co.don AG Plans Capital Increase Of Up To Euro 2,494,976 From Authorized Capital
30 Oct 2015
Cell Therapy
Teltow, 30 October 2015 - The Management Board resolved on 30 October 2015, with approval by the Supervisory Board on the same day, to increase the company's share capital by up to Euro 2,494,976 from Euro 13,722,368 to up to Euro 16,217,344 in return for cash contributions by issuing up to 2,494,976 new no-par bearer shares (hereinafter "the new shares") and to offer these for subscription to current shareholders at Euro 2.00 per share. Any new shares not subscribed on account of statutory subscription rights and of oversubscription by shareholders are to be offered to select investors for subscription in the context of a private placement. The issue proceeds are to be used to prepare the European product launch of co.don chondrosphere(R). All additional information about the capital increase will be published in the rights offer in the Federal Gazette and on the website of co.don AG at .
In connection with the EU approval expected at the end of 2017 for co.don chondrosphere(R), the company is now preparing the European product launch. This involves compiling country-specific market insights, expanding its network, addressing medical opinion leaders in Europe and preparing pre-marketing studies and training. Given the expected increase in demand, co.don AG also intends to invest in optimising and automating its production and logistics processes.
Dirk Hessel, Chief Executive Officer, who assumed the chairmanship of the Management Board at co.don AG in the middle of the year, said: "We expect to receive EU approval for our co.don chondrosphere(R) product at the end of 2017. That's why we are now focusing our efforts on preparing the product launch in Europe. We see great market potential for co.don chondrosphere(R) in Europe and aim to tap this potential with the funds from the capital increase. At the same time, we will be pressing ahead with our German sales activities."
In Germany, where the drug has already been approved, a package of marketing measures is due to be implemented. These include stepping up existing customer relationships and extending sales activities to win over new doctors.
The clinical studies needed for EU-wide approval are already in the follow-up observation stage.
About co.don AG: the minimally invasive cell therapy company
Based near Berlin, co.don AG develops and produces autologous cell therapies for use in the minimally invasive repair of articular cartilage damages resulting from traumatic or degenerative defects and markets these therapies in Germany. co.don chondrosphere (R) is a cell therapy product for the minimally invasive treatment of articular cartilage damages and works exclusively with endogenous cartilage cells. co.don chondrosphere (R) has German approval from the German Higher Federal Authority PEI pursuant to §4b of the German Pharmaceuticals Act (AMG) and is currently being tested in two Phase II and III clinical studies aimed at obtaining EU-wide approval. co.don chondrosphere (R) has been used for more than 10 years at more than 120 hospitals and with more than 8,000 patients. In Germany, treatment costs have been paid for by health insurers since 2007 in the case of knee and hip joints and since 2008 for spinal discs.
co.don AG shares are listed on Frankfurt Stock Exchange (ISIN: DE000A1K0227).
Management Board: Dirk Hessel (CEO) and Vilma Methner (COO, CSO).
Further information is available at
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