By Chris Wack
American depositary receipts of DBV Technologies gained after the company reported new financing of up to $306.9 million.
The biopharmaceutical company's ADRs were up 57%, at $6.14, Friday morning. They have risen about 99% since the beginning of the year.
Earlier in the week, DBV Technologies, which is developing the Viaskin patch for the treatment of pediatric peanut allergy, said its cash would likely run out after next month, casting doubt about its ability to continue as a going concern.
The new money--which includes proceeds of $125.5 million to be received upon closing, and up to $181.4 million if all the warrants are exercised--tied to specific conditions, such as DBV's Phase 3 study hitting its primary endpoint.
The Montrouge, France, company expects that the proceeds would be used for working capital and general corporate purposes, to finance the continued development of the Viaskin Peanut program, to finance the preparation and submission of a potential Biologics License Application and to finance the readiness of a launch of Viaskin peanut in the U.S., if approved.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
March 28, 2025 11:09 ET (15:09 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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