Polish biotech firm Ryvu Therapeutics aims to raise 272 million zlotys in public offering

Reuters
·1 min read

GDANSK, Dec 8 (Reuters) - Polish biotech firm Ryvu Therapeutics said on Thursday it had started a public offering of up to 4.8 million J series shares, aiming to raise 272 million zlotys ($60.96 million).

The maximum price in the offering of new shares was set at 65 zlotys per share. Ryvu wants to use the funds mainly for the development of clinical projects and execution of growth plans scheduled for 2022-2024.

The subscription and book-building period will run from Dec. 8 to 15, the company said in a statement.

Ryvu said that its 2022-2024 growth plans assume total capital expenditure of about 558 million zlotys.

The company announced the issue of J series shares in early October. At the end of November it also signed an investment deal with BioNTech under which the German medical company agreed to invest 20 million euros ($21.05 million) in Ryvu via the acquisition of J series shares.

Under the Ryvu-BioNTech deal, after the public offering the German company will be one of the Polish company's biggest shareholders, Ryvu said in its statement. ($1 = 4.4618 zlotys) ($1 = 0.9500 euros) (Reporting by Mateusz Rabiega; Editing by Susan Fenton)

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