, actual results and actions may differ materially from any future results and developments expressed or implied by such forward-looking statements. Considering the risks, uncertainties and other factors involved, recipients should not rely unreasonably upon these forward-looking statements. PAION AG has no obligation to periodically update any such forward-looking statements to reflect future events or developments.


16.12.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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