MECHELEN, Belgium, March 27, 2015 (GLOBE NEWSWIRE) -- Galapagos NV (Euronext: GLPG) announced today a share capital increase arising from warrant exercises. Board members invest €2.1 million in Galapagos by exercising warrants.
Since its inception in 1999, Galapagos has used warrant plans to incentivize personnel and management and have them share in the success of the company. Following warrant exercises during the exercise period from 9 March 2015 through 22 March 2015, Galapagos issued 571,548 new ordinary shares for a total capital increase (including issuance premium) of €5,819,033.48.
CEO Onno van de Stolpe exercised 100,000 warrants to hold as shares. Onno van de Stolpe currently holds 464,226 shares in Galapagos, representing 1.5% of the outstanding Galapagos shares. The Chairman of the Board of Directors, Dr Raj Parekh, exercised 75,000 warrants to hold as shares. In addition, Board members Dr Werner Cautreels and Dr Harrold van Barlingen exercised 2,520 warrants and 7,500 warrants, respectively, also to hold as shares. Together, the CEO and the other Board members invested €2.1 million in Galapagos by exercising these warrants with an exercise price of €11.55 per share. All of these warrants were due to expire on 26 April 2015.
Dr Piet Wigerinck and Dr Andre Hoekema of the Executive Committee exercised an aggregate number of 5,000 warrants to hold as shares under the Galapagos' Executive Committee warrant exercise program whereby members have made a commitment to exercise a minimum number of warrants during subsequent exercise periods, subject to certain conditions.
To date, Galapagos' total share capital amounts to €166,996,209.57; the total number of securities conferring voting rights is 30,870,677, which is also the total number of voting rights (the "denominator"), and all securities conferring voting rights and all voting rights are of the same category. The total number of rights (warrants) to subscribe to not yet issued securities conferring voting rights is 3,019,305, which equals the total number of voting rights that may result from the exercise of these warrants. Galapagos does not have any convertible bonds or shares without voting rights outstanding.
Galapagos (Euronext: GLPG; OTC: GLPYY) is a clinical-stage biotechnology company specialized in the discovery and development of small molecule medicines with novel modes of action, with a pipeline comprising three Phase 2 programs, two Phase 1 trials, five pre-clinical studies, and 25 discovery small-molecule and antibody programs in cystic fibrosis, inflammation, and other indications. In the field of inflammation, AbbVie and Galapagos signed a collaboration agreement for the development and commercialization of filgotinib. Filgotinib is an orally-available, selective inhibitor of JAK1 for the treatment of rheumatoid arthritis and potentially other inflammatory diseases, currently in Phase 2B studies in RA and in Phase 2 in Crohn's disease. GLPG1205, a first-in-class inhibitor of GPR84, is currently being tested in a Phase 2 proof-of-concept trial in ulcerative colitis patients. GLPG1690, a first-in-class inhibitor of autotaxin, has shown favorable safety in a Phase 1 trial and is expected to enter Phase 2 in idiopathic pulmonary fibrosis. AbbVie and Galapagos also signed a collaboration agreement in cystic fibrosis to develop and commercialize molecules that address mutations in the CFTR gene. Potentiator GLPG1837 is currently in a Phase 1 trial, and corrector GLPG2222 is at the pre-clinical candidate stage. The Galapagos Group, including fee-for-service subsidiary Fidelta, has approximately 400 employees, operating from its Mechelen, Belgium headquarters and facilities in The Netherlands, France, and Croatia. Further information at: www.glpg.com
Elizabeth Goodwin, Head of Corporate Communications & IR
Tel: +31 6 2291 6240
Galapagos forward-looking statements
This release may contain forward-looking statements, including, without limitation, expectations regarding the commercial potential of our product candidates generally, all of which involve certain risks and uncertainties. These statements are often, but are not always, made through the use of words or phrases such as "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," "will," "could," "stands to," "continues," "we believe," "we intend," as well as similar expressions. Such forward-looking statements may involve known and unknown risks, uncertainties and other factors which might cause the actual results, financial condition, performance or achievements of Galapagos, or industry results, to be materially different from any historic or future results, financial conditions, performance or achievements expressed or implied by such forward-looking statements. Among the factors that may result in differences are the inherent uncertainties associated with competitive developments, clinical trial and product development activities, regulatory approval requirements and estimating the commercial potential of our product candidates. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this document. Galapagos expressly disclaims any obligation to update any such forward-looking statements in this document to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, unless required by law or regulation.