Valbiotis Launches a Capital Increase of €10.2 Million, Secured at 76.6%
Valbiotis announced on Monday the launch of a capital increase of €10.2 million, including the maintenance of the preferential subscription right (DPS). The operation is secured at 76.6% through subscription commitments and guarantees, including a €2 million subscription from the co-founder of Aika, the group's Asian partner.
A Fundraising Secured by Key Players
The French laboratory is proposing the issuance of 11.84 million new shares at a price of €0.86 per share, based on a ratio of 1 new share for every 2 existing shares. This valuation represents a discount of 19.9% compared to the weighted average price of the three previous sessions (June 3-5, 2026) and 9.8% compared to the theoretical ex-right value. The collected commitments are as follows: a direct subscription of €2 million from Ximen RD PTE Ltd (holding of Tao Xianhua, co-founder and CEO of Aika), coupled with guarantee commitments for €5.8 million from specialized investment funds (Vatel Capital, TreeCap, Avenir France PME, and others). If fully subscribed, the net proceeds would amount to €8.8 million after deduction of issuance expenses (€1.4 million).
Funding Commercial Acceleration in France and Internationally
Valbiotis is allocating the raised amounts to three main uses: 62% to finance working capital needs (clients and inventory), 25% to strengthen the commercial network by increasing the number of medical representatives (from 16 to 25 agents by 2027), and 13% to marketing and communication expenses. The commercial momentum of the group has been progressing since the intensive launch in France: the number of partner pharmacies has doubled in sixteen months (559 points of sale at the end of April 2026), the average value of orders has more than tripled (€91 at the end of April 2026 compared to €71 in 2024), and the customer base of the e-commerce channel has grown (5,351 customers at the end of April 2026 compared to 948 at the end of 2024). Internationally, two strategic partnerships are beginning to generate revenue: the Asian joint venture (49% Valbiotis, 51% Aika) has received a first order and is expected to market products in China and Hong Kong in the second half of 2026; the distribution agreement in the Middle East (Saudi Arabia, Lebanon, Iraq) with Mena Nutrition anticipates initial revenues in 2026.
An Ambitious Financial Agenda by 2027
Valbiotis reaffirms its growth trajectory: for 2026, the group is aiming for a turnover of €3 million (compared to €905,000 in 2025 and €547,000 in the first four months of 2026), on track for more than €25 million in 2027 with a positive EBITDA expected the same year. By 2030, the company aims for a turnover exceeding €100 million and an EBITDA margin between 25 and 30%. According to the management, before this operation, the available cash (€4.7 million at the end of April 2026) allowed for the continuation of operations until the end of Q4 2026, with a financing need estimated at €4.7 million at that date. The net proceeds of €8.8 million (in case of full subscription) would extend the coverage beyond Q3 2027.
