€12m raise supports clinical execution

Oryzon has completed a €12m (gross) capital increase, strengthening its balance sheet as it continues to advance its clinical programmes. 4.44m new ordinary shares were issued at €2.70/share, representing a 14.15% discount to the five-day volume-weighted average price of €3.1449, and a 12.68% discount to the 30 June closing price of €3.092. The financing was structured without warrants, which we view as cleaner than is often seen in European biotech financings. Management has stated that the proceeds will support corporate development initiatives ahead of future partnership discussions, advance iadademstat in acute myeloid leukaemia (AML), progress other ongoing haematology and psychiatry programmes, and cover general and administrative...