Abionyx Pharma Announces a Capital Increase of €18.7M and the Preparation of a €10M Bond Issue with Fenja Capital
French biopharmaceutical company Abionyx Pharma announced on Thursday the successful completion of its capital increase of €18.7M and the submission of a drawdown notice for a first bond tranche of €10M to benefit Danish fund Fenja Capital. This resource mobilization is intended to finance its clinical programs in sepsis and its regulatory progress on LCAT deficiency.
Capital Increase Fully Subscribed
The capital increase of €18.7M, launched on May 27th, was fully covered through a combination of direct subscriptions and partially exercised guarantee commitments. It resulted in the issuance of 7,056,416 new shares at a price of €2.65 per share. Historical shareholders subscribed to about 40% of this increase by combining the exercise of their preemptive rights (exercise rate: 26.5%) and the partial implementation of guarantee commitments. The exercise rate of preemptive rights stood at 26.5%, supplemented by allocations on a reducible and free basis.
Fenja Capital II A/S, an independent investment fund based in Denmark, entered the capital as a new investor with an initial stake of 2.36% of the post-operation share capital. The settlement-delivery of the new shares will take place on June 22, 2026.
A €14M Bond Financing in Two Tranches
In parallel, Abionyx submitted a drawdown notice for the first tranche of the bond financing amounting to €10M, scheduled for June 25, 2026. A second tranche of €4M may be drawn in the fourth quarter of 2026, subject to liquidity conditions and market capitalization. The bonds, with an interest rate of 3-month EURIBOR (floor of 2.00%) plus a 3.00% annual margin, must be repaid on May 26, 2028, with an option to extend until November 26, 2028. Fenja Capital also receives 2,240,424 free share subscription warrants (BSA), representing a potential dilution of 5.00% of the capital.
Resources Directed Towards Clinical Development and Regulatory Compliance
The net proceeds of the operation, estimated at €25.2M, will primarily finance two areas: €10M for the phase 2b clinical trial in sepsis (scheduled to start in 2026, with results expected by the end of the first half of 2028) and €9M for the advancement of the LCAT program towards a marketing authorization application (MAA) to the EMA at the beginning of 2028. The remainder is allocated to general needs and working capital. This operation extends the cash horizon until the third quarter of 2028, or until the fourth quarter of 2028 following the drawdown of the second bond tranche.
