VC-backed Genomic Vision in €64m IPO

Ellie Pullen
09 April 2014

Tweet
Facebook
LinkedIn
Google plus
Send to

French biotech Genomic Vision, backed by Vesalius Biocapital, has raised €23m in its IPO on the Euronext Paris, giving it a market cap of €64m.

The company sold 1.5 million shares at €15 apiece. Genomic chose to fully exercise the extension option. An overallotment option comprising an additional 229,999 shares has yet to be exercised.

According to the company, the offer was oversubscribed by 4.7x with demand totalling €93.9m.

The offering comprised 1.3 million shares allocated to a global placement – representing €19.5m and 85% of the total number of shares issued – and an open price offer consisting of 230,000 shares, equivalent to €3.5m and 15% of the total number of shares.

Vesalius holds a 29.86% stake in the company via Vesalius Biocapital II Holdings and a 29% stake via Vesalius Biocapital Holdings. Quest Diagnostics Ventures owns a 17.81% stake in the business.

The company's stock began trading on the Euronext Paris on Monday under the ticker "GV". Shares were trading at a price of €14.45 apiece at market close on Wednesday (8 April) and have remained steady today.

Societe Generale CIB and Bryan Garnier & Co were appointed joint lead managers and bookrunners for the flotation.

Previous funding
Genomic has secured more than €26m over three venture capital funding rounds as well as through industrial financing and grants.

The company first received €2m in series-A funding from Amundi (then Societe Generale Asset Management Alternative Investments) in 2005.

In July 2008, Vesalius joined existing investor Amundi in a €4m series-B funding round for Genomic.

Company
Genomic was founded in 2004 and span out from Pasteur Institute in Paris in 2006. Headquartered in Bagneux, the company develops diagnostic tests for genetic diseases and cancers through the use of molecular diagnostics.

The company's molecular combing technology is designed to improve the structural analysis of DNA molecules. The method of analysis allows for identification of genetic anomalies by locating genes or specific sequences in a genome.

Genomic generated almost €2.9m in revenues last year.

People
Aaron Bensimon is the CEO of Genomic. Vesalius partner Stéphane Verdood sits on the company's board of directors.