Bryan, Garnier & Co acts as Joint Manager and Bookrunner on Genomic Vision €26.4 m Euronext IPO, 4.7x oversubscribed

Paris, April 3rdm 2014 – Bryan, Garnier & Co, the European Growth Investment Bank, announces today the success of the Initial Public Offering on Paris Euronext of Genomic Vision, a molecular diagnostics company that specializes in the development of diagnostic tests for genetic diseases and cancers. Based on molecular combing, a proprietary and innovative technology enabling direct visualization of single DNA molecules, Genomic Vision detects large genomic rearrangements involved in the development of serious diseases. The Company has been commercializing its first test, CombHelix FSHD, to detect FSHD, a hard-to-diagnose dystrophy affecting skeletal muscles since 2013 in France and in the USA, through a strategic alliance with Quest Diagnostics, the leader of the US independent lab testing market.

Jean-Christophe Renondin, Managing Director Healthcare at Bryan Garnier, commented: « This success demonstrates the strong commitment of our teams and our close relationship with the top management of Genomic Vision. We are very proud of backing this team in this significant value-creation step.”

Cédric Moreau, Director Healthcare at Bryan Garnier, added: « We are very proud to back Genomic Vision for their successful IPO. Our expertise in molecular diagnostics has enabled us to enhance the value of their main asset, the molecular combing technology used for the detection of DNA large rearrangements, and to demonstrate the robustness of the business model implemented by the Company, especially through the strategic alliance with Quest Diagnostics.” 

The Offer was met with great success by institutional investors as well as by individual investors. Global demand was EUR 94 million, of which EUR 77 million from Institutional Investors and EUR 17 million for the Public Offering. As a result, the offering was oversubscribed 4.7 times.

David Serrero, Director Equity Capital Markets, stated: « The strong demand from institutional investors as well as retail for this IPO is a strong signal of current investors’ appetite for biotech companies presenting breakthrough technologies and also demonstrates their conviction that the market potential of oncogenetic tests aimed at identifying high-risk cancer patients to take preventive measures is very strong.”

The offering of 1.533.332 new shares at EUR 15 per share, the middle of the indicative range, provides Genomic Vision with EUR 23 million of gross proceeds through:

•  An Institutional Offering: 1.303.332 shares were allocated to institutional investors, representing approximately EUR 19.5 million and 85 % of the shares offered;
• An Open Price Offering: 230.000 shares were allocated to the public, representing approximately EUR 3.5 million and 15% of the shares offered.

Accordingly, total outstanding shares amount to 4.266.907 and the market capitalization of Genomic Vision will be approximately EUR 74 million at IPO. In view of the success of the offering, the Company has decided to fully exercise the extension clause corresponding to an additional amount of EUR 3.4 million.

The proceeds from the IPO are intended to provide the Company with additional resources to finance its operations, more specifically to:

• Boost development of sales in Europe, in particular, fund costs linked to the establishment of a technical/sales team and make molecular combing platforms available for clients;
• Finance ongoing projects aimed at improving the technological platform (industrialization of the new high-throughput scanner, image analysis algorithms, etc.) with a view to reducing the time required for analysis and reviewing the results; and
• Support R&D efforts required to develop new products.

Bryan Garnier & Co acted as Joint Manager and Bookrunner on the IPO with Société Générale.

Bryan Garnier & Co Deal Team:

Jean Christophe Renondin| Managing Director of Healthcare – Corporate Finance

Cédric Moreau | Director of Healthcare – Corporate Finance

David Serrero | Director – Equity Capital Markets

Christian Finan | Director – Equity Capital Markets

Raquel Pires | Senior Associate – Corporate Finance

About Genomic Vision

A spinoff of the Institut Pasteur, Genomic Vision is a molecular diagnostics company specialized in developing diagnostic tests for genetic diseases and cancers. Using “molecular combing”, an innovative technology that allows the direct visualization of individual DNA molecules, Genomic Vision detects quantitative and qualitative variations in the genome that are at the origin of numerous serious pathologies. Having benefited from the financial support of the Institut Pasteur, SGAM AI, Vesalius Biocapital and Quest Diagnostics, the Company is developing a solid portfolio of tests that notably target breast cancer and cancer of the colon. Since 2013, the Company has marketed the CombHeliX FSHD test for identifying a myopathy that is difficult to detect, Facio-scapulo-humeral dystrophy (FSHD), in the United States thanks to a strategic alliance with Quest Diagnostics, the American leader in diagnostic laboratory tests, and in France.

 (www.genomicvision.com)