Capital increase of 7.3 million euros for Kiomed Pharma, a spin-off of the University of Liège

Capital increase of 7.3 million euros for Kiomed Pharma, a spin-off of the University of Liège

KiOmed Pharma announces the completion of a significant strengthening of its balance sheet, up to 7.3 million EUR by issuing new shares up to 6.1 million EUR, and by obtaining an investment loan of another 1.2 million EUR from the Belfius Bank and BNP Paribas Fortis. The historic shareholders (Valois (Mestdagh and Montulet families) Meusinvest, KitoZyme and the founders Mr. François Blondel and Prof. Yves Henrotin) subscribed to an increase in capital of more than 2 million EUR, with the amount provided by the new shareholders: two Belgian industrialists associated with SRIW. “We are extremely pleased with this transaction, the largest in the young history of our company. With this new financial contribution, we now have the opportunity to finance the clinical study of our first product intended to treat osteoarthritis. We believe we have a product that has the potential to revolutionize the implants market based on hyaluronic acid. A market that exceeded 5 billion EUR in 2015. KiOmed is now well equipped to strengthen its local presence and succeed in its international ambitions”, said Mr. François Blondel, co-founder and Chairman of the Board. This capital increase allows KiOmed to turn to higher-value markets and to achieve a lasting and sustainable growth. “In just over two years, we have developed and industrialized a pipeline of biocompatible proprietary products meeting the most stringent standards, such as ultra-pure chitosan gel. This innovation will be the first in a series that will allow our fungal chitosan to treat more effectively patients with incapacitating often incurable diseases such as osteoarthritis,”added Mr. Houtai Choumane CEO KiOmed Pharma.

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