SOURCE: Devgen

February 15, 2007 10:08 ET

Devgen Successfully Closes Private Offering

GENT, BELGIUM -- (MARKET WIRE) -- February 15, 2007 -- Devgen announces that it has raised EUR 31 million through a private placement and that existing shareholders sold 2,258,443 shares.

The private placement announced this morning has allowed Devgen to place 1,505,829 new shares with institutional investors at a price of EUR 20.75 per share. As a result Devgen has raised EUR 31 million.

Subject to certain conditions that are standard for this type of transaction, the new shares will be issued and paid for on 20 February 2007. Devgen will apply for admission of the new shares on Eurolist by Euronext Brussels.

Devgen was further informed that, subject to the settlement of the capital increase, 2,258,443 existing shares were sold by shareholders who invested in Devgen in several investment rounds between 1997 and 2000, to institutional investors, at the same price. Information on the selling shareholders and the number of shares sold is available on the website of the Company (www.devgen.com, section "Investor Relations", under "Share Capital and Shares").

The demand for the combined offering of shares was more than 3 times the available number of shares due to the interest of a large number of high quality Belgian and international institutional investors. KBC Securities acted as Lead manager and bookrunner of the offer and was assisted by Petercam and Kempen & Co. Settlement of the purchase price of the existing shares will also take place on 20 February 2007.

About Devgen

Devgen is an innovator in biotechnology focused on discovering, developing and commercializing:

-- a novel generation of biotech products to protect a wide spectrum of crops from damage incurred from pests;

-- safer and more environmentally friendly agro-chemical products to protect crops from damage inflicted by plant parasitic nematodes;

-- novel therapeutic concepts and preclinical drug candidates for treatment of metabolic disease (diabetes, obesity, arrhythmia) and inflammation.

Each of these solutions is developed on a platform of in- house designed research, development programs and technologies. Devgen has partnerships with industry leaders in biotechnology and agro chemistry. Incorporated in 1997, Devgen has offices in Ghent (Belgium) and Singapore, with a total work force of over 100 people.

Copyright © Hugin ASA 2007. All rights reserved.

Contact Information

  • For more information, please contact:
    Hilde Windels
    CFO
    +32 9 324 24 24
    Email Contact

    Thierry Bogaert
    CEO
    +32 9 324 24 24
    Email Contact