First steps of ASIT biotech on Euronext
Euronext Brussels and Paris welcome ASIT Biotech, a Belgian company specialised in the treatment of allergies. Thierry Legon, CEO of ASIT Biotech, rang the opening bell to celebrate the first listing of the company.
ASIT biotech joins a community of 77 life sciences issuers listed on Euronext.
Headquarted in Belgium, ASIT biotech s.a. (formerly known as Biotech Tools) is a clinical stage biopharmaceutical company focused on the development and future commercialization of a range of breakthrough immunotherapy products for the treatment of allergies, based on its ASIT+™ technology platform. The company was founded in 1997 as a spin-off company of the Université libre de Bruxelles.
ASIT biotech (ticker code: ASIT) raised € 23.5 million in new capital at a final offer price of € 7.00 per share. With a total of 12,756,800 shares admitted on the day of listing, the company has an initial market capitalisation of € 89.3 million.
The proceeds of the IPO will help ASIT biotech to support the preclinical and clinical development of product candidates, to cover general corporate purposes and to accelerate the discovery of new ASIT+™ platform-based product candidates.
Thierry Legon, Chief Executive Officer of ASIT biotech, declared: “After the successful closing of the subscription period, today’s listing marks a further major milestone in ASIT biotech's development and ambition to change the face of the current allergy immunotherapy (AIT) market by overcoming the main drawbacks of the existing AIT treatments. This initial public offering will support the strong momentum established by our achievements and will allow us to bring our gp-ASIT+™ lead product candidate for grass pollen allergy through Phase III, currently underway in Europe, and to move towards a first application for commercialisation in Germany. The management team and the Board of Directors would like to take this opportunity to thank both private and institutional investors for subscribing in the offer. It indicates a strong confidence in and support for our strategy.”