December 2016 Financing

3 Months Ended

Mar. 31, 2017

December 2016 Financing

December 2016 Financing

December 2016 Financing

15.December 2016 Financing

On December 19, 2016, the Company completed a rights offering and a related underwritten offering for the sale of an aggregate of 588,127 common shares resulting in aggregate gross proceeds of approximately $24.8 million and net proceeds to the Company of approximately $20.6 million, after deducting underwriting fees and offering expenses.

In the rights offering, holders of American Depositary Shares, or ADSs, received 0.276 ADS rights for each ADS owned of record on November 29, 2016. One ADS right entitled an ADS holder to subscribe for and purchase one new ADS at the subscription price of $4.32 per ADS, the U.S. dollar equivalent of €4.014 per ADS. An aggregate of 1,592,750 ADSs, representing 159,275 common shares, were subscribed for by holders of ADSs. Each ADS represents one tenth of a common share.

In the rights offering, holders of common shares received the common share right to subscribe for and purchase 0.276 new common shares, at a subscription price of €40.14 per new common share for each common share owned of record on November 29, 2016. An aggregate of 102,077 new common shares were subscribed for by holders of common shares.

Pursuant to an underwriting agreement that the Company entered into with Cantor Fitzgerald & Co., dated December 14, 2016, Cantor Fitzgerald & Co. agreed to purchase 326,775 common shares, representing all of the unsubscribed common shares in the rights offering, at a purchase price of €40.14 per common share for purposes of resale of ADSs representing such unsubscribed common shares.