Cellnovo

About the deal

Paris, France, July 7, 2017 – Cellnovo Group (“Cellnovo” or the “Company” CLNV:EN Paris), a medical technology company marketing the first mobile, connected, all-in-one diabetes management system, today announces a capital raise of €17.5 million, by means of a capital increase reserved to a category of persons through an accelerated book-building offering.

Top-tier institutional investors specialising in the life sciences and healthcare technologies sector have participated in the capital raise, allowing the Company to reinforce its shareholder base. Edmond de Rothschild Investment Partners (EDRIP), Air Liquide Investissements d’Avenir et Démonstration (ALIAD) and ForCe-Novo B.V. (Forbion Capital Partners), the Company’s main shareholders, have also subscribed to the capital increase in a total amount of €1.2m, equal to 6,8% of the transaction gross proceeds, confirming their confidence in and their support of the Company.The net proceeds will reinforce the Company’s cash position and extend financial visibility to the end of the first half of 2019.

As announced, the funds raised will be allocated to financing the following projects:
• Boosting sales in Europe, Latin America and in Oceania (in particular, marketing costs and working capital requirements);
• Targeted US launch of the Cellnovo System in certain key territories;
• Increasing insulin cartridge production capacity with Flex by acquiring additional production lines;
• An optimisation programme to pursue the reduction in production costs of consumables (insulin cartridges); and
• Activities needed to finalise the development of artificial pancreas solutions (in particular, regulatory activities).