PRINCETON, N.J. & PARIS -- (BUSINESS WIRE) -- STENTYS (FR0010949404 – STNT), a medical technology company commercializing the world’s first and only Self-Apposing® stent to treat acute myocardial infarction (AMI), today announced that it has entered into a Standby Equity Facility with Société Générale, exercisable by tranches at STENTYS’ discretion, as authorized by the Shareholders’ Meeting of May 15, 2013.
At the request of STENTYS, Société Générale is committed to subscribe to successive capital increases over the next 36 months, within the global limit of 1,000,000 shares (i.e. 9.0% of the shares currently outstanding).
Should the entire contingent equity line be drawn down, a shareholder who currently owns 1% of the company’s share capital would experience a reduction of his or her share ownership to 0.92%1.
For each tranche, the issue price will equal the volume weighted average share price of the three trading days preceding the effective date of purchase with a discount capped at 5%. This discount allows Société Générale, who is not positioned as a long-term shareholder in the Company, to purchase the shares independently of capital market volatility.
STENTYS has no minimum drawdown obligation, and intends to use this facility at it sole discretion if market conditions are favorable and in the best interest of both the Company and its shareholders.
“Thanks to this flexible and guaranteed tool, we are strengthening our future development ability whilst limiting the dilutive effect on our shareholders,” comments Gonzague Issenmann, Chief Executive Officer and co-founder of STENTYS.
STENTYS expects to publish its revenues for the first half of 2014 on July 24, 2014, after market.
About the STENTYS Self-Apposing® Stent
The STENTYS Self-Apposing® Stent addresses the stent-sizing dilemma that cardiologists are confronted with when treating heart attack patients or patients with atypical artery anatomy. Its flexible, self expanding design takes the shape of the patient’s unique vessel anatomy and apposes to the irregular contours of a blood vessel, in particular after an AMI as the vessel dilates and the clot dissolves. It reduces the risk of malapposition and complications associated with conventional stents in this setting. The STENTYS Self-Apposing Stent has been marketed in Europe since receiving CE Mark in 2010. The STENTYS Sirolimus-eluting stent is expected to receive CE Mark in H2 2014.
STENTYS is developing and commercializing innovative solutions for the treatment of patients with acute myocardial infarction (AMI, or heart attack) and complex coronary artery disease. STENTYS’s Self-Apposing® Stents are designed to adapt to vessels with ambiguous or fluctuating diameters, particularly in the post-infarction phase, in order to prevent the malapposition problems associated with conventional stents. In the APPOSITION III clinical trial, STENTYS stents demonstrated a very low one year mortality rate among 1,000 high-risk AMI patients when compared to recent studies with conventional stents.
More information is available at www.stentys.com.
STENTYS is listed on Comp. B of the NYSE Euronext Paris
ISIN: FR0010949404 – Ticker: STNT
1 Based on 11,136,715 shares representing STENTYS share capital