Verseon Corporation Verseon announces security token offering (0982T)
March 18 2019 - 3:01AM
UK Regulatory
TIDMVERS
RNS Number : 0982T
Verseon Corporation
18 March 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE MARKET ABUSE REGULATION (596/2014/EU) ("MAR"). WITH THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION
SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN.
March 18, 2019
Verseon Corporation
("Verseon" or the "Company")
Verseon announces security token offering to accelerate the
development of its drug pipeline
and proposed subscription strengthening working capital
position
FREMONT, Calif.-Verseon, the clinical-stage pharmaceutical
company developing disruptive life-science technologies to advance
global health, today announces that it intends to undertake a
security token offering ("STO") in 2019. The offering is expected
to raise funds from a global investor base to accelerate the
development of the Company's diverse pipeline of novel drug
candidates.
Using its computationally driven drug discovery platform,
Verseon has built a rapidly growing pipeline of promising drug
candidates that are now entering clinical trials. In keeping with
Verseon's philosophy of approaching problems from new perspectives,
the Company is also pioneering the use of blockchain technology to
create a new funding model for the 21st century. Verseon's STO is
expected to use the technology and services of the Company's
subsidiary BlockRules Ltd. to facilitate a regulations-compliant
offering across various global jurisdictions.
"We believe that blockchain technology has the potential to
transform fundraising by bringing greater efficiency, cost savings,
and additional liquidity to capital markets," said Eniko Fodor, COO
of Verseon. "Regulations-compliant STOs can give companies a new
way to support their growth and connect with a global investor
community."
It is expected that each Verseon security token will be a form
of preferred share that grants its holder rights to a percentage of
the Company's future drug program revenues. Initially, Verseon
intends to conduct a private offering of its security token,
followed by a public token sale upon approval of a prospectus.
Working with its advisors and legal counsel, Verseon is
currently producing the prospectus for its security token. Once
approved by the appropriate regulators, the Company expects its
security token to be available to investors in the UK and EU and to
investors in certain other jurisdictions, subject to the Company
receiving additional approval from local regulators. The token will
also be available to accredited investors, including those in the
US. The BlockRules Compliance Engine will enforce ongoing
regulations-compliance for any token transfer.
While the Company executes this strategy, Verseon intends to
raise approximately US$ 10 million for working capital through a
subscription of its common shares. Further details of the
subscription are expected to be released shortly. The Company
continues to have a strong balance sheet with approximately US$ 25
million in net assets (unaudited) as of December 31, 2018,
comprising primarily of real-estate holdings in the form of its
research and development facility which can be utilized to realize
additional liquidity if desired.
"We are structuring our STO as one of the first truly global
offerings backed by a prospectus," said Adityo Prakash, CEO of
Verseon. "We are excited to pioneer this new funding model and
share the rewards of our growing drug pipeline with investors
worldwide."
About Verseon
Verseon Corporation (AIM:VERS; note that, as of today, Verseon's
ticker is changing from VSN to VERS) is developing disruptive
life-science technology to advance global health. The
clinical-stage company is using its proprietary, computational drug
discovery platform to discover new drug candidates that are
unlikely to be found using conventional methods. Pairing its
computational engines with a comprehensive in-house chemistry and
biology workflow, the company has built a growing pipeline of drug
programs. Verseon currently has four active drug programs in the
areas of anticoagulation, diabetic macular edema, hereditary
angioedema, and oncology.
Find Verseon on Twitter and LinkedIn.
About BlockRules Ltd.
BlockRules Ltd., a wholly owned subsidiary of Verseon
Corporation, is a blockchain technology company supporting the
regulations-compliant sale, launch, and trading of tokenized
securities. The company's Compliance Engine can enforce
multijurisdictional regulatory compliance directly on the
blockchain. In this way, BlockRules facilitates issuance and
decentralized trading that is secure, transparent, and
verifiable.
Find BlockRules on Twitter, Telegram and LinkedIn.
- Ends -
For further information, please contact:
Verseon Corporation www.verseon.com
Sebastian Wykeham / Tina Schlafly +1 (510) 225 9000
Arden Partners (NOMAD and Joint Broker)
Ruari McGirr / Ciaran Walsh / Alex +44 (0) 20 7614
Penney 5900
Cantor Fitzgerald Europe (Joint Broker)
+44 (0) 20 7894
Phil Davies 7000
For financial and business media enquiries, please contact
Buchanan Communications Ltd (PR Advisers)
+44 (0) 20 7466
Henry Harrison-Topham / Jamie Hooper 5000
For trade and pharma media enquiries, please contact
Vane Percy & Roberts
+44 (0) 1737 821
Simon Vane Percy 890
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END
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